The Cyprus Shipping Chamber has been following with great concern for weeks now, the ongoing discussions between the Political Parties on the approval of the Government’s Bill on State Guaranteed Loans for the provision of liquidity to companies, with no end in side.

This delay diminishes the positive image of Cyprus recently created with the joint and hard efforts of the Government, the State and the citizens at large, as a country with an exemplary response to the Covid-19 pandemic crisis.

Similar to all productive sectors of the Cyprus Economy, the Cyprus Shipping Industry, which competes daily on a global scale and has significantly supported the Cyprus Economy (7% of GDP) for years as the longest-going foreign exchange inflow into Cyprus, is facing severe consequences from the pandemic due the slowdown of International Trade.

To that end, the Shipping Chamber appeals once again to the Political Leadership, to approve now the Government Bill on state guaranteed loans for the provision of financial liquidity to businesses, so that companies in Cyprus, including Shipping companies, can meet their immediate working capital needs and remain operationally viable.

Although it is understood that the Political Parties are working to prepare as much as possible an ideal bill, any further delay will render the whole initiative useless. We call therefore, for the immediate approval of the Bill, and if any operational problems occur, they can be practically resolved when implementing same. Action must be taken now, before affected companies in their effort for operational survival, “open sails for other destinations”, which will have devastating consequences on the Cyprus economy and employment.