Cyprus Mail

Parliament passes supplementary budget of €295m

The plenum on Friday passed a supplementary budget of €295 million with 24 votes for and 18 abstentions.

A report submitted by the parliament’s finance committee prior to the vote said that the supplementary budget would not disrupt the fiscal balance because from the €295m set to be added to the state budget, €84.2m concerned funds for intergovernmental exchanges.

The total supplementary budget will be €295,014,246, and is estimated to burden GDP by 1.4 per cent, but is not expected to alter the government goal of having a surplus of 2.9 per cent GDP.

Additional funds were added to the budget for various government expenditures. It includes €4.6m for public sector wages, €90.7m for operating costs, €31.5m for agricultural subsidies and compensation, €29.5m for social benefits, €12.8m for education, €21m for health, €84.2m for semi-government organisations, €44.4m for defence, and €16.6m for additional needs.

The total comes to €335.3m but €40.3m will be covered by savings made in other government sectors, leaving €295m.

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