The Cyprus government has put into action a contingency plan of economic measures to stave off the damaging impact of the war in Iraq which is designed to boost key industries such as tourism.
Finance Minister Markos Kyprianou told a press conference that the government also planned to speed up investment in infrastructure projects, and increase social programmes. Whilst the Minister admitted that some elements will involve a cost, others are merely changes in policy, and some reforms will not be put in place immediately.
One of the central planks of the plan is a CYP 7 million ($12.7 million) grant to the Cyprus Tourism Organisation so that it can step up its advertising campaign to attract visitors to the island. Landing and passengers fees will also be suspended from 1 April until 30 June this year, and again from 1 November 2003 to 31 March 2004 to boost the summer and winter tourist seasons.
Other measures include the suspension of foreign work permits while war is waged (though international business are exempt), and incentives to those who have lost their jobs as a direct consequence of the war.
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