{"id":6068,"date":"2024-03-29T15:01:31","date_gmt":"2024-03-29T13:01:31","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=6068"},"modified":"2024-03-29T15:01:31","modified_gmt":"2024-03-29T13:01:31","slug":"cyprus-economy-is-doing-better-than-most-of-eu","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=6068","title":{"rendered":"\u2018Cyprus\u2019 economy is doing better than most of EU\u2019"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/cyprus-economy-is-doing-better-than-most-of-eu.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Finance Minister Makis Keravnos said on Friday that <strong>Cyprus\u2019 economy is \u201coperating at a better level than most countries in the European Union\u201d<\/strong>.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-776226232\">\n<div id=\"cypru-638508112\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-2998081500351-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Speaking to CyBC radio, he disputed claims that the country has not seen economic development since the current government.<br \/>\n\u201cThey said there is no economic development, but is it possible to give out what we have given out, nearly \u20ac300 million in economic measures in the last year, if we didn\u2019t have economic development?<br \/>\n\u201cTo be given credit from those incredibly strict EU institutions \u2013 would that be possible without economic development? <strong>Our economy is performing better than most countries in the European Union at this point<\/strong>.\u201d<br \/>\nHe also defended the government\u2019s decision not to extend the fuel subsidy past its expiry date on Monday, saying he had been warned against it by the EU and other international organisations.<br \/>\nHe said the government had been given \u201cstrict warnings\u201d by the European Commission against implementing and extending across-the-board economic measures, with targeted measures for vulnerable sections of society now favoured.<br \/>\nAs well as this, he said, ahead of a planned meeting with representatives of the International Monetary Fund regarding their evaluation of Cyprus\u2019 economy, he has been told \u201cthe only thing they find is those across-the-board measures, and <strong>they tell us we have to stop them<\/strong>.\u201d<br \/>\nHe was then asked why, in that case, he had taken the decision to extend seeming across-the-board measures with regard to the electricity bill subsidy and the zeroed VAT rate on basic products.<br \/>\nHowever, he disputed the characterisation of such measures as \u201cacross the board\u201d.<br \/>\n\u201cIt is wrong to interpret the zeroed VAT and the electricity bill subsidy in this way. In fact, these are very targeted measures,\u201d he said.<br \/>\n\u201cThe electricity bill subsidy operates on a sliding scale, with the level of subsidies offered depending on usage. This therefore is a targeted measure as it helps vulnerable people more,\u201d he added.<br \/>\nOn the matter of the zeroed VAT rate, he said \u201cthis policy is about 11 very specific everyday products. <strong>We haven\u2019t abolished VAT across the board<\/strong>, we have just zeroed VAT on these very specific items to help people get by.\u201d<br \/>\nHe then moved on to speak about Cyprus\u2019 middle class, saying \u201cthis government recognises what the middle class have gone through in the last few years because of economic crises and the crisis of the Covid-19 pandemic, among other things.<br \/>\n\u201c<strong>Our aim is not to make more people live off handouts<\/strong>, but to restore the middle class.\u201d<br \/>\nThis is the reason, he said, why targeted measures have been introduced, with the hope that those measures will allow people to improve their own financial situations and grow the economy, rather than becoming reliant on government funding to make ends meet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fact: Finance Minister Makis Keravnos stated that Cyprus&#8217; economy is performing better than most countries in the European Union.<\/p>\n","protected":false},"author":3,"featured_media":6069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[3492,432,909,3,3818,3395,26,553,379,1841,2404,569,518,2658,3733,304,250,3330,415,3207,2828,187,64,1346,3331,1832,4137,380],"class_list":["post-6068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-bill","tag-covid","tag-cybc","tag-cyprus","tag-development","tag-economic-development","tag-economy","tag-electricity","tag-eu","tag-european-commission","tag-european-union","tag-finance","tag-finance-minister","tag-fuel","tag-fuel-subsidy","tag-funding","tag-google","tag-google-news","tag-government","tag-government-funding","tag-institutions","tag-international","tag-makis-keravnos","tag-meeting","tag-news","tag-subsidies","tag-targeted-measures","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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