Support package to ease COVID-19 impact on business

A financial support package for businesses to cope with the impact from coronavirus disease is being prepared by the government, Finance Minister Constantinos Petrides said.

He also stressed that an extraordinary budget will be approved next week by the Cabinet.

The support package will be targeted at businesses and tourism, as well as employees and subsidized employment.

It covers tax relief, grants and support measures for other Ministries to promote their own policies that are not budgeted.

Petrides said that he expected in the next few days to complete the consultation with the political parties and to submit an overall financial support package to the Cabinet for approval, to ease the impact to the economy of Covid-19.

One of the issues discussed with the Minister of Labour was the support employees to avoid loss of income but also to remain in work.

“Regardless of any European measures, the government will support the economy, employees and businesses with specific applicable measures which will be announced in the coming days,” Petrides said.