04/09/2003 14:17
Finance Minister, Marcos Kyprianou will be presented on Friday a second draft of the State Budget 2004, which was prepared after contacts between the Finance Ministry’s technocrats and their counterparts in other ministries in an attempt to reduce fiscal deficit, sources told StockWatch on Thursday.
The draft will be examined in detail by the Finance Ministry and will be submitted to the Cyprus President and the other Ministers afterwards.
StockWatch sources reveal that the second draft includes revised figures, as well as a number of proposals and alternatives to reduce fiscal deficit.
The Ministers will examine the revised package during the weekend and will discuss it on the upcoming meeting to take place on Tuesday (probably Wednesday as well). It seems, however, that the Finance Minister’s recommendations were not as fruitful as expected, with the later declaring that the fiscal deficit for this year will exceed 5%.
It is noted that the spending cuts for each Ministry will be determined by the Cyprus President and the Finance Minister and must exceed CYP 20 million.
Pre-Accession Economic Program
The new analytical Pre-Accession Program will be submitted to the EU following the approval of the State Budget 2004 by the Council of Ministers. Despite the fact that the PEP submission is not binding for Cyprus since it is not yet a full member of the European Union, it is a personal desire and political position of the Minister.
The draft will be examined in detail by the Finance Ministry and will be submitted to the Cyprus President and the other Ministers afterwards.
StockWatch sources reveal that the second draft includes revised figures, as well as a number of proposals and alternatives to reduce fiscal deficit.
The Ministers will examine the revised package during the weekend and will discuss it on the upcoming meeting to take place on Tuesday (probably Wednesday as well). It seems, however, that the Finance Minister’s recommendations were not as fruitful as expected, with the later declaring that the fiscal deficit for this year will exceed 5%.
It is noted that the spending cuts for each Ministry will be determined by the Cyprus President and the Finance Minister and must exceed CYP 20 million.
Pre-Accession Economic Program
The new analytical Pre-Accession Program will be submitted to the EU following the approval of the State Budget 2004 by the Council of Ministers. Despite the fact that the PEP submission is not binding for Cyprus since it is not yet a full member of the European Union, it is a personal desire and political position of the Minister.
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