Government to step in with financial injections

The Finance Minister is expected to announce a bundle of support measures for companies, consumers, and workers affected by the coronavirus outbreak on the island.

Speaking after a broad meeting with financial bodies, hoteliers, travel agents on Tuesday, Finance Minister Constantinos Petrides said that the financial injections are likely to be following by an emergency complementary budget. The Deputy Tourism Minister also participated via telephone call due to his self-isolation.

Petrides noted that developments have been closely monitored for weeks, and that the situation is one that justifies the request for state intervention.

“The government will prove helpful,” Petrides said, adding that consultations are ongoing with Labor Minister Zeta Emilianidou on the financial implications.

Petrides stressed that Cyprus has undergone worse situations and made it through, and the same will apply to the current difficulties brought about by the international coronavirus pandemic.

Mapping the financial assistance that is expected to be announced in detail at a later stage, Petrides said they will involve taxation, grants, measures to support Ministries and workers.