Cyprus government assesses economic impact of regional crisis

On Thursday, Cypriot Government Spokesperson Konstantinos Letymbiotis announced that the government has completed an initial assessment of the potential economic impact of the ongoing regional crisis in the Middle East. The Minister of Finance briefed the Council of Ministers on the matter during their meeting. Letymbiotis emphasized that the duration of the crisis is the primary factor that will determine its eventual effect on the national economy. The government maintains that the Cypriot economy possesses resilient foundations, which allow for the implementation of necessary support measures for citizens and businesses. Regarding the tourism sector, officials are monitoring the situation as regional airspace closures have caused some flight cancellations. However, authorities noted that several airlines have already begun announcing the resumption of their operations. The administration continues to evaluate the situation daily while collaborating with international partners to mitigate negative developments.