Category: Cyprus News Agency

Cyprus Finance Minister Makis Keravnos, who holds the rotating presidency of the EU Economic and Financial Affairs Council (ECOFIN), expressed optimism that a final agreement on the Market Integration and Supervisory Package will be reached shortly, following Tuesday’s meeting.

“Developments vindicate exactly the EU’s timely recognition that our strategic autonomy is particularly important for improving the competitiveness of the European economy,” Keravnos told reporters in response to a CNA question, adding that this can be achieved through capital markets integration.

The main outstanding issues concern the central supervision and governance model of the European Securities and Markets Authority (ESMA), on which “there are some views among member states,” he noted.

Nevertheless, the Minister assessed that “the climate was very positive to proceed with a further discussion on the basis of a document submitted by the Cyprus Presidency, so that we can soon reach a final convergence that everyone can agree on.”

Keravnos explained that the Cyprus Presidency has held 13 technical meetings between January and April, achieving the first comprehensive examination of the proposal, while Ministers broadly recognised the need to avoid duplication of efforts and increased costs, as well as the importance of striking the right balance between ambition and speed.

On the sidelines of the main agenda, ECOFIN reached a general approach on combating VAT fraud, providing for direct access by the European Public Prosecutor’s Office (EPPO) and the European Anti-Fraud Office (OLAF) to VAT databases. Keravnos described the agreement as “a key step in the fight against fraud,” stressing that it “ensures that the exchange of information and access to data are strictly regulated, while safeguarding the necessary data protection standards.”

The meeting also reviewed progress on the pound 90 billion loan to Ukraine, with the minister noting that “the Cyprus Presidency has worked tirelessly to ensure all elements needed for the loan were in place,” enabling disbursements to begin as soon as possible. Ministers also discussed the outcomes of the G20 Finance Ministers and central bank governors meeting of 16 April, focusing on the economic outlook and global imbalances.

For his part, Commissioner for Economy Valdis Dombrovskis stressed that capital markets integration is more urgent than ever, calling for the maintenance of pace and ambition. He noted that it has never been more important to take the necessary steps to ensure the single market delivers on its potential, particularly when it comes to capital.

On VAT, the Commissioner welcomed the agreement, noting it makes the fight against VAT fraud “more efficient, effective, and better coordinated,” as EPPO and OLAF will now have direct access to VAT information at EU level.

On the Recovery and Resilience Facility, he announced disbursements of pound 3.5 billion to seven member states since March, with an additional pound 16 billion to Slovakia and pound 4.6 billion to Greece disbursed today. He also presented the Commission’s new Better Regulation Communication, featuring an action plan to simplify rules across 12 key areas, calling on Parliament and Council to assess legislative amendments using a common methodology.

On the Middle East conflict, Dombrovskis noted it is already affecting the global economy through higher energy prices, stressing that fiscal support should remain “temporary and targeted, focusing on the most vulnerable, while safeguarding fiscal sustainability” and that the green transition and electrification must continue.

On Ukraine, the Commissioner said the Commission is in advanced negotiations on a memorandum of understanding setting out the financial conditions, in coordination with the IMF, while also working to finalise a loan agreement that must enter into force before disbursements can begin. On sanctions, he announced the adoption of the 20th sanctions package against Russia, noting it “puts pressure on key sectors” of the Russian economy, and underlined that sustaining and escalating pressure on Russia remains essential.

Cyprus called for intensified regional cooperation and more ambitious action to safeguard fisheries in the Mediterranean, as Agriculture Minister Maria Panayiotou opened the MedFish4Ever gathering in Nicosia.

In her opening address, Panayiotou warned that growing pressures, from climate change to biodiversity loss and overexploitation, require a more coordinated and forward-looking response across the region, stressing that sustainable fisheries are no longer optional but essential.

Addressing delegates including EU Commissioner Costas Kadis, former Commissioner Karmenu Vella and representatives of the Food and Agriculture Organization and the General Fisheries Commission for the Mediterranean, she described the MedFish4Ever process as a key pillar of regional fisheries governance.

Panayiotou stressed that since the 2017 Malta MedFish4Ever Declaration, Mediterranean countries have strengthened cooperation on science-based management, enforcement and the fight against illegal, unreported and unregulated fishing, while supporting the sustainability of coastal communities.

She noted that this commitment was reinforced at the 2019 Marrakech conference and further advanced in 2021 with the adoption of the GFCM Strategy 2021-2030, which sets targets including expanding marine protection, improving compliance and ensuring fair working conditions. These commitments were reaffirmed again in 2023.

‘These are not abstract ambitions,’ she said, stressing that the outcomes directly affect fishers’ livelihoods, coastal families and the resilience of marine ecosystems. ‘The Mediterranean is a sea of extraordinary beauty, but also of great pressure, and our response must remain collective, practical and forward-looking.’

Emphasising Cyprus’ role as an island state, Panayiotou said sustainability depends on healthy fish stocks, reliable data, effective control systems and strong partnerships between governments, scientists and fishing communities. She also underscored the importance of supporting small-scale fisheries as a core part of the region’s social and economic fabric.

She also pointed to emerging challenges such as climate change, invasive species and shifting market conditions, calling for greater investment in knowledge, stronger compliance, habitat protection and more inclusive policies, including opportunities for young people and women.

Panayiotou said the meeting in Cyprus is not only a stocktaking exercise but ‘a moment to renew trust, deepen cooperation and accelerate delivery,’ expressing confidence that the discussions will lead to tangible outcomes for the Mediterranean region.

In his opening remarks, Kadis said – among other things – that “today we find ourselves at a crossroads”, adding that “the reality is stark.” Kadis noted that the Mediterranean remains “one of the most overfished seas in the world, too many stocks remain unassessed, fragile habitats are still under threat, illegal fishing continues to undermine honest fishers, fleet overcapacity pushes stocks to the brink and too often compliance is still treated as optional rather than essential.”

“Meanwhile, climate change accelerates the crisis. Warming waters, invasive species and extreme weather events are reshaping our marine ecosystems in ways we are only beginning to understand,” Commissioner Kadis pointed out, adding however that “there is hope” and “recovery is possible”. “We have seen stocks rebound when science guides policy. Our management plans are delivering good results. For the first time, we have achieved maximum sustainable yield for hake in the Adriatic. This was unthinkable a decade ago,” he said.

Kadis went on to say that “fisheries restricted areas and selective cares have reduced bycatch and protected juvenile fish,” adding that “with innovation in aquaculture we are seeing better food security and reduced pressures on wild stocks and more opportunities for our coastal communities.” “Yes, there is hope. We can turn things around and change for the better if we act with urgency and unity,” he stressed.

In his remarks, Vella said – among other things – that “today we can say with confidence that a lot of progress has been made. Fishing pressure has decreased in several key stocks, thanks to sustained investment and regional cooperation. Scientific knowledge has improved significantly and more multiannual management plans are in place.”

He noted that this is not full recovery but it is “a clear change of direction and importantly it shows that, when we act together across borders and sectors, we can deliver results.”

The President of the House of Representatives, Annita Demetriou, and the new Minister of Rural Development and Food of Greece, Margaritis Schinas met on Tuesday and discussed the issue of foot-and-mouth disease, which, in addition to Cyprus, is plaguing Greece and other member states of the European Union.

The House of Representatives said in a press release that, during the discussion, they also exchanged views on the ways of managing the problem of foot-and-mouth disease at the EU level.

The House noted that Schinas, who is in Cyprus for the informal meeting of the Ministers of Agriculture of the European Union, informed Demetriou about the priorities of his Ministry, while referring to the restructuring of the Common Agricultural Policy of the European Union.

The House President congratulated Schinas on the assumption of his new duties, expressing confidence in his successful tenure from this position. She also referred to the fraternal relationship between Cyprus and Greece which is evident in all areas of cooperation between the two countries.

The need to strengthen international cooperation, institutional capacity and preventive measures to combat match-fixing and corruption in sport was highlighted during the opening event of the 10th meeting of the Copenhagen Group, held on Tuesday in Nicosia.

The event was organised by the Cyprus Committee of Ethics and Sport Safeguarding under the auspices of the Cypriot Presidency of the Council of the European Union.

Opening the event, President of the Committee Stefanos Skordis described the hosting of the Copenhagen Group meeting as a ‘milestone’, welcoming representatives from government, parliament, local authorities and sports bodies.

He noted that the Committee operates under the 2017 law on the prevention of manipulation of sports events, aligned with the Council of Europe’s Macolin Convention, and expressed confidence that the Convention will soon be ratified by Cyprus.

Skordis described the Committee as a ‘sui generis’ body, with members appointed personally for fixed terms, ensuring continuity and specialisation.

He said the Committee has completed more than 70 investigations, with over 10 ongoing. These have led to more than 10 criminal cases, four of which have already resulted in convictions, while additional cases are expected.

He also highlighted the Committee’s expanded mandate on conflicts of interest, allowing it to examine a broader range of cases beyond direct match manipulation.

Skordis underlined the Committee’s international role through participation in the Copenhagen Group and cooperation with other national platforms, particularly Greece.

He further stressed the importance of education and prevention, noting training programmes for investigators, sports officials and school students, including visits to schools promoting ethics and fair play.

Speaking on behalf of the President of the Republic Nikos Christodoulides, Commissioner for the Citizen Panayiotis Palates welcomed participants, noting that the meeting takes place during Cyprus’ Presidency of the Council of the EU.

He described the Macolin Convention as a key tool in addressing match-fixing and safeguarding the integrity of sport, while highlighting the Copenhagen Group as an effective mechanism based on cooperation among national platforms.

Palates praised the work of the Cypriot Committee, noting its contribution through investigations, partnerships and educational initiatives.

Chairman of the Parliamentary Committee on Institutions, Demetris Demetriou, emphasised the social role of sport, particularly in protecting young people from modern forms of addiction.

He noted that parliament has supported legislative efforts to strengthen the Committee and combat corruption in sport.

Demetriou warned that phenomena of corruption undermine efforts to encourage youth participation in sport, especially in an era where challenges include digital addiction and online gambling.

‘We must become more effective in tackling such phenomena,’ he said, adding that sport is ‘much more than profitability.’

Household electricity prices in Cyprus continued on a downward trend, despite the overall stabilisation of average prices across the EU, according to data published by Eurostat on Tuesday.

More specifically, Cyprus recorded the largest decrease, with a 14.7% reduction in electricity prices in the second half of 2025, followed by France (-12.5%) and Denmark (-11.9%). By contrast, household electricity prices surged in the second half of 2025 in Romania (+58.6% compared with the second half of 2024), Austria (+34.3%) and Ireland (+32.7%).

At the same time, prices in Cyprus, expressed in purchasing power standard (PPS), stood at pound 30.37 per 100 kWh in the second half of 2025, down from pound 32.10 in the first half of the same year and pound 35.70 in the second half of 2024.

At EU level, average household electricity prices remained broadly stable overall, recording a marginal increase to pound 28.96 per 100 kWh in the second half of 2025, from pound 28.79 in the first half of the year. As noted, these levels remain significantly higher compared with the period before the 2022 energy crisis.

Minister of Energy, Commerce and Industry, Michael Damianos, will represent the Cypriot Presidency at Wednesday’s second political trilogue involving the Council of the European Union, the European Parliament and the European Commission, focusing on legislative proposals to implement the EU-US Joint Statement agreed in August 2025.

Damianos departs for Brussels this evening and is expected to return to Cyprus on Thursday, 7 May.

The challenges faced in the Mediterranean are shared and require a collective response with fishers at the centre, EU Commissioner for Fisheries and Oceans, Costas Kadis, said on Tuesday regarding a high-level meeting Mediterranean fisheries, taking place in Nicosia.

Cyprus, as an island EU Member State in the Eastern Mediterranean, can play a substantial role in strengthening regional cooperation, said the Minister of Agriculture, Rural Development and Environment, Maria Panayiotou.

In statements to the press following the informal Council of Fisheries Ministers and before the start of the high-level meeting, Kadis and Panayiotou highlighted the importance of cooperation in addressing the challenges facing the sector in the Mediterranean. Representatives of Mediterranean EU Member States, as well as representatives from third countries in the region, are participating in the meeting.

The meeting, Kadis said, would lead to the preparation and adoption of a new ministerial declaration, which is expected in 2027, under the Greek Presidency of the Council of the European Union, to set the course for the next decade.

He noted that the conference is taking place at a ‘critical crossroads’. He said that since 2017, when a similar summit was held in Malta and resulted in the ‘MedFish4Ever’ declaration, ‘a milestone for fisheries in the Mediterranean’, half of Mediterranean fish stocks have shown signs of recovery. ‘However, overexploitation and pressure on ecosystems remain serious challenges’, Kadis said. Therefore, he said, ‘today’s conference must be a turning point’.

‘It is time to strengthen our action in the Mediterranean, accelerate stock recovery, tackle illegal fishing, and enhance aquaculture, which is also part of the solution by complementing natural stocks,’ he added.

‘The challenges we face in the Mediterranean are common and require a joint response with fishers at the centre’, Kadis said. ‘We believe that through cooperation we can achieve positive results, and this meeting aims precisely at that, to promote cooperation among all countries of the Mediterranean region,’ he noted.

Panayiotou said that the high-level meeting on fisheries in the Mediterranean aims to prepare a new ‘MedFish4Ever’ declaration within the framework of the General Fisheries Commission for the Mediterranean, which was adopted in 2017.

This declaration, she said, will aim to reaffirm the commitment of Mediterranean countries to continue efforts to improve fisheries management, combat illegal fishing, and strengthen the protection of coastal areas.

‘This discussion highlights the importance of a regional approach within the framework of the Common Fisheries Policy, particularly in a sea with the specific characteristics of the Mediterranean,’ the Minister said, noting that Cyprus, as an island EU Member State in the Eastern Mediterranean, can play a meaningful role in strengthening regional cooperation.

Participants will have the opportunity to exchange views on the key challenges and possible directions for action for the next decade, she concluded, thanking Kadis for the initiative to organise this ‘important meeting’.

Cyprus President, Nikos Christodoulides, is visiting Athens on Tuesday, where he will address the DEFEA (Defence Exhibition Athens) Conference.

According to a press release issued by the Presidency, on the sidelines of the Conference President Christodoulides will have a bilateral meeting with the Minister of National Defense Nikos Dendias and will also meet with the European Commissioner for Defense Andrius Kubilius with whom he will discuss Cyprus EU Presidency actions on defence matters.

President Christodoulides is accompanied in Athens by the Minister of Defense Vassilis Palmas, Deputy Government Spokesperson Yiannis Antoniou and other officials.

He will return home in the afternoon.

Current bilateral cooperation initiatives and programmes were discussed in a meeting on Tuesday between Defence Minister Vasilis Palmas and Ambassador of the United States of America to Cyprus, Julie S. Davis.

The Ministry of Defence said in a post on X that ‘during the meeting, among other things, a review of existing bilateral cooperation initiatives and programmes was held, and views were exchanged on regional developments and security challenges in the Eastern Mediterranean and the Middle East.’

At the end of the meeting, Palmas thanked Davis for the good and constructive cooperation and wished her every success in her future duties, it concluded.

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (A)

FOR THE PERIOD FROM 0600 05/05/2026 UNTIL 0600 06/05/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1009hPa (hectopascal)

Weak low pressure is affecting the area. Increased cloud coverage at times with isolated showers, that later are confined mainly over the southern and eastern coasts.

Visibility: Good, but moderate in showers

Sea surface temperature: 20°C

Warnings: NIL

AREA PERIOD WIND STATE OF SEA

West Coast

Morning West to Northwest 4, at times locally 4 to 5 Moderate, at times locally Slight to Moderate

Afternoon West to Northwest 4, locally 5 Slight to Moderate, locally Moderate

Night West to Northwest 4, gradually Northwest to North 3 to 4 Slight to Moderate, gradually Slight

South Coast

Morning Southwest to Northwest 3 to 4, locally 4 Slight to Moderate, locally Slight

Afternoon Southwest to West 4 to 5, locally at first Southeast to Southwest 3 to 4 Slight to Moderate, locally at first Slight

Night Southwest to West 4, gradually Northwest to North 3 to 4 Slight, gradually Smooth to Slight

East Coast

Morning Southwest to Northwest 3 to 4, at times locally 4 Slight

Afternoon Variable 3 to 4, later South to Southwest Slight

Night Southwest 3 to 4, gradually West to Northwest Smooth to Slight

North Coast

Morning Southwest to Northwest 3 to 4, locally 4 Slight to Moderate, locally Moderate

Afternoon West to Northwest 3 to 4, locally 4 Slight to Moderate

Night Southwest to Northwest 3 to 4, gradually near the coast Southeast to Southwest 3 Slight, gradually near the coast Smooth to Slight