Cyprus’ economy is under significant strain from the heavy impact of COVID-19 fallout on tourism with expected revenues only 25% of last year’s level, the European Commission’s economic forecast said. Revenue from tourism
Cyprus will see its economy shrink by 7% of GDP as a direct result of the COVID-19 pandemic and the lockdown imposed to contain it, said the Finance Ministry on Thursday. In
Cyprus on Wednesday announced a raft of new measures in a €150 mln support package for the economy to deal with effects of the pandemic with total rescue funds touching €3 bln.
A nine-month loan repayment freeze and a €1.4 bln capital release issued to the banks, gave time for the economy to recover from the shock of COVID-19 lockdown, said Cyprus Central Bank
Green shoots of recovery are emerging post-COVID-19 lockdown as the economy begins to breathe again, said Finance Minister Constantinos Petrides. Cyprus President Nicos Anastasiades and Petrides discussed the battered economy with the
Cyprus Central Bank Governor, Constantinos Herodotou warned the economy will experience a “serious recession” in 2020 due to the coronavirus pandemic fallout but for how long is unknown. “The economy’s prospects for
An improved government financial package for reviving the economy after COVID-19 lockdown will act as the confidence boost needed for a quick recovery, said Cyprus Finance Minister Constantinos Petrides. Petrides presented on
Bank of Cyprus, the one-time darling of the Cypriot economy that has suffered two waves of shareholder bail-ins, announced Tuesday a first-quarter loss of €26 mln as coronavirus began to bite. This
The Auditor-General, the watchdog keeping public finances in check, was the main stumbling block in getting the government’s private sector aid package through parliament, which the finance minister rescinded for fear of
While the government has done a better-than-expected job to keep coronavirus from the door the political establishment hasn’t quite got to grips with throwing a cash lifeline to the economy. There is