Government ‘constantly taking measures’ against inflation

The government is “constantly taking measures” in the battle against inflation rates, according to Finance Minister Makis Keravnos.

Speaking after a meeting with the Association for the protection of borrowers (Syprodat), regarding pressure put on him by trade unions to tackle inflation, he said “these issues are not resolved through pressure but through rationality”.

In addition, he said the government “will be ready when necessary to take additional measures” regarding the government’s budget balance which he said “must be maintained in a surplus so we do not have other adventures”.

“Any suggestion from anyone, including the trade union movement, is welcome and we will be ready to study it”, he added.

He also said, “inflation is not only a Cypriot phenomenon, but a global and especially European one, because in the heart of Europe there is a terrible war which has many negative effects on economic and social life”.

“The government is constantly monitoring developments”, he said, adding that it will be ready when necessary to take additional measures.

He said these measures “should be mainly targeted and concern the most vulnerable groups of the population and those groups in society which are in real need.”

He also pointed out that the government is obliged to begin repaying a loan of €6.5 billion, which must be repaid by the end of the year, while it must satisfy the EU’s financial requirements in terms of public debt and fiscal deficit indicators by the end of 2026.

“We must be serious, study the issues in depth, and practice a balanced economic and social policy”, he said.