Speaking to the Cyprus News Agency (CNA), Keravnos said that the Finance Ministry has completed the preliminary work, including the allocation of expenses for each ministry.
He also said that the final touches will be added to the state budget document upon his return next week.
Regarding the government’s investment plan, the Finance Minister confirmed that the implementation of the development programme aimed at strengthening Cyprus’ economic model will continue.
This, he continued, will involve fostering collaborations between Cypriot businesses, both among themselves, as well as in terms of them working with foreign companies.
“We are working on this, and we believe it can improve the current account balance, particularly through initiatives with an export orientation,” Keravnos stated.
Tourist numbers at the close of the current season are expected to hit approximately the same levels as in 2023 but remain lower than the pre-Covid levels of 2019, with the odd exception of July, president of the Paphos hoteliers’ association Euripides Loizides said on Tuesday.
Loizides said that although the winter season through March had started out satisfactory for the Paphos hotel industry, April and May remained at the same levels as in 2023, while June had shown a marked slowdown of around 5.5 per cent, compared to 2019, yet stood at an equivalent 5.5 per cent higher than 2023.
July, he said, had been a “strange” month, with higher arrival numbers compared to 2023 and 2019, which were not however reflected in hotel reservations.
This is because visitors were opting for Airbnb accommodations or overnight stays in the north, or a combination of the two, Loizides said.
The latest State Aid Scoreboard from the European Commission, published by the Centre of International and European Economic Law (CIEEL), shows a significant reduction in state aid expenditures reported by EU Member States for the year 2022.
The Office of the Commissioner for State Aid Control on Tuesday reported that spending decreased by about 34.8 per cent from the previous year, totalling €228 billion, down from €349.7 billion in 2021—a reduction of €121.7 billion.
The bulk of the aid, amounting to 50.43 per cent (€114.98 bn), focused on crisis management, with €75.65 bn dedicated to combating the impact of Covid-19, and €39.33 bn directed towards mitigating the effects of the war in Ukraine.
The substantial decrease in state aid, which ranged from 0.3 per cent to 2.1 per cent of GDP, down from 0.9 per cent to 4.6 per cent in 2021, is primarily attributed to the phased reduction of pandemic-related measures as the health situation improved and restrictions were lifted.
Spending on pandemic-related measures alone saw a 60.5 per cent drop compared to 2021.
The deal was reportedly reached with tour operator Tui, which informed its partners in Cyprus via email that it would no longer promote or sell excursions to the north from the Republic after August 31.
Neither the deputy tourism ministry nor Tui were able to confirm or deny the existence of such an agreement to the Cyprus Mail, though Tui’s website now lists its “Northern Cyprus Tour with Famagusta, Salamis, and Kyrenia” day trip package as “sold out”.
However, newspaper Kibris published a screenshot of an email which was reportedly sent by Tui’s operations team manager on the island to local guides.
It stated, “Tui has come to an agreement with [the] Cyprus government to stop promoting and selling excursions to [the] northern occupied side of Cyprus. This applies to all languages and all excursions where we currently cross the border to the north.”
The HICP, a key measure of inflation, also recorded a 0.7 per cent rise between June and July 2024, according to a report released on Tuesday by the Cyprus Statistical Service (Cystat).
For the first seven months of 2024, the index increased by 2.3 per cent compared to the corresponding period last year.
Among the various sectors, the most significant year-on-year increases were observed in recreation and culture, which saw a 7.2 per cent rise, and in restaurants and hotels, which reported a 5 per cent increase compared to July 2023.
On a monthly basis, the category of clothing and footwear experienced the most notable change, with a decrease of 11.4 per cent from June to July 2024.
These efforts include continuing their partnership with Junior Achievement Cyprus to deliver the “Our Community” programme to 3rd-grade students across Cyprus.
Now in its fourth year, the programme, offered free of charge in both public and private schools, teaches students about the dynamics of community operations and the benefits of contributing to societal success.
Throughout the year, 27 PwC mentors engaged with 381 students across 15 primary schools, delivering five 45-minute modules in an interactive classroom setting supported by teachers.
Philippos Soseilos, CEO of PwC Cyprus and Chairman of the PwC Foundation, highlighted the foundation’s ethos.
“Giving and volunteering are integral parts of the PwC Foundation’s actions, and we take every opportunity to further strengthen our contribution to Cypriot society,” Soseilos said.
“We believe that every student deserves at least one practical business experience before leaving compulsory education,” he added.
“We are pleased that through these targeted actions, we contribute in our own way to the development and growth of young people, helping them achieve their dreams and ambitions.”, the PwC Cyprus CEO concluded.
Speaking to the state broadcaster, Orphanides said that contrary to the government’s optimistic projections, matters are far from in the clear, with looming court proceedings by disgraced Kition Ocean Holdings on the horizon, as well as several other serious loose ends.
The MP moreover accused the state and Transport Minister Alexis Vafeades of persisting in “painting a rosy picture” when this was far from true.
Vafeades for his part, denied the accusation and told the CyBC he was “troubled” by Orphanides’ position, claiming the state had done everything in its power to behave transparently and had handled the fallout of the collapsed deal well.
The prospect of Kition pursuing its loss of revenue as well as capital claims in the courts is very real and this alone could set the project back at least five or six years, the MP claimed.
“All our planning, surveys and experts may be moot. This is a substantial loose end,” Orphanides said.
Giorgos Petrou made his statements to the CyBC, in the wake of contrary arguments on Monday by the head of the (private) Electricity Market Association, who said it was the EAC which was keeping a chokehold on its competitors.
Private RES company rep, Fanos Karantonis had said the association objected to actions undertaken by the EAC to “grow its size” and infiltrate the RES market, as this blocked free market competition.
“New entrants should not be stifled to the benefit of the dominant organisation,” Karantonis said, evidently referring to the EAC.
Private RES companies have long objected to the EAC making forays into the renewables’ sector.
The EAC’s Petrou, however, took a different tack over the matter, claiming that RES companies are merely trying to safeguard their enormous profits by trying to keep the EAC out of the running.
The Cyprus Stock Exchange (CSE) ended Tuesday, August 20 with profits.
The general Cyprus Stock Market Index was at 173.63 points at 12:56 during the day, reflecting an increase of 1.7 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 105.73 points, representing a rise of 1.7 per cent.
The total value of transactions came up to €334,153, until the aforementioned time during trading.
In terms of the sub-indexes, the main index rose by 2.01 per cent. The hotel index remained unchanged, while the investment firm and alternative indexes fell by 0.75 per cent and 0.2 per cent respectively.
The biggest investment interest was attracted by the Bank of Cyprus (+2.8 per cent), Hellenic Bank (+4.61 per cent), Demetra Holdings (-2.8 per cent), Petrolina (-1.15 per cent), and Atlantic Insurance (+0.51 per cent).
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