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MAP - 2022 Africa Day in Nouakchott Features Moroccan Cuisine
Nouakchott - May 26,2022 - (MAP) - The 2022 Africa Day celebrated Wednesday in Nouakchott has featured the Moroccan cuisine,...
MAP - Maroc Fashion Week, du 2 au 4 juin à Marrakech
Casablanca-26.mai.2022-(MAP)-Maroc Fashion Week se tiendra du 02 au 04 juin 2022 à Marrakech, à l'initiative de l'Oriental Fashion Show (OFS),...
SANA - زراعة الوردة الشامية في ريف اللاذقية نواة لتنمية اقتصادية بالمنطقة
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NNA - Launch of manual to support women’s leadership in conflict prevention and management in Lebanon
NNA - (UN Women, Centre Professionnel de Médiation (CPM), Government of Finland)- UN Women and Centre Professionnel de Médiation (CPM)...
MAP - La Tunisie invité d'honneur du 18è Festival international Cinéma et Migrations d’Agadir
Agadir-26 mai 2022-(MAP)-La Tunisie est l’invité d’honneur de la 18è édition du Festival international Cinéma et Migrations d’Agadir qui aura...
MAP - Un colloque met en lumière le rôle majeur du Maroc dans la diffusion de l'Islam en Afrique (colloque)
Rabat-26.mai.2022-(MAP)-Le Maroc a joué un rôle majeur dans la diffusion de l'Islam et au service de l'unité spirituelle des musulmans...
MAP - L'Afrique dispose d'une diversité patrimoniale aussi riche que son histoire (M. Bensaid)
Rabat -26 mai 2022-(MAP)- L'Afrique, berceau de l'humanité, dispose d'une diversité culturelle et patrimoniale "tout aussi riche que son histoire",...
MAP - 'Patrimoine urbain en Afrique', une réflexion collective pour une gestion durable du patrimoine urbain africain
Rabat - 26 mai 2022 - (MAP) -La conférence "Patrimoine urbain en Afrique : Entre défis de sauvegarde et enjeux...
SANA - شعبان بقلب واحد… فعالية خيرية لدعم الأطفال من ذوي الإعاقة والأيتام
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NNA - وزارة الصحة: 108 إصابات وحالة وفاة واحدة
وطنية - أعلنت وزارة الصحة العامة في تقريرها اليومي تسجيل "108 اصابات جديدة بفيروس كورونا رفعت العدد التراكمي للحالات المثبتة الى1098899، كما تم تسجيل حالة وفاة واحدة...
NNA - إطلاق دليل لدعم القيادات النسائية لمنع نشوب النزاعات وإدارتها في لبنان
وطنية - أطلقت هيئة الأمم المتحدة للمرأة والمركز المهني للوساطة في جامعة القديس يوسف في بيروت، اليوم، دليلا لتدريب النساء صانعات السلام العاملات على منع نشوب النزاعات وإدارتها في لبنان،...
MAP - Visite de travail du CESE du Maroc en Côte d'Ivoire
Rabat-26.mai.2022-(MAP)-Une délégation du Conseil Économique Social et Environnemental (CESE) du Maroc s'est rendue à Abidjan pour participer à un atelier...
MAP - L'économie circulaire, un facteur clé pour plus de prospérité (M. Chami)
Rabat -26 mai 2022-(MAP)- L'économie circulaire joue un rôle crucial pour faire du Maroc un pays plus prospère économiquement, ...
MAP - Les villes intelligentes sont conçues pour répondre aux effets des changements climatiques et aux attentes des citoyens (ministre)
Casablanca-26 mai 2022-(MAP)-Les villes intelligentes sont conçues pour répondre aux effets des changements climatiques et aux attentes des citoyens...
MAP - Marrakech accueille le Festival de Son Altesse Sheikh Mansoor Bin Zayed Al Nahyan des courses de chevaux Pur-sang Arabe (SOREC)
Casablanca - 26 mai 2022 - (MAP) -Le Festival de Son Altesse Sheikh Mansoor Bin Zayed Al Nahyan des courses...
SANA - اكتشاف مدفن جنائزي يعود للعصر الروماني في عمريت
طرطوس- سانا-اكتشف فريق التنقيب المشترك بين المديرية العامة للآثار والمتاحف ودائرة آثار طرطوس خلال عمليات البحث والتنقيب في منطقة عمريت الأثرية بمدينة طرطوس مدفناً جنائزياً يعود للعصر الروماني ويحتوي على...
NNA - Health Ministry: 108 new corona Cases, one death
NNA–In its daily report on the COVID-19 developments,the Ministry of Public Health announced on Thursday the registration of 108new infections...
NNA - بيروت عاصمة الشباب في موعدها وتثبيت تمويلها من مجلس وزراء الشباب والرياضة العرب
وطنية-للمرة الأولى منذ سنوات طويلة في تاريخ مجلس وزراء الشباب والرياضة العرب، خضع المكتب التنفيذي في اختياره لعملية انتخابية، فترشحت احدى عشرة دولة لثمانية مقاعد، بالإضافة الى مصر دولة المقر...
MAP - Tanger abrite le 1er salon international de recyclage et de gestion des déchets 'RWM expo 2022'
Casablanca -26 mai 2022-(MAP)- "Energie et Mines Mag", 1er magazine spécialisé dans l'énergie, les mines et le développement durable,...
MAP - Collective Thinking for Sustainable Management of African Urban Heritage
Rabat - May 26, 2022 - (MAP) - The conference "African Urban Heritage: Challenges of Preservation and Issues of Development,"...
MAP - Launch in Tangier of 2022 Strait Search-and-Rescue Exercise
Tangier - May.26,2022 - (MAP) - The launch of the 2022 Strait SAREX (Search-and-Rescue Exercise) took place, Wednesday in Tangier,...
Lusa - Business News - Mozambique: Bosses want collective fuel purchases to cut costs
Maputo, May 26, 2022 (Lusa) - The Mozambique Confederation of Economic Associations (CTA), the country's biggest employers' organisation, ...
CNA - تأكيد العلاقات الاستراتيجية القبرصية المصرية خلال زيارة عمل للوزير كاسوليديس إلى القاهرة
تم تأكيد العلاقات الاستراتيجية بين قبرص ومصر خلال زيارة عمل قام بها وزير الخارجية ايوانيس كاسوليدس إلى القاهرة، والتي استمرت ثلاثة أيام.
بحسب بيان صحفي صادر عن وزارة الخارجية اختتم الوزير...
Lusa - Business News - Portugal: Stock market soars almost 2% with bank BCP at the forefront
Lisbon, May 26, 2022 (Lusa) - The Lisbon stock market followed the gains of the main European markets on Thursday...
Lusa - Business News - Mozambique: Government confident in no more fuel price hikes
Accra,May.26,2022(Lusa)-Mozambique's economy and finance minister expressed confidence on Thursday that it would not be necessary to raise fuel prices again...
Lusa - Business News - Portugal: Government believes Covis-19 peak passed
Lisbon, May.26,2022(Lusa)-Portugal's minister of the presidency said on Thursday that the data on the evolution of Covid-19 in Portugal indicates...
Lusa - Business News - Portugal: Domestic wheat production only covered 6.3% of consumption in 2021
Lisbon, May.26,2022(Lusa)-National production of wheat corresponded to 6.3% of domestic use of this grain in 2021, versus 59.9% in 1990,...
Lusa - Business News - Angola: President 'within deadline' to call August general elections
Luanda, May 26, 2022 (Lusa) - Angola's president, João Lourenço, said on Thursday that he was "within the legal deadlines"...
CNA - وزير الخارجية يجتمع مع الأمين العام لجامعة الدول العربية في القاهرة
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قالت وزارة الخارجية في منشور على حسابها على تويتر، أن المناقشة جاءت في...
CNA - وزير الخارجية يبحث مع نظيره المصري العلاقات الثنائية والمشكلة القبرصية والتحديات الإقليمية
بحث وزير الخارجية ايوانيس كاسوليديس أمس الخميس في القاهرة مع نظيره المصري سامح سكري العلاقات الثنائية الاستراتيجية بين قبرص ومصر والتعاون الثلاثي مع اليونان والمشكلة القبرصية والتحديات الإقليمية. ...
Lusa - Business News - Portugal: State invests €4M at Hannover Messe'22 to promote 'Portugal makes sense'
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Lusa - Business News - Portugal: PM, Spain PM discuss aid to Ukraine, sanctions on Russia ahead of EU summit
Madrid, May.26,2022 (Lusa) – The Portuguese prime minister and the head of the Spanish government meet on Thursday in Madrid...
Lusa - Business News - Portugal: Young creators award winners 2021 waiting six months for their prizes
Lisbon,May.26,2022(Lusa)–The winners of the National Young Creators Award 2021 have not yet received their cash prizes from the Portuguese sports...
CNA - مجلس الوزراء يناقش وقف ارتداء الكمامات في معظم المباني الداخلية
ذكر مصدر في وزارة الصحة أنه من المتوقع أن يقدم وزير الصحة ميخاليس حادجيبانتيلاس لمجلس الوزراء يوم الجمعة اقتراحاً بشأن رفع إجراء وضع الكمامات في الأماكن الداخلية، باستثناء المباني عالية...
Lusa - Business News - Portugal: Demolition at Porto former slaughterhouse site 'practically complete'
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Lusa - Business News - Mozambique: Country's gas reserves to contribute to world energy transition
Accra, Ghana,May.26,2022(Lusa)– The government of Mozambique believes that the country's reserves of over 180 trillion cubic feet of natural gas...
Lusa - Business News - Portugal: Lisbon metro staff on another partial strike on Friday morning
Lisbon, May.26,2022 (Lusa) – Lisbon Metro (ML) workers will go on another partial strike on Friday, between 05:00 and 09:00,...
Lusa - Business News - Portugal: Fruit growers dispute study finding dangerous pesticides in apples, pears
Armamar, Portugal,May.26,2022(Lusa)- The Armamar fruit growers association (AFA) has contested the study by the "PAN Europa" network of non-governmental organisations...
CNA - Economic sentiment improves slightly in May as a result of stronger business confidence in services
Economic sentiment in Cyprus improved slightly this May as the Economic Sentiment Indicator(ESI-CypERC) increased by 1.1 points compared with April...
Lusa - Business News - Timor-Leste: China foreign minister begins Pacific tour, setting off alarm bells
Beijing,May.26,2022(Lusa)- China's foreign minister arrived on Thursday in the Solomon Islands, at the beginning of a tour of eight countries...
Lusa - Business News - Portugal: State authorises Chelsea FC sale, proceeds for humanitarian purposes
Lisbon, May.26,2022 (Lusa) - The Portuguese government has given permission for the sale of Chelsea Football Club by Romam Abramovich,...
CNA - الرئيس اناستاسياديس يجتمع مع رئيسة الجمعية البرلمانية لمنظمة الأمن والتعاون في أوروبا
يستقبل رئيس الجمهورية نيكوس أناستاسياديس اليوم الخميس مارجريتا سيدرفيلت رئيسة الجمعية البرلمانية لمنظمة الأمن والتعاون في أوروبا، الموجودة في قبرص للمشاركة في مؤتمر دولي حول مكافحة الفساد. ...
CNA - الرئيس أناستاسياديس يترأس اجتماع "الصحة للجميع" في القصر الرئاسي
يترأس رئيس الجمهورية نيكوس أناستاسياديس اليوم الخميس اجتماع "الصحة للجميع" في القصر الرئاسي بمشاركة وزير الصحة ميخاليس حاجيبانتيلاس ووزير النقل يانيس كاروسوس ووزير الدولة للبحث والابتكار والسياسة الرقمية كيرياكوس كوكينوس،...
Lusa - Business News - Portugal: Stock market opens with benchmark PSI index up 0.52%
Lisbon, May 26, 2022 (Lusa) – The Lisbon Stock Exchange opened on Thursday in positive territory, with the PSI index...
Lusa - Business News - Portugal: Top newspaper, news magazine headlines on Thursday
Lisbon, May.26,2022(Lusa)–The massacre in Texas and the leadership race in Portugal's PSD social democrat party are the most frequent headlines...
CNA - Government to continue support steps amid rising inflation, FinMin tells CNA, 'we should not sanction ourselves', he says




The government will continue supporting households and especially the vulnerable amid the rising inflation,Finance Minister Constantinos Petrides had told CNA, warning that tackling inflation is difficult due to its structural nature amid the Ukrainian crisis. In an interview with CNA, Petrides said the government intention is to extend the reduction of excise duty in fuel and the reduction of VAT on electricity bills possibly for another three months, depending on the evolving situation and the capabilities of public finances.
Petrides is pessimistic over tackling rising inflationist pressures which, he said are not only fuelled by the Russian invasion of Ukraine but also by the EU’s push towards the green transition as well as the sanctions imposed by the Union against Moscow. In that context, the Ministry will reconsider reprioritising public investments on infrastructure projects so that the state budget ceilings will not be breached due to the sizeable price increases in raw materials.
He cautioned that “things will be difficult in the coming years” and highlighted the importance of maintaining fiscal buffers.
“Economy is not a game. The economy warrants sincerity and prudent management and governments which engage in populism are dangerous, as we have seen in Cyprus in the past,” he said and went on to note that “I hope the next government will follow a prudent management both for us and our children with no populism and policies which may seem satisfying in the short-term but may prove destructive in the future.”
Furthermore, as Cyprus has so far failed to achieve any disbursements from the national Recovery and Resilience Plan, Petrides said that losing these grants which the economy and the future generations need “would be a crime.”
Responding to a question on the rising inflation in the current economic environment, Petrides acknowledged that tackling inflationist pressures is difficult due to its structural nature as energy prices will continue to rise fuelled by geopolitical tensions but also by the EU’s push towards the green growth.
“What we are trying to do is to alleviate the consequences as much as possible especially for the vulnerable,” he said, recalling that so far the government has taken measures amounting to €150 to €160 million.
However, he cautioned that as inflationist pressures continue, fiscal buffers will be depleted, noting that economic support is a “painkiller and not the cure.”
The Finance Minister described tackling inflation with policy measures as “a curse” as “we have taken a series of measures which may refuel inflation.”
As he noted, despite EU guidelines for targeted measures for a limited time, the government has taken horizontal measures.
“We will continue to do so and will extend these measures for some months. I cannot say for how long, possibly for another three months, and we will see depending on our buffers and how the situation evolves because more difficulties will emerge for the vulnerable,” he said.
We should not sanction ourselves
-----------
Furthermore, Petrides said we are close in seeing double digits in inflation rates, noting that the oil embargo on Russia, the ban on Russian oil supplies or the transportation of Russian energy, discussed on a European level will further create inflationist pressures.
Asked on the sixth sanctions package, Petrides said Cyprus supported the first EU sanctions packages, but it followed a more assertive stance “to protect the interests of the country and its economy.”
“Because the essence of the sanctions is above all to inflict more cost to those who the sanctions are imposed on and not to you. If the cost of sanctions is higher on you, then you are imposing sanctions on yourself. And unfortunately, some of the phenomena we’ve seen in the sixth package but also some things on the fifth package, have deviated from this principle,” he said.
Cyprus considers reprioritising infrastructure projects amid rising prices
--------------------
Asked whether the government is considering changes in its development projects, amid the new conditions caused by the Ukraine crisis, Petrides said this could be necessary.
“Currently we are making this project internally and in the coming days I will ask the Ministries to reprioritise infrastructure projects on the basis of the new developments because when there are increases in raw materials and energy reaching up to 30%, then we could deviate from the budget ceilings significantly,” he said.
Furthermore, with regard to Cyprus’ national recovery and resilience plan, the Finance Minister said it would be a crime not to utilise the funds amounting to €1.2 billion.
The disbursements of funds from NextGeneration EU is linked with conditions set by the EU for reforms. So far Cyprus has lost the first disbursement target of €85 million, due to disagreements in the Parliament over the reform of the non-performing loans management framework.
Moreover, Petrides said that despite the crisis, the Ministry maintains the target of reforming Cyprus tax regime, including increasing corporate tax, noting that the government upholds the 2023 timeline.
“Our intention is not to collect taxes, this reform will be (fiscally) neutral,” he said, adding due to the current situation the government may reassess the offsetting measures to be given to businesses to cover the rising costs due to the increase of corporate tax.
Responding to a question whether the crisis provides any silver linings, Petrides said the current crisis may reverse globalisation, as the crisis creates the need for production points coming closer to the areas of demand.
“This crisis marks a new economic era and I would not say that it offers any opportunities, things will be rough,” he said. “But in a prudent way we need to adjust our economic policies,” he noted.
Cyprus, he added, should pursue private investments which could deal with inflation issues in the medium-term through rising income and output.
He said that the Recovery entails a large amount of cofounded projects that would mobilise private investments amounting to €1.5 billion apart from the grants amounting to €1 billion.
The Minister also referred to the strategy aiming to attract talent and high earners from abroad and the relocation of enterprises in Cyprus.
“We see huge interest from high tech companies and other large companies to relocate in Cyprus, to pay taxes, to bring employees who will spend,” he pointed out.
“This should be our response in the medium term, if this is an opportunity, lets see it as such, but we are entering a very difficult juncture which will last and businesses and foreign investments should operate in the best possible way and this should be our response as was the case in 2012,” Petrides concluded.

CNA/GS/EPH/2022
ENDS, CYPRUS NEWS AGENCY


Agency : CNA

Date : 2022-05-14 10:26:00







 

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