The Labor Minister of Cyprus recently announced that the country’s unemployment rate has dropped to a 15year low of 6% in the first quarter of 2024, showcasing significant economic recovery. This remarkable improvement from a peak of 17.7% in 2015 highlights the success of governmental policies in reducing unemployment and fostering job creation.
The €450 million financial protocol between North Cyprus and Turkey aims to boost economic ties and support infrastructure, healthcare, and social programs. This unprecedented agreement reflects a commitment to enhancing the economy and public welfare in North Cyprus, setting the stage for a selfsufficient and prosperous future.
The impact of bank lending practices on economic growth is profound, with adjustments in interest rates directly influencing borrowing affordability, business sentiment, and development. Despite the recent rate cut by the European Central Bank, local banks’ reluctance to lend to businesses, preference for depositing funds with the ECB, and lack of competition among banks pose challenges to economic dynamism and growth in Cyprus.
Cyprus’s real estate market is facing challenges with inflated rental prices and reduced longterm rental availability due to the surge in shortterm rentals. This is worsened by increased interest rates and inflation, making home buying more difficult and tightening the housing market.
In a bid to advance peace talks in Cyprus, the UN has extended Maria Angela Holguin’s mission as the personal envoy of the SecretaryGeneral by three months. This move sets the stage for crucial negotiations and a pivotal Security Council session in July, underscoring the ongoing diplomatic efforts to resolve the longstanding disputes on the Mediterranean island.
Cyprus is facing an intense heatwave with temperatures expected to reach 44 degrees Celsius, prompting an orange weather alert. Residents are advised to stay hydrated, limit outdoor activities, and check on vulnerable neighbors during this period of extreme heat.
Special minibus services have been arranged for Turkish Cypriots in northern Cyprus to reach polling stations for the European Parliament elections. Voters can choose from three routes, ensuring transportation is accessible and not a barrier to participation, showcasing a commitment to democratic engagement.
An orange warning has been issued for extreme heat and dust in the Mediterranean, with temperatures reaching up to 43°C inland and 38°C on the coast. Precautions such as staying hydrated and avoiding direct sunlight are crucial to cope with these intense conditions.
Sharon Chorbadjain reimagines ‘King Lear’ to raise dementia awareness in Cyprus at Shakespeare at Curium. The play’s exploration of an ageing monarch’s descent into madness serves as a conversation starter on elder care, with proceeds supporting The Cyprus Alzheimer Association.
In Paphos, farmers are struggling with severe water limitations, risking their crops and livelihoods. Reduced water allocations and the drying Asprokremmos dam have led to mounting concerns, prompting calls for state intervention and sustainable water management solutions.
