Nicosia:According to Cyprus News Agency, the Ministry of Finance has issued a press release detailing the government's efforts to tackle the rising cost of living. The statement emphasizes that all actions are aligned with sound public finances and European obligations.

The Ministry evaluates geopolitical developments daily and their effects on citizens, implementing specific relief measures to aid the entire population, with a focus on vulnerable groups. Current measures include zero VAT on essential products like fresh produce and hygiene items, a reduced 5% VAT rate on electricity for about 33,000 low-income households and single-parent families, a reduction in motor fuel excise duty by 8.33 cents per litre, and an increase in child benefits along with higher income eligibility thresholds.

Additionally, the Ministry highlights significant benefits from recent tax reforms, such as raising the tax-free income threshold to £22,000 and offering substantial tax deductions. These measures demonstrate the advantages of responsible economic policy, fiscal surpluses, and decreasing public debt.

The government, led by Nikos Christodoulides, continues to monitor citizens' needs and is preparing to propose further measures to the Council of Ministers. The Ministry acknowledges citizens' right to protest but assures that the government is actively responding to the situation within its fiscal and European commitments.