CyprusEconomy

President Christodoulides announces eight-point support measures

By: SigmaLive English

Date:

President Nicos Christodoulides unveiled a comprehensive eight-point package to support households and businesses across sectors including electricity, fuels, VAT on food, agriculture, transport, and tourism. Speaking after the Cabinet meeting on Thursday, he stressed that economic stability constitutes national security and warned that profiteering will not be tolerated.

Key provisions of the support package

The total cost of the measures, including existing initiatives, exceeds €200 million. Measures include:

  • Reduction of VAT on electricity to 5% for all households from 1 May 2026 to 31 March 2027.
  • Cut of excise duty on motor fuels by 8.33 cents per litre from April to June 2026.
  • Zero VAT on meat, poultry, and fish from 1 April to 30 September 2026, adding to existing zero-VAT items such as fruits and vegetables.
  • Suspension of the Green Tax on fuels, preventing an additional 9-cent per litre increase.
  • Subsidy covering 30% of wages for hotel and tourism staff for units operating from 1–30 April 2026.
  • Further support plans for airlines to ensure uninterrupted connectivity to key tourist destinations.
  • Agricultural subsidies covering 15% of fertilizer and agricultural input costs for April and May 2026.

Economic resilience and responsible governance

President Christodoulides highlighted Cyprus’ strong economic fundamentals, including high growth rates, significant fiscal surplus, limited public debt, and low inflation. These provide the government with the capacity to intervene effectively and safeguard citizens amid regional geopolitical challenges. He emphasised that responsible fiscal management allows the state to provide targeted, temporary support measures while maintaining overall economic stability.

Commitment to consumer protection

The President reaffirmed that market operations are closely monitored to prevent profiteering, with strict instructions for intensified inspections. He noted that social liberalism guides government policy, ensuring that economic progress translates into security and prospects for every citizen.

Conclusion

Cyprus’ new support measures aim to reinforce households, strengthen the economy, and safeguard social stability. With careful planning and responsible fiscal policy, the government continues to protect citizens while promoting resilience and long-term stability.

Also read: Unfinished building in Nicosia raises safety and oversight concerns
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