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Cyprus News Agency: News in English (PM), 98-09-10

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Cabinet - 1999 budget
  • [02] Foreign Minister - Armenia
  • [03] Cyprus - India - Cooperation accords

  • 1710:CYPPRESS:01

    [01] Cabinet - 1999 budget

    Nicosia, Sep 10 (CNA) -- The cabinet approved today the 1999 state budgets, which provide for net revenue of 1106,3 million pounds and net expenditure of 1687,1 m. (one Cyprus pound is about two US dollars).

    The budgets will go before the House of Representatives for discussion and final approval by the end of this month.

    "Prospects for 1999 remain encouraging. The rate of economic growth is expected to reach four per cent in real terms, despite the increasingly difficult outside environment because of the financial crisis in the South East and Russia," Finance Minister Christodoulos Christodoulou said after a cabinet meeting.

    Unemployment is expected to be maintained at around three per cent and the rate of inflation between 2,5 and three per cent.

    "The rate of growth is satisfactory and if there are no unexpected outside or domestic developments, the local economy in 1998 and 1999 will be very satisfactory," the Minister said.

    Public deficit is expected to record an initial increase of 5,7 per cent this year, due primarily to the loss of some 295 m. in the past couple of years in duty income because of the implementation of the customs union agreement with the European Union.

    Public deficit is expected to rise to 6,3 per cent of the gross domestic product (GDP) in 1999 whereas public debt is likely to rise to 61, 7 per cent of the GDP.

    Replying to questions about the value added tax (VAT), Christodoulou said VAT in EU member states must be at least 15 per cent and Cyprus currently has a ceiling of eight per cent.

    VAT increase must be introduced gradually, he explained. The development budget foresees expenditure amounting to 261,3 m., the ordinary budget envisages net revenue of 1.099,2 m. and net expenditure of 1.335,1 m. and the Refugee Relief Fund provides for 7,1 m. revenue and expenditure of 90,7 m.

    Funds from the Development budget will be allocated for the road network, desalination plants, infrastructure work at the island's two international airports, education, health and industry.

    CNA MM/MA/1998

    [02] Foreign Minister - Armenia

    Nicosia, Sep 10 (CNA) -- Foreign Minister Ioannis Kasoulides left today for an official visit to Armenia during which four bilateral agreements will be signed in the economic, agricultural, air transport and cultural fields.

    Kasoulides will have separate meetings with the Armenian President, the Prime Minister and his counterpart.

    Before his return Saturday, he will also be received by Armenian Archbishop Garegin I. Catholicos.

    The Foreign Minister is accompanied by the Armenian representative in the Cyprus House of Representatives Aram Kalaydjian, representatives of the Development Bank and other government officials.

    Some 2000 people of Armenian origin live in Cyprus.

    CNA MA/MM/1998

    [03] Cyprus - India - Cooperation accords

    Nicosia, Sep 10 (CNA) -- Cyprus and India signed here today a protocol for economic, trade, scientific, technical and industrial cooperation.

    The protocol, signed at the end of the third session of the joint inter- government committee, aims at strengthening existing friendly ties between the two countries and developing further cooperation.

    The Cyprus Chamber of Commerce and Industry and the Indian National Centre for Trade Information signed a memorandum of understanding with a view to enhancing commercial and economic links.

    The three-member Indian delegation, which arrived earlier this week, has had meetings with officials of the Planning Bureau, the Ministry of Agriculture, Natural Resources and the Environment and the Ministry of Communications and Works.

    The delegation, which leaves later today, also held talks with the Minister of Commerce, Industry and Tourism Nicos Rolandis.

    CNA MM/MA/1998

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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