Insider Economy Coronavirus: Economy support package at least €1.5 billion

Coronavirus: Economy support package at least €1.5 billion

The government is close to finalising a rescue package for the economy to tackle the shockwaves brought about by Covid-19 measures, which according to a high-ranking official at the Finance Ministry will be minimum €1.5 billion, CNA reported on Monday.

The same official told CNA that the new measures will provide for direct state support, loss of state income (non-payment of taxes and other fees) and the provision of guarantees that do not carry immediate fiscal consequences.

Finance Minister Constantinos Petrides will reportedly conduct a series of sittings on the matter with Central Bank governor Constantinos Herodotou on Monday and Tuesday with the participation of representatives of parliamentary parties and commercial banks.

According to insider information, Petrides and Herodotou will meet today in the presence of their respective teams to discuss matters pertinent to the banks and the provision of guarantees. This is the second such meeting between the two following a kick-off meeting on Saturday.

Their aim is to finalise the measure packet by tomorrow at the latest in order to place it anew before the Council of Ministers for approval. According to current estimates, the relevant bills are not expected to be delivered to the Council of Ministers before Wednesday.

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