Finance Minister Makis Keravnos stated that the Cyprus Government's priority is to implement measures addressing the rising costs of electricity.

Responding to journalists' questions at a park inauguration in Lakatamia Municipality, Keravnos emphasized the government's commitment to supporting vulnerable groups and the middle class. He assured that a series of measures, both existing and new, would be discussed in the upcoming Cabinet Council. "We are working through the weekend on these measures to be ready in time, ensuring necessary support for the people," Keravnos said.

When asked about the continuation of the reduction in fuel consumption tax, he mentioned that the previous measures, along with other economic policies, had successfully curbed inflation. "These measures have also aided middle-class and vulnerable groups in coping with the distortions from rising costs and inflationary pressures. We plan to continue this approach," he added.

He stressed that the primary concern is the costliness of electrical energy. "This is our priority, and we're addressing it first. We're also monitoring and developing proposals for other areas," Keravnos remarked. Regarding targeted measures, Keravnos stated that the goal is to implement effective strategies within fiscal discipline, aligning with the guidelines of the European Commission and the International Monetary Fund, which assess the Cypriot economy.

When questioned about his concerns for the Cypriot economy in 2024, considering international developments, Keravnos expressed confidence. He cited recent data showing Cyprus's economy as one of the strongest in the EU, with growth rates second only to Malta. "However, this doesn't stop us from acting preventively, observing challenges, and taking timely measures to maintain this positive economic trajectory," he said.

Keravnos concluded by highlighting the importance of safeguarding two critical aspects: the state entity and the sovereignty of the Republic of Cyprus, and its economy. "These are the pillars that must be carefully monitored and maintained as they form the solid foundation of our country," he stated.