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15 July, 2024
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Cyprus charts course for 2025 budget surplus

Government focusing on key policies and pushing Ministries to align with budget ceiling

Newsroom / CNA

President Nikos Christodoulides announced during a Cabinet meeting on Monday that the government is on track to achieve a budget surplus for the fiscal year 2025. The meeting, which centered on budget discussions, highlighted several "flagship policies" including digital transformation, climate change initiatives, and reforms aimed at addressing social issues like infertility.

Christodoulides emphasized the need for thorough scrutiny of each ministry's budget, distinguishing between essential operational costs and expenditures dedicated to social welfare and development. He stressed that the alignment of ministry priorities with budgetary constraints is crucial in fulfilling the government's social contract with the citizens.

"We are committed to implementing our social contract with the people," President Christodoulides affirmed. "Each ministry's priorities must be meticulously aligned with our budget ceilings to ensure effective utilization of resources, particularly in the realms of development and social spending."

The President underscored that transparency will be a cornerstone of the budget process, with each ministry slated to unveil its budget during upcoming press conferences to ensure accountability and public oversight.

"Building a robust economy rests on three pillars: fiscal responsibility, a strong financial system, and bold reforms," Christodoulides added, outlining his vision for economic stability and growth.

Following the Cabinet meeting, government spokesperson Konstantinos Letymbiotis addressed reporters, detailing the priorities outlined by several ministries including Labour and Social Insurance, Energy, Trade and Industry, Foreign Affairs, as well as the Deputy Ministries of Tourism, Research, Innovation and Digital Policy, Culture, Immigration, and International Protection.

Letymbiotis reaffirmed the government's commitment to a social contract with citizens, emphasizing that achieving a budget surplus remains a top priority. He highlighted initiatives aimed at supporting the middle class and ensuring that each ministry and deputy ministry is focused on achieving targeted actions and reforms aligned with the President's governance program.

"The annual budget will reflect the President's vision and the priorities of his administration to the fullest extent," Letymbiotis concluded, underscoring the government's dedication to responsible fiscal management and strategic policy implementation.

The next phase of budget discussions will encompass additional ministries and deputy ministries, with a continued focus on enhancing public welfare, economic resilience, and sustainable growth across Cyprus.

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