Finance Minister Makis Keravnos has urged against alarm over rising fuel prices, saying the government is monitoring developments and preparing support measures expected to be discussed by the Cabinet on 30 September.
Speaking on ANT1 Cyprus’ midday programme, Keravnos said the government is assessing developments and working on measures that will be announced when finalised.
He argued that Cyprus is in a comparatively strong position, noting that the current crisis is neither exclusively Cypriot nor confined to individual countries, but has broader European and global dimensions.
Economic upgrades and social policy
Keravnos also linked the recent upgrades of the Cypriot economy to the government’s ability to attract investment, generate income and maintain budget surpluses.
He said the stronger economic position allows Cyprus to reduce public debt while using budget surpluses to fund social policies during a period of multiple crises affecting households.
According to Keravnos, the government is able to provide more than €2 billion in social policy measures and benefits.
The next indication of how the government intends to respond to pressure from higher fuel prices is expected at the 30 September Cabinet meeting, when the proposed support measures will be discussed.
