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Cyprus

Cyprus’ budget passes muster with EU

Cyprus’ budget, along with those of Germany, Ireland, Greece, Lithuania, Luxembourg, Malta, the Netherlands and Austria were found to be compliant with the Stability and Growth Pact in 2020, according to the European Commission assessment, published on Wednesday in Brussels.

On Cyprus the European Commission stated there is limited progress with implementing the fiscal-structural part of the 2019 country-specific recommendations, but the medium-term budgetary objective and compliance with the debt reduction benchmark are met both in 2019 and 2020.

Cyprus, however, remains on the list of countries with excessive macroeconomic imbalances along with Italy and Greece, though not requiring corrective action.

 

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