Finance Ministry undergoes administration overhaul

In a significant restructuring initiative effective from the second day of 2024, the administration department of the Finance Ministry is set to transform, according to an official announcement from the Ministry of Finance. Mr.Dionysis Dionysiou previously a Senior Economic Officer, will assume the role of Head of the Directorate of Economic Policy and European Affairs.

Concurrently, the Directorate of Strategy and Coordination will be rebranded as the Directorate of Strategy and Reforms, with Mrs. Aliki Sergi, a Senior Planning Officer, appointed as its Head. The Economic Policy and European Affairs Units will be disbanded after these decisions.

Mr. Dionysiou will have 3 main pillars of responsibility, Macroeconomic/Fiscal Policy Issues, European Union Issues and Green Economy.

Macroeconomic/Fiscal Policy Issues:
(a) Systematic monitoring and analysis of the Cypriot economy's course and prospects.
(b) Monitoring the macroeconomic situation and formulating recommendations for macroeconomic stability.
(c) Formulating/updating fiscal policy.
(d) Preparing recommendations on economic and social policy issues.
(e) Conducting Economic Impact Studies.
(f) Addressing issues related to the Social Security Fund and its long-term sustainability.
(g) Informing foreign organizations (e.g., EU, IMF, ECB, and credit rating agencies) on the performance of the Cypriot economy.
(h) Wage policy.

European Union Affairs:
(a) Supporting and coordinating the Minister's participation in the Council of Finance Ministers (ECOFIN).
(b) Participation in European Union Committees and Working Groups.
(c) Participation of the Ministry in the EU Economic and Financial Committee (EFC).
(d) Preparation of the Draft Financial Programme.
(e) Preparation of a Stability Programme.

Green Economy Issues:
In line with the approved National Governance System for the Development Strategy related to the European Green Deal, the Directorate for Economic Policy and European Affairs will monitor issues related to the European Green Agreement. This includes financing the implementation of climate targets and participation in Technical Committees.

Reforms led by Ms Sergi

Moreover, Ms. Aliki Sergi is set to lead the Head of Reforms, with responsibilities covering a broad spectrum, including the preparation and monitoring of the Ministry's Strategic Plan, overseeing the Ministry's Budget implementation, and spearheading various reform actions, including those related to the Judiciary, Legal Service, and Company Law.

These transformative changes signify a strategic move by the Treasury to adapt to evolving economic and policy landscapes.