09/09/2003 13:50
The two-day extraordinary meeting of the Council of Ministers approved a short while ago the Budget for 2004 and the revised Pre-Accession Economic Program to be submitted to Brussels within the next few days.
The State Budget provides that the deficit for 2004 will drop to 3.7%, with the total expenditure reaching CYP 3.4 billion and income at CYP 2.8 billion. The public debt is expected to increase in 2004 and fall by 1% in 2005, while the development expenditure will amount to CYP 345 million compared to CYP 390 million in 2003.
The Budget 2004 does not include new employments in the public sector, for
which a supplementary budget will be prepared at a later stage.
According to the revised Pre-Accession Economic Program, fiscal deficit until 2005 will fluctuate to levels below 3%, while for 2006 it will stand at 2%-2.5%. It is noted that PEP includes a special appendix for the Annan plan.
The State Budget provides that the deficit for 2004 will drop to 3.7%, with the total expenditure reaching CYP 3.4 billion and income at CYP 2.8 billion. The public debt is expected to increase in 2004 and fall by 1% in 2005, while the development expenditure will amount to CYP 345 million compared to CYP 390 million in 2003.
The Budget 2004 does not include new employments in the public sector, for
which a supplementary budget will be prepared at a later stage.
According to the revised Pre-Accession Economic Program, fiscal deficit until 2005 will fluctuate to levels below 3%, while for 2006 it will stand at 2%-2.5%. It is noted that PEP includes a special appendix for the Annan plan.
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