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KTTO welcomes economic package, warns of shortcomings

KTTO welcomes economic package, warns of shortcomings

The Turkish Cypriot Chamber of Commerce (KTTO) on Thursday welcomed the government’s latest economic support package but warned that it will still fail to revive the economy struggling with recession and rising costs.

Publish Date: 01/07/22 14:43
Update Date: 01/07/22 15:23
reading time: 2 min.
KTTO welcomes economic package, warns of shortcomings
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The Turkish Cypriot Chamber of Commerce, in a written statement, said that the latest loan package unveiled by the government will extend an important “lifeline” to small businesses and enterprises.

“However, what the TRNC really requires are loan packages or programmes which will allow businesses to invest in the country. The fact that the package fails to offer easier access to investment loans to larger firms will seriously prevent economic growth making the measures adopted pointless,” the chamber said.

It added that it was obvious the loan package will fall short of reviving the TRNC economy currently dealing with the recession caused by the Covid-19 pandemic and rising costs due to the war in Ukraine.

“The economy, as the prime minister put it, requires more comprehensive packages and moves to allow structural transformation necessary to help it get back on track, not small steps,” the statement read.

Among the proposals listed by the chamber were the adoption of austerity measures for public expenditures; harmonizing public sector working hours with the private sector, the lifting of import taxes and ending the collection of VAT from imported goods in advance.

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