Cyprus government announces support measures to counter Middle East instability

The government of Cyprus has announced a new package of measures designed to support businesses in the tourism and agricultural sectors, as well as the general public. These steps were taken in response to the economic impact caused by ongoing instability in the Middle East. The Cyprus Chamber of Commerce and Industry (CCCI) has publicly expressed its support for the initiative. Key measures include expanding the list of products eligible for a zero VAT rate and extending electricity subsidies for vulnerable groups. The Chamber highlighted that these actions are essential for containing the cost of living and preserving purchasing power. The CCCI emphasized that the tourism sector, a primary pillar of the Cypriot economy, is currently facing significant pressure from geopolitical developments. The organization called for the timely and flexible implementation of these policies to ensure maximum effectiveness. The Chamber also declared its readiness to collaborate with the government to monitor the situation and propose further interventions if necessary.