Rising prices in raw materials, fuel, energy and basic food items are only the beginning of a more difficult economic cycle that lies ahead, according to Costas Melas, president of the Cyprus Borrowers Association (Syprodat).

In a statement released this week, Melas said that “it is of critical importance for the state to act immediately and proactively, with a comprehensive plan and not with fragmented or temporary measures at the last moment”.

“The need for systematic planning and economic shielding of both the state and society has become urgent, mainly because foreclosures continue and are intensifying”, the association president added.

He also stated that “support for citizens, particularly vulnerable households, pensioners and borrowers who are already under financial pressure, must become the central focus”.

“The coming months will be decisive and the time has come for meaningful decisions”, Melas concluded.