Cyprus Mail
Cyprus

Constitution changed allowing House to draft own budget

Parliament on Friday changed the constitution to make the legislature financially independent in that it can now draft its own budget without the executive’s involvement.

Friday’s was the 19th constitutional amendment and it was proposed by House President Demetris Syllouris.

MPs amended article 167 of the constitution to say that parliament’s budget is drafted by its president and approved by the MPs. It is then incorporated in the state budget without any changes provided it observes the fiscal terms set by the government.

When drafting the budget, the president will irrevocably take into consideration the fiscal conditions at the time and the general fiscal guidelines as well as the country’s obligations towards the EU.

The finance ministry had made it clear to parliament that the amendment must ensure that all the country’s obligations were met and respective spending ceilings must be respected.

A special law will be passed at a later stage to deal with matters of oversight.



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