Philenews

Frugal Economic Measures as Additional Interventions Will Be Required

Published Μάρτιος 29, 2026, 07:19
Frugal Economic Measures as Additional Interventions Will Be Required

The Cypriot government has announced a package of economic measures worth €100 million to address the negative effects of the crisis in the Middle East. The measures include tax cuts on fuels and electricity, zero VAT on basic products, wage subsidies for the tourism sector, and support for airlines. The government, although initially having a different economic plan, was forced to revise its plans due to international developments. The measures focus on providing immediate relief to households and businesses from increased energy costs and supporting the tourism sector, which has been hit by booking cancellations. At the same time, the need for intensified market controls to prevent profiteering is emphasized.