The Cabinet approved on Wednesday the budget for 2020, which foresees a surplus in state finances, while a significant increase in spending is planned due to the implementation of the General Healthcare System.
In his remarks Minister Haris Georgiadis said that the 2020 budget is balanced and without deficits.
"The cabinet has examined and approved the state budget for 2020. What I would like to stress is that this is another deficit-free budget. We have left behind those bad practices of the past,” said Georgiades.
The Finance Minister cited increased and unexpected spending on the GHS "as we are going through a transitional period in relation to its operation."
Georgiades also said that the state budget includes development projects valued in excess of 1 billion.
Pending court rulings on the salaries of civil servants is the biggest risk that could undermine fiscal stability, the minister said.
The budget is expected to be submitted to Parliament in early October.