Government ready to stem rising prices… maybe

Finance Minister Makis Keravnos said the government is taking measures against rising prices and, when necessary, will intervene.

He said Cyprus is obliged to start repaying a loan of EUR 6.5 bln, which must be repaid by 2030, while by the end of 2026, it must satisfy the financial requirements of public debt and fiscal deficit indicators.

On the position of the trade unions to take measures against rising prices, Keravnos said that these issues are not resolved through pressure but rationality and emphasised that the fiscal balance must be maintained.

“Any suggestion from anyone, including the trade union movement, is welcome, and we are ready to study it”.

Furthermore, he said that rising prices and inflation are not a Cypriot phenomenon but a global and especially a European one “since there is a terrible war which has many negative effects on economy and society”.

“In the context of this uncertainty and the fiscal balance, which must be maintained in surplus, the government is constantly taking measures.

“There are many measures in force, and the government is constantly monitoring the developments and will be ready to take additional measures when necessary.

Keravnos argued that international institutions insist measures should not be horizontal and that the trade unions asking for measures to reduce fuel prices are just that.

“Measures should be mainly targeted and concern the most vulnerable groups of the population and those groups of society who are in real need.

“The government is analysing and deciding within the framework of the EU supervisory organisations and the European Commission.

“We must study the issues in depth and practice a balanced economic and social policy.”