Coronavirus: Ministries revising support schemes ahead of expected lockdown

The finance and labour ministries are working on revising the support schemes ahead of a new lockdown, expected to be announced on Friday as a means of further curbing the spread of coronavirus.

According to the Cyprus News Agency, after a meeting at the Presidential Palace on Tuesday, the finance and labour ministries are mulling over adjustments to the state support schemes.

The finance ministry’s schemes concern the coverage of operating expenses of companies, while those of the labour ministry concern the coverage of salary costs.

These adjustments to the support schemes, which aim at offsetting the expected stricter measures, were the reason for the postponement until Friday of the Cabinet meeting, that was scheduled for Thursday. Cabinet will convene at around 11.30am on Friday, following a meeting of President Nicos Anastasiades with party leaders.

Political parties and employers’ organisations are now raising the issue of state guarantees for corporate lending.

As regards the state budget for 2021, the finance ministry is putting the finishing touches to the revised text, in a bid to get more opposition parties on board after the initial text was rejected last month, for the first time since the establishment of the Republic.

Finance Minister Constantinos Petrides is to present the revised text to the party leaders on Friday.