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FINMIN submits Budget 2004 to Parliament

02/10/2003 10:59
On the meeting to take place at 3.45 pm with the House Chairman, Demetris Christofias, Finance Minister, Marcos Kyprianou is expected to submit the State Budget 2004 before the Parliament. The budget provides for a total expenditure of £3.4 billion and revenues of £2.8 billion, while development expenditure will amount to £345 million or £390 million (system of 2003) compared to £375 million in 2003.

The State Budget anticipates that the deficit for 2004 will reach 3.7%, with the total expenditure fluctuating to £3.4 billion and the revenues to £2.8 billion. The public debt is expected to increase for 2004 but will drop by 1% in 2005. The budget does not include new employments in the public service.

The budget also provides for a decline in deficit at 3.7% (£260 million) of GDP for 2004 against 5.4% (£358 million) in 2003, while the government’s aim is to reduce deficit to 2% - 2.2% in 2006. The State Budget 2004 was prepared pursuant to the new FIMAS system.

House Finance committee

On October 16, Finance Minister will submit his speech on the state budget before the Parliament and the Finance Committee will start “its intensive operations in an effort to examine the Budget 2004 and the budget of the semi-governmental organizations by November 15”.

On October 20, the Finance Minister will determine the meetings of the House Finance Committee, which will meet three days a week (Monday, Wednesday and Friday) to examine the budgets.

The Committee will also examine the budgets of the semi-governmental organizations, which must be submitted by October 15.