The European Commission has approved a €5.7 million Cypriot scheme to support certain farmers active in the livestock sector affected by the coronavirus pandemic and the restrictive measures that the Cypriot government had to implement to limit the spread of the virus, according to a statement by the Commission.

An action plan for replacing the lost tourism from the Russian and Ukrainian markets is being prepared according to the Minister of Transportation, Communications and Works Yiannis Karoussos, on Friday. The plan focuses on approaching European and Middle-East markets to make up for the loss in tourist arrivals this year.

The European Investment Bank’s €200 million funding for Cyprus this year is not affected by the crisis triggered when Russia invaded Ukraine, EIB Vice President Lilyana Pavlova said Friday.

Credit rating agency Standard and Poor’s affirmed Cyprus’ long-term credit rating at BBB-, while maintaining a positive outlook, stressing that despite the Ukrainian crisis and economic sanctions against Russia, the medium-term outlook for the Cypriot economy remains strong.

Petrol prices, electricity, fruit and vegetables have driven inflation up in February to 6.6%,  according to the Cyprus Statistical Service.

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The interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.06%, compared to December 2021, according to Cyprus Central Bank. At the same time, the interest for housing loans has slightly decreased to 2.15%, from 2.21% in December.

Children with diabetes will be offered the very latest devices for monitoring and administrating insulin, the health ministry announced on Thursday.

Cyprus enters a new phase of relaxations of COVID measures next Tuesday. The Cabinet decided Wednesday that a safe pass is no longer needed in certain places and the quarantine period is reduced to seven days from 10.

Cyprus Finance Minister Constantinos Petrides announced on Thursday a reduction in fuel tax following a Cabinet meeting, at the Presidential Palace.