NewsLocalPandemic support measures in effect until June-FinMin

Pandemic support measures in effect until June-FinMin

Pandemic support measures in Cyprus will be in effect until June, Finance Minister Constantinos Petrides has said.

That’s why Cabinet on Wednesday approved a budget of €140 million towards that plan from a supplementary one totalling €250 million.

The positive vote of the House plenum is now needed so that employees, businesses and the unemployed continue to be subsidised by the government until the end of May 2021, he also said.

The International Monetary Fund has already warned that withdrawal of the pandemic support measures should be gradual and conditioned on the durability of the recovery of Cyprus.

And that policies should aim to avoid unnecessary bankruptcies and efficiently reallocate resources, in order to minimize economic scarring.

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