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Cyprus News Agency: News in English, 11-10-17

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

From: The Cyprus News Agency at <>




    Finance Minister Kikis Kazamias has described the 2012 state budget as realistic and tight, noting that the goal to achieve a fiscal deficit of 2.8% of GDP is pragmatic. He also expressed the view that Cyprus economy will soon start to recover.

    Kazamias appeared before the Committee on Financial and Budgetary Affairs of the House of Representatives and briefed parliamentarians on the state budget in detail.

    He explained that if the House does not approve the bill for an increase in VAT from 15% to 17%, this does not necessarily mean that Cyprus will have to join the European Financial Stability Facility (EFSF), however the country will draw closer to it.

    The Minister said that there isnt a plan B, should the House reject the particular bill, however the government will have to develop new plans. He added that if the VAT bill and the social spending cuts bill are not approved, then the deficit will rise to 4.8%.

    The Finance Minister told the House that the government will announce new methods for the taxation of state allowances as well as for the various loan schemes the government provides.

    He explained that, given the current financial circumstances, the budget is as realistic as it could have been.

    The Finance Minister said the government evaluates the growth rate to be 0.2% whereas the International Monetary Fund has predicted it to be -1% for 2012.

    The 2.5 billion euro loan from the Russian Federation will not solely cover refinancing needs. He explained that the loan will partially be used for the conversion of current loans which have adverse terms and conditions.

    The target for zero budget deficit will be postponed to 2014 instead of 2013, given the adverse financial conditions.

    Replying to questions about the plans to cut the Greek debt and whether this possibility will affect Cyprus, Kazamias said that we are aware of all these scenarios, we have discussed it with the Central Bank so that we can have a joint plan of action.

    Speaking to the press following the Committees session, the Finance Minister said that for the first time the government has focused on social benefits, adding that the bill will be presented before the House next Monday.

    He explained that governments goal is to execute the growth expenditure by 90% , in comparison to 70% in the previous years.

    the 2012 state budget provides for revenue of 6.220 million euro and expenditure of 7.541 million euro.


    President of the Republic Demetris Christofias has appointed Ambassador Andreas Mavroyiannis as Deputy Minister to the President for European Affairs.

    President Christofias underlined that the assumption of the Presidency of the EU Council in the second half of 2012 is very important for Cyprus and expressed his full support towards Ambassador Mavroyiannis.

    In his statements, Mavroyiannis expressed his readiness to continue the efforts so that Cyprus EU Presidency is crowned with success.

    Meanwhile, a broad meeting will take place end of October at the Presidential Palace, under President Christofias, to review and assess the preparatory work that has been carried out so far and examine further steps needed to be taken in view of Cyprus Presidency of the EU Council.


    The Netherlands recognize the sovereign right of the Republic of Cyprus to search its Exclusive Economic Zone and this position has been conveyed to Ankara as well, Dutch Ambassador to Cyprus Brechje Schwachofer has said, in a meeting with Defense Minsiter Demetris Eliades.

    According to an official announcement, Eliades, speaking on recent developments concerning natural gas in the region, underlined that Cyprus is determined to exercise its rights in a serious and responsible manner, abiding by international law.

    Dedication to international legitimacy, Eliades added, is relevant to the recognition expressed by the international community in the exercise of sovereign rights by the Republic of Cyprus.

    Brechje said on her behalf that the position of the Netherlands has been expressed within the framework of the EU and has been conveyed to Turkey.


    Over 200,000 residents and about 87,000 housing units have been recorded so far in the population census in the government-controlled areas of the Republic of Cyprus, which began on October 1 and is expected to be concluded by the end of November.

    The census is expected to record about 410,000 housing units, 290,000 households and a population of about 810,000 persons.

    Statistical Service senior officer Dora Kyriakidou, who is responsible for the census, told CNA that the number of foreigners living in Cyprus will be much higher than in other censuses, noting that there is a problem with this portion of the population because it is reluctant to open the door to the enumerators.

    Replying to questions, Kyriakidou said ``we will see how many the foreigners are at the end of the day,`` adding that ``it will definitely not be the percentage we had recorded in 2001, when the last census had been carried out.``

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