MONDAY, 15 AUG 2022



Facebook Linked In Twitter

US Invests $280bn In High Tech To Compete With China

Greece Exits Enhanced Surveillance Programme 12 Years After Bailout



Coming Months And 2022 Will Be Crucial For Fiscal Sustainability Says Petrides

Coming Months And 2022 Will Be Crucial For Fiscal Sustainability Says Petrides

The coming months and 2022 will be crucial for the sustainability of the public finances, Cyprus` Finance Minister Constantinos Petrides said on Sunday as the Finance Ministry is preparing the 2022 state budget and the Medium-Term Fiscal Framework.


The budget and the next medium term Fiscal Framework is expected to be approved by the Council of Ministers before the end of September. The Ministry began discussions with the other Ministries and government departments with FinMin officials targeting a deficit around 3% of GDP from an estimated 4.7% deficit in 2021, as expansionary fiscal policy and measures to support the economy will remain in place in the midst of the continued Covid-19 pandemic. The budget balance will continue in negative territory for a second consecutive year, while the Ministry is phasing out support measures aiming to gradually return to balanced budgets.


The EU’s escape clause suspending the fiscal rules of the Growth and Stability Pact will remain in place in 2022 due to the continued pandemic with EU Finance Ministers expected to begin discussions on reinstating fiscal rules in the coming period.


In statements to CNA, Petrides said the 2022 state budget will have a growth-friendly nature and will maintain its expansionary fiscal policy albeit in a reduced and more targeted way.


Replying to a comment that the improvement of fiscal performance is not satisfactory, Petrides said this is due to the continuation of the government’s expansionary fiscal stance, which is considered as one-off due to the pandemic, but stressed that there should be a gradual exit from the expansionary policy with a view to safeguarding fiscal sustainability.


He also pointed out that the upgrade of Cyprus’ long-term credit rating was the result of the policy of safeguarding fiscal sustainability, while fiscal discipline provided Cyprus with access to the capital markets which allowed the government to create the necessary buffers to support the economy amidst the Covid pandemic.


"Therefore, the next months but 2022 as well will be crucial for the long-term sustainability of the public finances," he stressed.


Source: CNA


Trade Deficit Up By €1.12 Billion In First Half Of 2022, CyStat Data Show

Trade deficit was up by €1.12 billion in the first half of 2022, data released by the ...

Cyprus Stock Exchange Market Capitalisation Of Shares Reached €1.90 Billion In July

The market capitalisation of the shares traded in Cyprus Stock Exchange reached €1.90 ...

Eurostat: Exports In Services In Cyprus Almost At Pre-Pandemic Levels In 2021

EU member states exported services worth a total of 1027 billion euro to countries ...



Epic Invests In Renewable Energy Sources To Battle Climate Change

Epic, as a pioneering company, is investing on green and sustainable development, aiming to the reduction of the company’s ecological footprint and ...

New Residence Permits Reach Pre-Pandemic Levels In Cyprus And The EU, According To Eurostat

New residence permits issued in the European Union, as well as in Cyprus, to non-EU citizens in 2021 reached pre-pandemic levels, according to data on first ...

US Invests $280bn In High Tech To Compete With China

US President Joe Biden has signed a law committing $280bn (£232bn) to high tech manufacturing and scientific research amid fears the country is losing ...

Property Values In Cyprus Continue Upward Trend In Q2 2022

KPMG in Cyprus announces that the “RICS Cyprus Property Price Index with KPMG in Cyprus” has been issued for Q2 2022.

Greece Exits Enhanced Surveillance Programme 12 Years After Bailout

Greece will be "turning a page in its modern history" as the European Commission confirmed on Wednesday that the country will exit its enhanced ...

PASCAL Schools Join Leading Education Group Globeducate

PASCAL Schools have joined Globeducate, one of the world´s leading K12 education providers, with 55+ premium bilingual and international schools, and online ...

Eurostat: Young Air Transport Workers Most Affected By Pandemic's Impact On Sector

The decline in passengers in air transport as a result of the COVID-19 pandemic had a pronounced effect on younger workers due to staff reductions by airlines ...

Cyprus One Of Few Countries That Implemented Central State Aid And De Minimis Registry

Commissioner for State Aid Control Stella Michaelidou has welcomed the fact that her Office has taken the lead at European level and has been an example for ...




wic - waipa