Cyprus announces new economic support package

On Thursday, Cyprus President Nicos Christodoulides unveiled an eight-point economic support package intended to assist households and businesses affected by the regional crisis in the Middle East. The initiative covers several sectors, including electricity, fuels, VAT on food, agriculture, transport, and tourism. The total value of these new measures, combined with existing initiatives, exceeds €200 million. President Christodoulides stated that the package is made possible by the government's current fiscal surplus and low inflation rates, contrasting the present economic stability with the conditions of the 2012-2013 financial crisis. To address concerns regarding inflation, the government has mandated intensified market inspections to prevent profiteering. Additionally, the President confirmed that authorities have developed further contingency plans should the regional instability persist. During his address, he also touched upon diplomatic issues, noting cautious optimism regarding the resumption of Cyprus settlement talks following meetings with the UN Secretary-General.