President Christodoulides to announce economic support measures

President Nikos Christodoulides is scheduled to address the Cypriot public on Thursday to announce a targeted package of economic support measures. These measures aim to mitigate the impact of the ongoing conflict in the Middle East, which has exacerbated inflation and energy costs. The government plans to support affected business sectors, potentially through fuel tax relief and an expanded list of products with zero VAT. While an initial proposal for horizontal electricity subsidies was considered, it is currently not expected to be included in the immediate relief package. The administration cited responsible fiscal policy since the 2012-2013 economic crisis as the reason it can afford these new interventions. The final details of the plan are expected to be approved by the Council of Ministers on Thursday morning. Separately, the President confirmed that his administration has a clear, phased plan regarding the status of British Bases in Cyprus, noting that future negotiations would involve Turkish Cypriots and Turkey only if they recognize the Republic of Cyprus.