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House Plenary begins debate on 2015 state budget

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The House of Representatives plenary begins on Monday a two-day debate on the 2015 state budget.

The debate will start with the read out of the House Finance Committee report, followed by addresses of the leaders or representatives of the seven parliamentary parties. The debate will conclude with the vote on Tuesday evening.

In a speech to the plenary last Thursday, Finance Minister Harris Georgiades said the economy will register growth in 2015 terminating a three and a half year recession which, in combination with the collapse of the banking sector, pushed Cyprus into a €10 billion financial assistance package from the EU and the IMF.

He noted that the budget was drafted on conservative and realistic assumptions and stressed that “we will safely remain within the fiscal targets without the need for new taxes and new spending cuts.” The budget, he added, registers a small rise in in public expenditure.

The budget provides for state revenue of €5,928 billion, compared with €5,952 billion in 2014 and expenditure amounting to €6.662 billion, increased by 0.6% compared with €6,662 billion in 2014.

CNA

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