Minister of Finance, Makis Keravnos on Monday will take part in the Eurogroup and Ecofin meetings, to be held on June 20-21, as well as annual meetings of European Stability Mechanism (ESM) and the European Investment Bank (EIB), in Luxembourg.

In the margins of the meetings, the Keravnos is also expected to meet with the new EIB President Nadia Calviño to discuss the operation of a local EIB office in Cyprus.

According to a ministry announcement, on Tuesday, he will represent the country at the ministerial meeting of the general affairs council on policy cohesion.

The main topic under discussion is the link between cohesion policy and the new EU strategic agenda for 2024-2029, expected to be adopted by the European council around the end of June 2024. In addition, ministers are invited to endorse the council conclusions on ninth report on the future of cohesion policy.

On Thursday, Keravnos will participate in the annual meeting of governors of the European Stability Mechanism (ESM) and the Eurogroup.

The Eurozone finance ministers will exchange views on fiscal policies and macroeconomic developments in the Euro area with representatives of the IMF, and then on the international role of the euro in the context of current geopolitical developments. They will then discuss ways in which EU industrial policy can contribute to improving the competitiveness of the European economy.

On Friday, the minister will participate in the economic and financial affairs council (Ecofin), which will start with an exchange of views on the economic consequences of the Russian invasion of Ukraine, in the presence of the Ukrainian finance minister.

This will be followed by an exchange of views to reach an agreement on the European Commission’s package of proposals on “VAT in the digital age” aimed at combating tax fraud through the use of technology and making the VAT system more efficient.

Furthermore, the ministers will hold an exchange of views on the spring package of the European semester for the coordination of economic policies in the EU and will be informed on the progress of the implementation of the recovery and resilience mechanism in Europe.

Also on Friday, Keravnos will participate in the annual meeting of governors of the EIB and have a private meeting with its President Nadia Calviño.

The subject of the minister’s private meeting will be the operation of an EIB branch in Cyprus with the aim of strengthening the bank’s cooperation with local institutions and partners, both in the public and private sectors.