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Coronavirus: Finance minister confident measures will help Cyprus overcome

(Photo: Christos Theodorides)

Finance Minister Constantinos Petrides appeared optimistic on Tuesday that the measures put in place by the government would help Cyprus overcome the coronavirus crisis.

The minister was speaking during an online discussion with foreign investors organised by Invest Cyprus.

“We are optimistic that with the measures we put in place we will overcome the crisis,” the minister said, adding that the government was now preparing to gradually lift restrictions.

Petrides said despite the climate of uncertainty, the forecasts for Cyprus are better than for other EU countries, suggesting a GDP loss between 5 per cent and 7 per cent.

During the discussion, foreign investors had the opportunity to ask questions and participate in a survey about the effects of the pandemic and the government’s handling of it.

Over 90 per cent of the investors appeared satisfied with the measures to tackle the pandemic with about 8 per cent disagreeing.

Close to 30 per cent of the investors said they expected their business activities to fully recover inside 2020 while just over 35 per cent expect that to happen in the first half of 2021.

Those thinking they will recover in the second half of next year reached 27.5 per cent while 7.8 per cent expect it to be later.

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