The government on Monday announced the second economic support package, dubbed the Economic Measures and Support Package for Communal Solidarity.
The 1.1bn Turkish Lira package aims at supporting the real sector, raising employment figures, supporting Small and Medium-Sized Enterprises (SMEs), balancing public sector finances, creating additional revenues and bringing dynamism to the economy.
Announcing the package at the end of Monday’s cabinet meeting, Prime Minister Ersin Tatar pointed out that the economy was experiencing a decline due to the drop in tourism and higher education sectors which were worst hit by the coronavirus pandemic.
He said that the new relief package will be covering the period between June and October.
“The contribution to the economy will be 1.114bn Turkish Liras. 449m Turkish Lira will be spent on employment support, 359m Turkish Lira for other support schemes and 356m Turkish Lira for real sector incentives,” he said.
Tatar also announced that newly employed TRNC citizens would be offered social security premium incentives for a period of 12 months.
He added that an Economic Council made up of economic organisation representatives and bureaucrats will be established to analyze the impact of the Covid-19 pandemic on the economy.
Projects to build new hospitals, roads and schools will be speeded up, the Prime Minister added.
Meanwhile, the Council of Ministers convened at 11:30 am under the chairmanship of Prime Minister Ersin Tatar this morning to revaluate the decision to allow arrivals via sea and air into the TRNC as of July 1.