Cyprus News Agency: News in English, 11-12-03

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Broad consensus reached on economy, Stephanou says

[02] Power supply remains critical, officials say

[01] Broad consensus reached on economy, Stephanou says

In statements after the meeting, Government Spokesman Stephanos Stephanou said that a broad consensus and convergence of views was reached in a series of issues. He explained that the first issue is the contribution of employees of the broad public sector by freezing salaries for two years.

The second point relates to the increase of the tax rate on profits from 17% to 20%, while a third point concerns the revision of taxation on immovable property and integrating of all relevant taxes. There was also convergence of views as regards the ratification of a bill concerning the increase of the standard VAT rate from 15% to 17% with the beginning of the social dialogue for a more just redistribution of COLA with an aim to conclude the dialogue within six months.

[02] Power supply remains critical, officials say

Statements were made following a meeting, under the President of the Republic Demetris Christofias, which was also attended by the Minister of Finance, the Minster of Commerce, the Government Spokesman and the Undersecretary to the President.

Government Spokesman Stephanos Stephanou said that the meeting specifically discussed the adequacy of power supply for the coming year. He added that participants at the meeting took stock of the efforts that were made and the work which has been done, particularly from the part of EAC and others, following the destruction of the Vassiliko power plant.

Last July, a massive explosion in containers, full of munitions, stored at the naval base Evaggelos Florakis, near Limassol, killed thirteen people and injured dozens. The blast badly damaged nearby Vassiliko power plant, the islands main power plant, resulting in extensive power shortages. Power demand is being covered since by smaller power units, as well as temporary power generators. An arrangement for power supply from the Turkish-occupied territories of Cyprus is also in effect.

Stephanou added that the meeting also discussed strategic planning to address electricity needs during peak season, in the summer of 2012.

CERA President Giorgos Siamas, responding to questions on eventual power shortages during winter time, said that the meeting addressed this issue and decisions were taken to cover the demand.

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