Finance Minister requests supplementary budget of €109.5m

The Ministry of Finance has requested €109.5 million of additional appropriations in a supplementary budget for 2024, Finance Minister Makis Keravnos said in a statement after a meeting of the Council of Ministers at the presidential palace.

According to Keravnos, at Cabinet’s latest meeting, the Ministry submitted a proposal for a supplementary budget of €109.5 million, which, he noted, is balanced and all additional appropriations have been secured from equal savings in the 2024 budget.

He noted that the most significant expenditure relates to an additional contribution to cover social pension beneficiaries' benefits and the minimum pension supplement of €11.9 million, an increase in the general government contribution to the Social Insurance Fund of €11.2 million, €10.5 million for support to farmers for damages caused by adverse weather conditions, an increase in the government contribution to the payment fund of the Cyprus Agricultural Payments Organisation of €9.9 million, and the purchase of water from the Water Development Department with an additional amount of €8.5 million.

He added that expenditure also includes an additional €5 million for air conditioners in schools, a €4.3 million transport fees subsidy for secondary school pupils and pupils/students on long-distance routes, a €3 million subsidy for the electricity consumption tariff, a €2 million grant to the Cyprus Cancer Research Institute, €1.7 million to cover the Forestry Department's needs arising from the fires and €33 million for exceptional and minor needs.

"With this supplementary budget, and given that it is balanced, there is no change in our fiscal balance," concluded Keravnos.