Cyprus enters recovery phase, says FinMin as banks say they are ready to support the economy
The first signs from the market following the partial lifting of lockdown measures are very positive, Minister of Finance Constantinos Petrides said on Tuesday, adding that “we will emerge victorious from this uncertain battle.”
Cyprus President Nicos Anastasiades and Petrides discussed the situation of the economy with the CEOs of the Cypriot commercial banks after the launching of the government second support package that contains interest rate subsidies and VAT reductions for the tourist sector and guarantees to the European Investment Bank for cheap loans to the economy through local banks.
It was a very constructive discussions, we pass to the second phase, that of recovery, Petrides said in statements following the meeting adding “both the government and the banking sector will contribute with the means at their disposal towards that end.
(CNA)
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Cyprus President Nicos Anastasiades and Petrides discussed the situation of the economy with the CEOs of the Cypriot commercial banks after the launching of the government second support package that contains interest rate subsidies and VAT reductions for the tourist sector and guarantees to the European Investment Bank for cheap loans to the economy through local banks.
It was a very constructive discussions, we pass to the second phase, that of recovery, Petrides said in statements following the meeting adding “both the government and the banking sector will contribute with the means at their disposal towards that end.
(CNA)
*The full text of the news item is available in the paid version of the CNA web service. Subscription Form
*CNA reserves the copyright to the news stories it files, which is granted to subscribers for specific use only.
from Cyprus News Agency
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