14/05/2003 13:06
Public spending for the first two months of 2003 has reached CYP 570 million, that is “within the framework” and the estimated expenditure of the State Budget for 2003. The total amount of the Additional budgets amounts to CYP 37.7 million.
Determined to keep in line with the government’s pre-election commitments, Finance Minister, Marcos Kyprianou has decided to freeze 10% of consumption spending in the Ministries in the face of the government’s new economic policy and within the framework of the new conditions arising following the signing of the EU Accession Treaty.
The imminent cuts proposed by the Finance Ministry concern, among others, the office equipment, the trips abroad and the publications in the press. The Ministry has also expressed its disagreement with regard to the submission of additional budgets, clarifying that the additional budget in this case has resulted either by the former government, or due to the war in Iraq, or by the measures to support the T/C after Cyprus accession in the EU.
Within the framework of the 2506th ECOFIN Summit that took place in Brussels on Tuesday, Mr. Kyprianou stressed that Cyprus will follow a new economic policy following the signing of the EU Accession Treaty and expressed its readiness to ‘exploit’ its access in the structural funds.
Mr. Kypianou said that the practical application of the proposed EU measures is a great challenge, commenting on the EU document on general orientations on EU economic policy.
It is worth mentioning that the new EU member states – including Cyprus – will receive more sums from the structural funds than their contribution in the community budget.
According to StockWatch sources, however, the government has not released new data on state revenues for April 2003. It is reminded that in the first quarter of the current year there was a dramatic decline in state revenues by 30%, attributable to the reduced revenues from the Income Tax and the reduced consumption of goods.
Determined to keep in line with the government’s pre-election commitments, Finance Minister, Marcos Kyprianou has decided to freeze 10% of consumption spending in the Ministries in the face of the government’s new economic policy and within the framework of the new conditions arising following the signing of the EU Accession Treaty.
The imminent cuts proposed by the Finance Ministry concern, among others, the office equipment, the trips abroad and the publications in the press. The Ministry has also expressed its disagreement with regard to the submission of additional budgets, clarifying that the additional budget in this case has resulted either by the former government, or due to the war in Iraq, or by the measures to support the T/C after Cyprus accession in the EU.
Within the framework of the 2506th ECOFIN Summit that took place in Brussels on Tuesday, Mr. Kyprianou stressed that Cyprus will follow a new economic policy following the signing of the EU Accession Treaty and expressed its readiness to ‘exploit’ its access in the structural funds.
Mr. Kypianou said that the practical application of the proposed EU measures is a great challenge, commenting on the EU document on general orientations on EU economic policy.
It is worth mentioning that the new EU member states – including Cyprus – will receive more sums from the structural funds than their contribution in the community budget.
According to StockWatch sources, however, the government has not released new data on state revenues for April 2003. It is reminded that in the first quarter of the current year there was a dramatic decline in state revenues by 30%, attributable to the reduced revenues from the Income Tax and the reduced consumption of goods.
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