Our View: Public payroll reaching unsustainable levels
The 2025 state budget was approved by a sizeable majority on Wednesday evening, only Akel and the Greens plus two independent deputies voting against it. Main opposition party Disy voted in ...
Banks to announce 1% interest rate cut
The Cyprus Banking Association on Thursday confirmed that banks will announce their decisions on interest rate and fee reductions by the end of the week.
Spokesman Andreas Kostouris told state ...
‘Football clubs obligated to pay debts despite new legislation’
The recent passage of legislation aimed at strengthening football clubs does not absolve them of their financial obligations, Finance Minister Makis Keravnos clarified on Friday.
“The bill that has been ...
EIB office opening in Cyprus ‘will create conditions for better collaboration’
The European Investment Bank’s (EIB) offices opening in Cyprus will create conditions for better collaboration, Finance Minister Makis Keravnos said on Friday.
In statements while attending the opening ceremony, ...
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Parties propose additional support measures
A few days after the government’s unexpected decision to reintroduce zero VAT on six categories of products, reversing a previous plan to end the measure aimed at tackling rising ...
We don’t want a society that relies on welfare, says minister
Citing the falling inflation rate, Finance Minister Makis Keravnos made it absolutely clear on Thursday that any remaining relief measures would get scrapped by month’s end.
The minister recalled ...
Cabinet approves 2025 state budget
Cabinet on Friday approved the state budget for 2025 and the government’s medium-term fiscal framework for the three years between 2025 and 2027.
Speaking after the day’s cabinet meeting, Finance Minister ...
Govt proposes raising pension age for state officials
The government on Wednesday approved a bill which will raise state officials’ pension age from 60 to 65.
The bill passed through cabinet and will now be sent to parliament for ratification ...
Finance ministry has ‘achieved all goals’ so far (Updated)
The finance ministry has “achieved all of its goals” since the current government came to power in February last year, Minister Makis Keravnos said on Monday.
Evaluating the first year ...
Keravnos expects party meeting to resolve multiple pensions spat
“It’s a joke” to say the government is replacing multiple pensions for government officials are being replaced by “tips”, Finance Minister Makis Keravnos said on Thursday.
He underlined he ...
Government ‘addressing’ fuel price increases
The government is “addressing” increases in the retail price of fuel, Finance Minister Makis Keravnos said on Saturday.
He said the matter will be addressed with “targeted measures”, as well ...
House president, minister lock horns over double pensions
House President Annita Demetriou and the finance minister got into a verbal spat on Tuesday after the former complained again that the latter is not following proper procedures in submitting ...
Keravnos: green taxes won’t hurt
Finance Minister Makis Keravnos on Friday played down the potential cost of the green transition for consumers, saying the extra taxes would not pose a threat to households and businesses ...
Our View: Oversight authority cannot be stopped
The government has been on the defensive after Finance Minister Makis Keravnos announced on Tuesday that the cabinet had approved the creation of an oversight body for professional service providers – ...
Gov pledges ‘tough oversight’ on services sector after sanctions
Cabinet on Tuesday greenlighted the creation of an oversight body for service-sector companies, Finance Minister Makis Keravnos said.
The body aims to prevent situations that “threaten the image” of the ...
Cyprus to receive €20.9 million from the REPowerEU plan
Finance Minister Makis Keravnos said Thursday that Cyprus stands to receive the first tranche worth €20.9 million from the EU’s Recovery and Resilience Facility, as an advance payment for implementing ...
National health scheme must ‘continue and survive’
The national health scheme Gesy must continue and survive, the finance and health ministers said on Tuesday following a meeting to discuss the issue.
“We had a very productive discussion… ...
Cyprus’ inflation and energy plans discussed at Eurogroup
EU Finance Ministers, including Cypriot minister Makis Keravnos, have said that gradual recovery is expected in 2024, but have warned that this will be in an environment of heightened uncertainty and ...
‘Most important thing is reduction of NPLs’
The most important thing for the real economy is to reduce non-performing loans as they have in the banking sector so the economy can function without obstacles, Finance Minister Makis ...
Finance minister initiates study on state payroll reduction
Finance Minister Makis Keravnos emphasized on Friday that initial steps have been taken to appoint experts for a study on the state payroll, with further updates expected after the holidays.
...
Minister hails agreement for low-wage civil servants
Finance Minister Makis Keravnos on Tuesday hailed an agreement reached between the government and trade unions regarding low-wage civil servants’ pay as “a positive outcome for everyone.”
He added that “...
Government may reintroduce electricity and fuel subsidies, says finance minister
Amid mounting complaints over the cost of living, the government on Thursday said it may bring back electricity and fuel tax subsidies in the near future.
Speaking to public broadcaster ...
Cyprus secures EIB loan of €369 million
Cyprus has received a loan of over €350 million from the European Investment Bank (EIB) to boost social cohesion, Finance Minister Makis Keravnos said on Wednesday.
The loan of €369 million is ...
Finance minister meets banks over interest rates
Finance Minister Makis Keravnos on Tuesday met the bosses of commercial banks in a crunch meeting aimed at getting lenders to provide some relief to customers to compensate for rising ...