MOE: Readiness to take measures on accuracy – “Be targeted”

"We must be serious, study the issues in depth and practice a balanced economic and social policy"

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The Government is constantly taking measures for accuracy and "will be ready when necessary to take additional measures", in the context of the fiscal balance which must be maintained in surplus, "so that we do not get into other adventures", stressed the Minister of Finance Makis Keravnos , underlining that "the measures must be mainly targeted".

At the same time, the Minister of Finance emphasized that Cyprus is obliged to start repaying a loan of 6,5 billion euros, which must be repaid by 2023, while by the end of 2026, as an EU member state, it must satisfy the financial requirements in terms of public debt and fiscal deficit indicators.

In particular, when asked, after a meeting at the Ministry of Finance with SYPRODAT, to comment on the position of the trade unions and the pressures he receives to take measures against punctuality, Mr. Keravnos said that these issues are not resolved through pressure but through rationality and emphasized that "our economy must be maintained in the correct fiscal balance so as not to enter into other adventures".

"Any suggestion from anyone, including the trade union movement, is welcome and we are ready to study it," he added.

"Furthermore, as he said, "accuracy and inflation are not a Cypriot phenomenon, but a global phenomenon and especially a European one, because in the heart of Europe there is a terrible war which has many negative effects on economic and social life".

The Minister of Finance also said that "in the context of this uncertainty and the fiscal balance, which must be maintained in surplus, the Government is constantly taking measures" and added that "there are many measures, which are in force, and (the Government) constantly is monitoring the developments and will be ready when it is necessary to take additional measures".

Noting that the international bodies insist that the measures should not be horizontal and that the trade unions are asking for measures to reduce fuel prices which is a horizontal measure, Mr. Keravnos said that "the measures should be mainly targeted and concern the most vulnerable groups of the population and those groups of society who are in real need".

"The Government analyzes and decides within the framework of both the EU supervisory organizations and the European Commission", he said and reminded that "we are obliged to start repaying (by 2030) a loan of 6,5 billion euros".

He also said that "we are obliged as a member state until the end of 2026 to meet the financial requirements in terms of debt and deficit indicators".

"We must be serious, study the issues in depth and practice a balanced economic and social policy," he underlined.

Source: KYPE