News Local Government to ask House for additional €220 m

Government to ask House for additional €220 m


The government will in the next few days take a supplementary budgetary bill of €220m to the House of Representatives for approval, Finance Minister Constantinos Petrides said on Monday.

He told the House Finance Committee that €120 m is for the Labour Ministry’s schemes to support businesses and jobs during the coronavirus crisis. The €100 m is for a direct subsidy scheme for very small companies and the self-employed.

Petrides was briefing MPs about the second scheme to support the economy that was approved by Cabinet last week.

He said the remaining measures such as the €500 loan guarantees with the EIB, €400 m to the Cyprus Enterprise Fund and Cyprus’ participation in the EIB’s new Paneuropean Guarantees Fund does not require the approval of the House of Representatives.

Petrides said the package was a bridge which is in step with moves to lift restrictions and restart the economy.

New measures on economy – full text of president’s speech

Government plans to subsidise interest on loans is expected to cost €180 m with the first payment due on March 31, 2021. The subsidy on interest rates for housing loans is expected to cost €45 m.

“My intention is that if the House agrees we will in the next few days submit a supplementary budgetary bill to cover the new schemes of the Labour Ministry and part of the direct subsidy of businesses,” Petrides said.

The interest rate subsidy scheme will not require additional funds this year and the sum will be covered in the 2021 budget, he added.


Top Stories

FM: Turkey’s actions not conducive to Guterres’ efforts over Cyprus

Cyprus’ Foreign Minister Nikos Christodoulides said on Tuesday that Turkey’s illegal actions undermine peace and stability in the region and are not conducive to...

State Health Services Organization confirms hiring of nurses

The State Health Services Organization confirmed today to the nurses’ trade unions that the decision for the hiring of new nurses to man Hospitals...

200,000 rapid COVID-19 tests ordered

The Health Ministry announced that 200,000 antigen rapid COVID-19 tests have been ordered within the framework of the measures taken to manage the new...

Announcement of Appointment of Directors, Principals and Senior Manager in K. Treppides & Co Ltd

The Management of K. Treppides & Co Ltd committed to develop leadership that derives from its own people, who pursue excellence in the provision...

Two Ministers, one Deputy Minister in quarantine

Minister of Transport, Communications & Works Giannis Karousos, Defense Minister Charalambos Petrides and Deputy Minister of Shipping Vasilis Demetriades have been placed in self-isolation...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...