Cyprus Gov't Presents 2024 Budget

10/5/2023 4:03:15 AM

(MENAFN- Famagusta Gazette) Cypriot Finance Minister Makis Keravnos unveiled the 2024 budget before parliament on Wednesday, aiming to foster a 2.9 percent growth in gross domestic product (GDP).

During the presentation, Keravnos detailed that it encompasses a total revenue for the General government of 13.2 billion euros (13.8 billion U.S. dollars) and total expenditure of 11.8 billion euros.

The resulting budget surplus“will help keep the Economy on a sustainable and developmental path,” he said, pledging to announce measures within this month to alleviate pressure on the households from the high cost of living.

Additionally, a new carbon tax will be introduced next year as part of Cyprus' commitment to the European Union to reduce emissions, he said.

Reflecting on the budget, Keravnos underlined the necessity of the surplus to meet EU directives and reduce government debt to 60 percent of GDP by 2026.

Keravnos clarified that the 2024 budget aligns with the government's economic policy, emphasizing fiscal discipline and fiscal stability. It takes into account various economic challenges, such as high inflation, elevated interest rates, and increased migrant flows, he said.

“The budget of 2024 and the 2024-2026 Medium Term Fiscal Framework aims to tackle these challenges and consolidate conditions of sustainable growth,” Keravnos said. (1 euro = 1.05 U.S. dollars) ■

Author

Famagusta Gazette

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