Insider Economy Budget approval allows the state to continue on the path of economic...

Budget approval allows the state to continue on the path of economic stability, FinMin says

Finance Minister Constantinos Petrides welcomed the parliamentary approval of the 2020 state budget, stating that the budget allows the government to continue on the path of economic stability, growth and the shielding of the economy.

“In a spirit of prudence, creative consensus and determination, the country could go forward,” he said speaking to the press after the House Plenary approved the 2020 state budget, adding that he is at the disposal of the parliamentary parties “to do our best concerning the implementation of a prudent economic policy.”

Replying to a question whether the implementation of budget will be hindered by the Supreme Count decision on the public sector salaries and pensions during the crisis, Petrides reiterated that a possible decision upholding the initial administrative court’s decision against the crisis cuts constitutes one of the primary risks to the economy.

Calling for patience in view of the Court’s decision, the Finance Minister said this is significant decision which would determine the fiscal landscape.

Petrides said that the 2020 state budget, as was the case with the previous post-crisis budgets, safeguards stability.

“We achieved nine notches of credit upgrades, we restored the Cypriot economy’s credibility, we maintain surpluses that allows us to reduce public debt so younger generations would not inherit unbearable debts,” he added.

This political consistency should be followed in the future as this means credibility and serious economic policy, he added.

Asked on the increased public expenditure concerning the National Health Scheme (GeSy), the Finance Minister noted that the government after the approval of the NHS bills and the increase expenditure for the health sector has proved its determination for enhancing the state’s social policy through a national health system.

But he added that we should be careful, noting that safety clauses should be in place to safeguard the schemes sustainability.

(Cyprus News Agency)

Top Stories

384 new cases of COVID-19, no deaths announced on Thursday

The Health Ministry announced 384 new Coronavirus cases out of 39,807 PCR and rapid antigen tests on Thursday, 4, March, taking confirmed infections to...

ECDC detects UK strain in three cases after testing another 94 COVID-19 samples from Cyprus

The European Centre for Disease Prevention and Control (ECDC) conducted specialized laboratory tests on another 94 COVID-19 positive samples, sent from Cyprus for sequencing...

22-year-old seriously injured after falling from nine meters’ height

The Police are investigating the conditions under which a 22-year-old fell from nine meter’s height and got seriously injured. The accident occurred just before noon...

St Hilarion Castle not damaged by the fire

Due to a fire that was caused b a lightning or lightnings yesterday fortunately only the coffee shop within the Saint Hilarion Castle was...

King Carnival goes around in the roads of Limassol (VIDEO)

King Carnival will today go around in the main streets of Limassol from 16:00 until 18:00. (philenews)

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...