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Cyprus

No additions to state budget in lead up to elections

finance minister constantinos petrides standard picture
Finance Minister Constantinos Petrides

Cabinet passed a decision on Wednesday to suspend any budget requests as of November 1 that will significantly affect the state budget, Finance Minister Constantinos Petrides said.

Petrides said that the decision will be in affect from November 1 until the end of the presidential elections in February.

“With this decision, it is expected that the impartiality and objectivity of the state will be ensured, any attempts to influence public opinion ahead of elections will be excluded, the mass submission of requests in the run-up to elections will be discouraged, and equal conditions will be established for the participation of all candidates in the election process,” he said.

According to Petrides, based on the cabinet decision, during the period from November 1, 2022, until the end of the presidential elections, no unbudgeted policy or plans or requests will be considered by the government.

Petrides added that these requests concern, for example, a revision of allowances, an upgrade of job scales, the creation of new organisational structures.

“We have entered into a campaign period, and due to that the number of requests has increased to a large degree,” Petrides said.

He added that the decision was made to demonstrate “fiscal discipline”.

Last week, President Nicos Anastasiades said that he would recommend the relevant decision to cabinet, so that from November 1 any new demands that significantly derail the state budget are not to be accepted.

“Demands which are justified and do not negatively affect the state budget or plans, will certainly be examined as will any new measures to support citizens, especially the vulnerable groups due to the energy crisis and inflation,” he clarified.

Speaking at the Economist Conference in Cyprus, he added that the Cyprus economy is expected to grow by 5.7 per cent this year.

Anastasiades said that public finances are set to return to a surplus of at least €350 million in 2023.

 

 

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