The Finance Ministry is considering new measures to support particularly the vulnerable groups of society amid the continuing pressures from high prices and inflation, Makis Keravnos Minister of Finance said on Monday, adding the measures were in the pipeline irrespective of the rating upgrades by Moody’s and DBRS Morningstar.

"Of course the upgrade strengthens and encourages such effort but in any case the Finance Ministry, even without this upgrade, heeds the sensibilities and we would respond to problems facing the society," Keravnos said in statements during a visit to the Institute of Neurology and Genetics of Cyprus.

He noted that following the drafting of the 2024 state budget the Ministry continued working on this issue, adding the measures are expected to announced “in the coming period.”

“Various scenarios are being quantified and what we are looking at, is not only to announce measures, but to announce measures which will assist particularly the vulnerable groups, but also measures that could be immediately implemented,” he said.

Furthermore, Keravnos welcomed the two-notch upgrade by Moody’s rating agency, which places Cyprus credit rating in investment-grade status after 12 years.

“After seven months in office, the government has been evaluated along with the previous work, and the budget has convinced that we remain on a growth course and we manage the economy, the fiscal balance and our obligations to European institutions with caution,” he said.

Keravnos noted that the upgrade is significant because it will assist the government in obtaining the necessary funding with good terms, which will help the broader economy and society, adding the upgrade sends a message to foreign investors and investment firms in Cyprus that the Cypriot economy can absorb and utilise these investments.