Philenews

Government Ready with New Targeted Measures Amidst Crisis

Published March 23, 2026, 14:21
Government Ready with New Targeted Measures Amidst Crisis

The government has completed the development of new targeted measures to address the economic impact of the regional crisis, which will be announced soon by the relevant ministry. Government Spokesman Konstantinos Letymbiotis stated that the ability to implement these measures is based on the strong fiscal foundations of the economy, recalling the existing measures worth 100 million euros, such as the reduction of VAT on electricity and subsidies for vulnerable consumers. The meeting chaired by President Nikos Christodoulides focused on compiling a list of measures that are compatible with the provisions and guidelines of the European Union. The EU recognizes the specificities of each member state regarding its energy mix and domestic conditions, allowing for the adaptation of measures to the specific needs of Cyprus. The new measures will be targeted and will have a specific implementation period, taking into account the evolution of the crisis. The government has prepared for all eventualities, developing a strategic plan to implement measures periodically, aiming to address the challenges immediately and hoping for a rapid de-escalation. Mr. Letymbiotis noted that the proposals of the parties will be taken into consideration if they are realistic, feasible, fiscally sustainable and compatible with the European acquis. The government seeks a consensual approach to tackling the crisis, taking into account the views of all stakeholders.