The Cyprus Borrowers Association (Syprodat) has issued a call for comprehensive government measures to address the rising cost of living, urging action that benefits all citizens without distinctions or limitations.
In its announcement, Syprodat acknowledged some satisfaction with the government’s recent measures aimed at curbing inflation.
However, it mentioned that these initiatives only assist select groups and lack the universal scope needed to combat the widespread impact of rising prices effectively.
“We believe that the implementation of these measures should be more horizontal,” the association said.
According to the association, borrowers face a growing challenge to meet their loan repayments as everyday expenses continue to climb, which may lead to a new wave of non-performing loans.
Syprodat argued that the government’s selective approach is insufficient given the current economic strain on households.
“Expenses for people are increasing daily, while their incomes remain essentially the same,” the association said.
“Given that rising costs impact everyone equally, targeted measures are not the right solution to combat inflation,” it added, stressing that “this should be reconsidered by those in power”.
The association emphasised that” “the current measures fall short of satisfying even those they were designed to support, as the assistance provided is minimal”.
Finally, Syprodat called for measures that address the needs of all citizens, “without exceptions or categorisations”.
