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31 Dec 09

Cyprus Government Allocates Large Fund to Boost Tourism While reducing Public Spending

The Cyprus government has stepped up its efforts to secure a bigger slice of the tourist trade in 2010. As the recession bites, less and less people are travelling abroad for their annual holiday. Choosing instead, to stay at home to save money.

With the competition for UK tourists “hotting up” as we reach the peek booking time in the early part of the year, the Cyprus Tourist organization has stepped up efforts to woo holiday makers.

The CTO chairman Panos Englezos confirmed that every effort was being made to allocate more money for this year’s push for tourists.

People in the UK may have noticed the increased advertising activity with bill boards encouraging people to take their holiday in Cyprus, being displayed at some of the premierships top football grounds. Advertising like that does not come cheap and reflects the CTO and the Cyprus government’s determination to get people to the island for their summer break.

Meanwhile the Cyprus government has outlined its proposals to tackle the reduced income from property development and tourism by announcing that they plan to reduce the number of people employed in the public sector which has a payroll bill of €150 million a year.

Charilaos Stavrakis the Cyprus finance minister said Tuesday that he's seeking a euro500 million ($722 million) injection into state coffers.