“Interest Rate Subsidy Scheme”: The Government is mocking society

Statement by AKEL Political Bureau member & Head of Economic Policy Charis Polycarpou

25 April 2024, AKEL C.C. Press Office, Nicosia

In a statement on state radio today, the Minister of Finance gave assurances that the new interest rate subsidy scheme – announced twice so far by the Government as a measure to confront inflation – “is already up and running”.

It would be good if the Minister of Finance and the N. Christodoulides government didn’t mock society.

Firstly, because the scheme hasn’t been implemented yet. If the Minister has information to the contrary, we call on him to publicly give the results of the scheme’s implementation.

Secondly, because the scheme is inadequate anyway, as it is only going to cover a small proportion of borrowers.

It is actions that matter, not promises and nice-sounding slogans.

AKEL has tabled a proposal for the taxation of the windfall profits of the banks in order to create a fund to provide real support for borrowers.

25.04.2024