A set of measures to offset the impact of the new global economic crisis due to the Russian invasion of Ukraine is to be submitted to the Council of Ministers next week for approval, Cyprus' Government Spokesman, Marios Pelekanos, said on Friday, after a meeting at the Presidential Palace.

The spokesman said that, President Nicos Anastasiades, who chaired the meeting, gave instructions for intense consultations within the coming days, under the Finance Minister, for the discussion and preparation of a set of measures that will be submitted next week, on May 27, to the Cabinet for approval.

At the meeting, that was attended by the Ministers of Finance, Transport, who is standing in for the Labour Minister who is currently in hospital, Energy, Agriculture, the Deputy Minister of Social Welfare and the Presidents of the Fiscal Council and the Economy and Competitiveness Council, “the impact of the Russian invasion of Ukraine and the new global economic crisis, which result in growing inflationary pressures affecting particularly vulnerable groups, were discussed,” Pelekanos said.

Responding to questions, he said that during the meeting, all the proposals were analysed, so it will take some time for the Finance Ministry, in cooperation with all stakeholders, to go over the situation in depth and determine the limits within which the Ministry of Finance can move.

CNA has learned that many proposals were tabled and that there was a discussion both for horizontal and targeted measures. According to the same information, the Minister of Finance will estimate how the proposed measures affect the state, but also inflation, so that decisions can be made, which will be tabled to the Cabinet for approval.