Insider Economy Cyprus prepares national fiscal package of measures to counter coronavirus

Cyprus prepares national fiscal package of measures to counter coronavirus

The government is drafting a national fiscal package of measures based on three pillars to counter the economic consequences of the coronavirus epidemic, Phileleftheros reports.

Insiders said the three pillars are: (a) targeted support to sectors of the economy to be affected or that have already been affected by the coronavirus, (b) support and stimulus of consumption and (c) support to employees, in parallel with safeguarding job positions.

Separate meetings took place on Wednesday between social partners and business organisations with Labour Minister Zeta Emilianidou and Finance Minister Constantinos Petrides to first define the exact problems the epidemic will burden the economy and business with. The aim is to adopt measures to offset the effects, an insider also said.

The two ministers will prepare the package of measures to be taken before the Council of Ministers next week after they conclude all contacts with various bodies and political parties.

The coronavirus outbreak is now officially described as a pandemic, and countries such as Germany, Greece and Italy have already announced packages of measures aimed at supporting the economy in an effort to minimise consequences.

On Wednesday, Petrides chaired a meeting with representatives of OEB, CCCI, PASYXE, STEK and Hermes Airports, while Deputy Minister of Tourism Savvas Perdios was participating through the phone.

A meeting was also held at the Ministry of Labour with the leaderships of OEB, CCCI, SEK, PEO and DEOK in order to discuss and apply measures to protect employees and businesses.

The decisive factor will be the financial cost of the package, which, if necessary, will be implemented with an extraordinary additional budget.

By Demetra Landou

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