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President: COLA is making up for the loss of income to some extent

17/05/2022 15:38

The cost-of-living adjustment (COLA) is making up for the loss of income to some extent, Cyprus’ President, Nicos Anastasiades said on Tuesday ahead of a meeting he is convening on Friday to discuss with members of the Cabinet, the economic consequences of the war in Ukraine.

The President, responding to a question by a journalist, said the situation is difficult and is getting worse, day by day.

He refrained from providing more information as to any decisions that may be taken at the meeting.

He said that the government is determined to help but to the extent state finances allow, citing also the need to tackle inflation, as shaped by international developments and especially the war, which is ongoing, arguing that no one can tell the extent of any alleviating measures.

He pointed out, however, that “at least in Cyprus and two other European countries, there is the COLA, which to some extent compensates, certainly depending also on the inflation, the loss of income.”