The three-day debate in the Plenary Session of the Parliament on the approval of the state budget and the Medium-term Fiscal Framework 2024-2026 begins today at four in the afternoon.
Today’s first day of the debate will begin with a brief reference to the report of the Parliamentary Finance and Budget Committee by its President, Christiana Erotokritou.
Then the leaders or representatives of the political parties will be installed. The MP of the Environmental Movement – Citizens’ Cooperation Charalambos Theopeptou, the President of DIPA – Cooperation Marios Karoyan, the President of EDEK Marinos Sizopoulos, the MP Linos Papagiannis, on behalf of the President of ELAM, the President of DIKO Nikolas will speak in order Papadopoulos, the General Secretary of AKEL Stefanos Stefanou and the President of DISY and Speaker of the Parliament Annita Dimitriou.
The debate on the budget will be completed with its vote by the Plenary on Wednesday. The parties have prepared a series of amendments to the state budget that will also be put in the process of approval or rejection by the Plenary on Wednesday.
The budget is in surplus with a fiscal surplus of 2.2% of GDP and a primary surplus of 3.6% of GDP.
The total expenditure included in the 2024 state budget amounts to €13.04 billion. The total revenue of the General Government amounts to €13.2 billion. In 2024, a budget surplus of €660 million is forecast. The primary balance, excluding debt service costs, is forecast at €1 billion. or 2.8% of GDP.
The expenses for which payment approval is requested from the Parliament amount to €8.7 billion.
The government amendments to the 2024 budget and the Medium-Term Fiscal Framework 2024-26, submitted by the Ministry of Finance, amount to €66,041,289 for 2024, €30,873,719 for 2025, while for 2026 a reduction of €1,642 is foreseen. 381.
Moreover, in its report on the state budget, the Parliamentary Finance Committee notes the desire of all parties to maintain healthy public finances in order to respond to future challenges and to further smooth out the effects of the Russian-Ukrainian crisis on the Cypriot economy, as and dealing with possible consequences from the recent crisis in the Middle East.
It finds that the medium-term prospects of the Cypriot economy, according to the Government’s forecasts, are positive, surrounded, however, by great uncertainty due to the prevailing conditions.
It emphasizes that the sustainable development of the economy, the further limitation of public debt, the maintenance of a fiscal surplus, the protection of citizens’ living standards from inflationary pressures and the safeguarding of citizens’ well-being must be the main policy priorities of the government.
Furthermore, it is estimated that the promotion of the green economy, digital transformation, research and innovation, as well as the implementation of important development projects will help the development course of the economy.
It is also mentioned that the implementation of structural reforms, as well as the optimal utilization of the tools of the European Union and in particular the Recovery and Resilience Plan will contribute to the improvement of the economy and employment.
The Finance Committee, with its report, submits the budget under discussion and the amendments proposed by the Government to the Plenary.
At the same time, it reserves the right of its members, as well as the rest of the Members of Parliament, to submit amendments at the stage of voting by chapter and group/subgroup of expenses into a law.
The Commission reserves the right to final budget figures, which may vary on the basis of cuts in special funds, and to the final configuration of total expenditures in light of the approval or rejection of budget amendments that have been submitted or may be submitted on behalf of the Government and/or Members of Parliament.
