Addressing inflation, especially during the period of high inflationary trends we are experiencing, is an overriding issue that the Government is prioritising in its immediate priorities.
It is precisely along this axis that yesterday's decision by the Council of Ministers to apply a zero VAT rate to a number of basic everyday goods, namely bread, milk, eggs, baby food, baby diapers, feminine hygiene products and adult diapers, falls within this axis.
The measure to apply zero VAT rates is another measure included in a package of measures aimed at holistically tackling poverty and providing relief to Cypriot households. In connection with the latter measure, the Government's proposal for the creation of the "e-kalathi" platform, a digital tool for direct information on the prices of basic consumer products, as well as the decision to extend the measures for electricity cost subsidies and the fuel excise tax have been announced recently. Measures to accelerate the Green Transition of our country reinforce this package with the latest being the very important decision of the Council of Ministers to approve the project for "Virtual Net Billing" and yesterday's decision to include displaced persons permanently residing in homes located in refugee settlements among the beneficiaries of increased sponsorship of the "Save - Upgrade Homes" Grant Scheme.
Within this collective approach, the initiative taken by the Minister of Finance, on behalf of the Government, to the Banking Institutions, Credit Acquisition Companies and Credit Facilities Management Companies of the country, in terms of reducing lending rates and reducing fees and increasing deposit rates, is also part of this collective approach. This initiative has been positively approached by the Banking Institutions, some of which have already announced their positive response, which we welcome.
The measures elaborated by the Government will be enriched and evaluated depending on the fiscal conditions of the economy and inflation, always aiming at providing relief to the Cypriot household, but also at preserving the fiscal stability of the country.
The measures elaborated by the Government will be enriched and evaluated depending on the fiscal conditions of the economy and inflation, always aiming at providing relief to the Cypriot household, but also at preserving the fiscal stability of the country. This is, after all, what responsible and good governance of the country requires: holistic approaches with consistent and prudent policies that put citizens at the centre.
PM/SX
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