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Cyprus

Coronavirus: FinMin asks other ministries to make cutbacks

The finance ministry has asked other ministries to cut non-essential operating and developments expenditure, as the government seeks to dampen the fiscal effects of the coronavirus crisis.

In a March 30 urgent circular to other ministries, finance ministry permanent secretary Giorgos Panteli, said the measures put in place to stop the spread of the coronavirus “inevitably affected state revenues and expenditure” and therefore the 2020 budget and the medium term fiscal framework, 2020-2022, which had been drafted taking into account different facts.

“Thus, the 2020 budget must be thoroughly revised to ensure, as much as possible, the stability of public finances,” the circular said.

Consequently, spending relating to conferences, seminars, work groups, training, travel and fuel allowances, expert studies, equipment procurement, but also a number of development projects, should be reviewed.

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