Cyprus Mail

Coronavirus: plenum to meet briefly Friday to push through revised econ package (Update 2)

Finance Minister Constantinos Petrides

The revised package of support for the economy from the aftermath of the coronavirus pandemic is headed to the cabinet on Thursday, followed Friday morning by discussion via teleconference among members of the House finance committee, and from there briefly to the plenum later in the day.

The measures concern support for 280,000 workers and 60,000 small businesses.

House Speaker Demetris Syllouris held a teleconference earlier on Wednesday with the party leaders to determine the procedure for the adoption of the bills.

Prior to that, and after the cabinet meeting on Thursday, another teleconference will be held between political parties and government ministers.

On Friday, at 4pm, the House will meet in a closed, one-minute session to vote on the bills.

The package was discussed during a marathon teleconference Tuesday afternoon between Finance Minister Constantinos Petrides, Labour Minister Zeta Emilianidou and Central Bank Governor Constantinos Herodotou.

Petrides said on Wednesday that the good will of the political parties was very important but he believes the sides are “very close to a conclusion and unanimity”.

The package amounts to about 12% of GDP in direct budgetary support and a liquidity boost through deferred government revenue on top of a €2 billion bank guarantee scheme. Support for workers would run to around €500m.

Sources told CNA the package also includes a ban on evictions for three months and a suspension on payment to the inland revenue of tax arrears for three months.

The parties, the report said allegedly set a condition for approval of the government’s bank guarantee that would set clear terms and safeguards that such support would be passed on to those who needed it the most.


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