Cyprus Parliament approves state budget for 2024

The plenary session of the House of Representatives has approved the state budget for 2024 and the Medium-Term Fiscal Framework for the years 2024-2026, with 37 members of the parliament voting in favour and 19 against.

The budget garnered approval from the Democratic Rally (DISY), the Democratic Party (DIKO), the Social Democrats (EDEK), the National Popular Front (ELAM), the Democratic Alignment (DEPA), and independent MP Andreas Themistokleous. However, it faced opposition from the Progressive Party of Working People (AKEL) and Cyprus’ Green Party. Additionally, Socialist MP Kostis Efstathiou and independent MP Alexandra Attalidou voted against the budget.

The Parliament also approved a series of amendments proposed by various political parties.

The approved budget has a fiscal surplus amounting to 2.2% of the Gross Domestic Product (GDP) and a primary surplus at 3.6% of the GDP.

The total expenditure included in the state budget for 2024 amount to €13.04 billion, while the total revenue of the General Government stands at €13.2 billion. A fiscal surplus of €660 million is projected for 2024 and the primary balance, excluding debt servicing expenses, is estimated at €1 billion or 2.8% of the GDP.

In statements following the approval of the state budget, Finance Minister Makis Keravnos, expressed satisfaction, noting that the country was able to continue its course smoothly creating economic growth.

“The approval of the budget is important and a special moment because it means that we can continue functioning as a state, creating growth, implementing our social policy and our country could continue its course unhindered,” he said, speaking to the press following the vote at the House of Representatives plenary.

He thanked all parties that voted in favour of the state budget, the first under Nikos Christodoulides' government, as well the parties that voted against, “because they had some constructive proposals which we are taking into account.”