Cyprus taking five measures as prices rise
Nicosia has unveiled a set of targeted and broad-ranging measures aimed at alleviating the financial strain on citizens, in response to concerns over price hikes.
These measures, announced after an extraordinary cabinet meeting chaired by President Nikos Christodoulides and Finance Minister Makis Keravnos, include the extension of targeted subsidies for the cost of electricity for May and June and the continued reduction of electricity tariffs.
The measures further include a one-time subsidy for fuel costs for eligible households, to be distributed in April, May and June.
Nicosia will also distribute a 100-euro one-time benefit for transit allowance recipients, and enhance the allowance of low-pension retirees by €100 per month, assisting 28,000 individuals.
President Christodoulides emphasized the government’s commitment to addressing poverty with both targeted and broad initiatives, citing previous financial packages totaling €255 million, and added that the measures will provide relief to those most affected by rising prices.
The five measures decided are aimed at counterbalancing the abolition of the zero-tax rate on fuel consumption at end-March.
