2024 budget points to surplus and debt reduction

The 2024 budget reflects the clear imprint of our policy priorities, President of the Republic Nikos Christodoulides says in a written statement, adding that the fiscal balance for 2024 is estimated to be surplus, reaching 2.2% of GDP, while the medium-term goal, by 2026, is to reduce public debt to 60%.

In his written statement, the President says that today, the 2024 budget was approved by the Council of Ministers, marking "the first budget of our administration."

It reflects, he adds, the clear imprint of our policy priorities.

"A surplus budget that transforms the core principles of the governance program into costed and achievable investments and reforms, placing people at the centre of all policies. Achieving a sustainable and resilient economy and promoting green and digital transition through modern governance are primary objectives, always within the framework of fiscal stability and responsibility", he points out.

The President says that with an estimated growth rate of 2.9% for 2024 and the generation of surpluses, we ensure a robust economy, which serves as our best defence for promoting targeted social policies and creating security conditions.

In this context, he adds, the fiscal balance for 2024 is estimated to be surplus, reaching 2.2% of GDP, while our medium-term goal, by 2026, is to reduce public debt to 60%.

The President notes that emphasis is placed on the real economy through developmental expenditures, which enhance competitiveness, productivity, and overall employment income while simultaneously creating new high-quality job positions.

As an indicative example, he says, capital expenditures relative to the 2023 budget have increased by €135 million.

"The government's responsible approach in crafting the annual budget is reflected, among other things, in a significantly reduced increase in permanent public sector positions, with just 52 positions compared to 485 in the 2023 budget", he ways in his written statement.

Moreover, the President notes that strengthening the competitiveness of the economy will enable the implementation of targeted actions in crucial sectors such as education, health, and social welfare.

"The substantial support for the middle class, the improvement of citizens' daily lives, and the effective addressing of the impacts of inflation constitute the pillars of an innovative governance model with a strong social and developmental focus", he concludes.