Cabinet approves €70 million in new cost-of-living measures
The package extends electricity subsidies, reduces VAT on essential products and photovoltaic systems, and provides a one-off payment to vulnerable citizens.
Nicosia, Cyprus. The cabinet on Wednesday approved a €70 million package of emergency measures to address inflation and rising living costs, according to Sigma. The decision brings the estimated value of existing and newly approved government support to approximately €160 million.
Measures for households
The package extends electricity subsidies and reduces VAT on essential products and photovoltaic systems. It also provides a one-off payment of €200 to 53,511 vulnerable citizens and increases financial assistance for residents of mountainous areas.
Government funding
Announcing the decision after the cabinet meeting, Finance Minister Makis Keravnos said the measures fulfilled the government’s commitment to supporting households facing higher living costs. He said the government could introduce the additional support because its economic policy had generated budget surpluses while reducing public debt.
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