Finance Minister Constantinos Petrides expects to see the Cyprus economy bounce back from the pandemic with 4.5% GDP growth in 2021 following a 5.5% contraction during last year’s health crisis.

Despite the crisis of the Covid-19 pandemic Cyprus’ economic policies remain the same, targeting macroeconomic and financial stability, prudent fiscal policies, and establishing a competitive, business-friendly regulatory environment of high standards, Minister of Finance Constantinos Petrides said on Thursday.

The cabinet on Wednesday approved the creation of a technical committee for the more sustainable handling of construction waste.

Cyprus’ plan of proposals to receive about €968 million of funding from the European Union Recovery and Resilience Facility – Next Generation EU were submitted before the Commission late on Tuesday.

A second lockdown in January saw economic sentiment in Cyprus deteriorate with confidence shaken by the closure of non-essential shops and businesses.

The council of ministers on Wednesday approved a plan by the deputy ministry of tourism aimed at boosting rural and mountain tourism.

The ministry of transport announced on Wednesday that the Cabinet decided to extend the Covid-curbing measures governing airports and flights until March 1.

The Council of Ministers on Wednesday approved a bill for the establishment of a Deputy Ministry of Social Welfare in Cyprus, the deputy government spokesperson Panayiotis Sentonas said in a written statement on Wednesday.

The government on Wednesday announced the easing of Covid restrictions, including reopening hairdressers and beauticians on Monday and primary schools and the retail sector on February 8.

Cyprus ranks in the top 10 countries in a Covid Performance Index of almost 100 countries for their successful handling of the coronavirus pandemic, according to Reuters.