Lawmakers to vote on budget for new support measures

The Finance Ministry will be seeking lawmakers’ green light for the supplementary budget of €220 million involving a string of measures to keep the economy afloat after the slowdown brought about by the coronavirus pandemic.

Speaking before the House Finance Committee on Monday, Finance Minister Constantinos Petrides said the schemes announced by the Labour Ministry will require €120 million, while the measure that will fund small businesses will require the release of a further €100 million.

Petrides said the supplementary budget will be tabled before Parliament in the coming days.

The remainder of the support measures announced last week, initially through a televised national address delivered by President Nicos Anastasiades, before Petrides spelled out the details of a total of 13 measures, will not be needing the Parliament’s approval.

These include the Government’s €180 million interest rate subsidy scheme, €500 million in guarantees toward the European Investment Bank to finance small and medium-sized enterprises, the provision of €800 million worth of loans from the Entrepreneurship Fund, and Cyprus’ participation in the Pan-European Guarantee Fund.