The President of the Republic Mr. Nicos Anastasiades chaired today, at the Presidential Palace, a meeting on dealing with the consequences of the new global economic crisis.
The President of the Republic Mr. Nicos Anastasiades chaired a wide-ranging meeting attended by the Ministers of Finance, Transport as Acting Minister of Labour, Energy, the Deputy Minister of Welfare, the Chairmen of the Fiscal Council and the Council of Economy and Competitiveness.
In his statements to journalists after the meeting, the Government Spokesman Mr. Nicos Anastasiades said that the meeting was held in the Presidential Palace of the Republic of Cyprus. Marios Pelekanos said that "the meeting discussed the consequences arising as a result of the Russian invasion of Ukraine and the new global economic crisis that has resulted in increasing inflationary pressures that particularly affect vulnerable groups of the population".
During the meeting, he added, the measures already taken and additional horizontal and/or targeted at vulnerable groups measures that could be taken were examined, taking into account the suggestions of political parties and social partners, as well as the recommendations of the Fiscal Council and the Economic and Competitiveness Council.
"On the instructions of the President of the Republic, chaired by the Minister of Finance, successive meetings[/B] will be held in the coming days to examine and specify the additional measures to be proposed for approval by the Council of Ministers next Friday, May 27."
In response to a question, Pelecanos said that "all the measures that could be taken have been discussed, and the recommendations of the social partners, the political parties, the Economic Council, the Fiscal Council. A series of discussions will follow in the coming days, so that a holistic approach, a comprehensive proposal that takes into account all the parameters, will be presented to the Council of Ministers."
Asked about the extension to the reduction in excise duty and VAT on electricity, the Spokesman said these measures have also been discussed today and "without wishing to prejudge the outcome of the deliberations that will follow, they are measures that are expected to be extended."
Asked whether there is thefiscal space for additional measures, the Spokesman said that "an assessment has already been made by the Treasury. At today's meeting, all the proposals were analysed, so it will take some time for the Ministry of Finance, in cooperation with all the stakeholders, to analyse the situation in depth and to specify the limits within which the Ministry of Finance can move."
Asked if the measures are targeted for vulnerable groups, businesses, etc., the Spokesman said that "both horizontal and targeted measures were discussed."
Asked if the issue of fuel prices was discussed, Mr. Pelecanos said that "there is a specific methodology that is being followed which is essentially new, for some months now, which has been agreed with both the General Accounting Office of the Republic and the Auditor General, so that there are very strict controls on fuel prices in order to avoid the phenomena of obscenity."
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