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Invest Cyprus 30/04-30/03/2019

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Parliament Votes Cyprus' State Budget for 2020

Parliament Votes Cyprus' State Budget for 2020

The House of Representatives plenary voted the state budget for 2020 on Wednesday evening with 29 votes in favour and 23 against, the CNA reported.

MPs also voted a series of amendments placing restrictions on certain provisions of the budget, which means the government will have to get the approval of the parliamentary committee of financial and budgetary affairs before it goes ahead with disbursing those funds.

The budget includes a total income of €9,999.7 million compared to €9,090.2 million in 2019, presenting an annual increase of 10%, due to a further enhancement of economic activity and an increase of contributions in the context of the NHS from March 1, 2020.

Total general government expenditure is foreseen to reach in 2020 €9,404 million, recording an annual increase of 13.8% due to the expected increase in expenditure in the context of the implementation of the NHS second phase from June 1, 2020.

The 2020 budget balance is projected to have a surplus of 2.7% of GDP.

Last Friday, Finance Minister Constantinos Petrides presented the state budget before the House of Representatives plenary.

The budget debate in parliament started on Monday evening with a presentation of the parliamentary committee of financial and budgetary affairs` report on the budget and parliamentary party leaders’ speeches. It continued with interventions by all MPs on Tuesday and Wednesday.

House of Representatives President Demetris Syllouris said next year’s budget is a historic one as it includes the parliament’s first autonomous budget which was approved by way of a parliament decision and was included in the state budget.

He also praised the fact that all 30 budgets of semi -governmental organisations and bodies were submitted to parliament for the first time before the the state budget vote, while 27 of them have been voted into legislation.


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