articles | 02 April 2013

Measures announced to boost economy

The government will soon approve measures aimed at boosting the crippled economy, that are expected to include casinos, fast-tracking permits for large projects, tax breaks, and relaxation of measures to encourage foreign investment.

“I have already made some announcements but the essence of the measures will be decided by the cabinet,” President Nicos Anastasiades said yesterday.

The president said the government’s drive would focus on incentives for growth. Anastasiades outlined the government’s intentions in an interview he gave on Sunday.

The first would be to fast-track permits concerning pending large projects, aiming to at least give the okay within 30 days.

The government is also expected to advance the issue of creating casinos immediately, something, which the previous administration refused to do on ideological grounds.

Other measures could include tax breaks for those who re-invest profits and relaxing measures to encourage foreign investment.

It will also seek to get banks to agree on extending loans and lowering interest rates and give unemployed people a grace period in paying their instalments.

Anastasiades said they were also looking to get employers and unions to agree that 70 per cent of their employees will be Greek Cypriots.

The government was also trying to fully utilise EU funds for the employment of youths.

It will also try to streamline allowances so that they go to those who really need them while an effort will be made to convince property owners to lower their rents in a bid to help struggling businesses. 

Source: Cyprus Mail

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