Insider Economy Cabinet approves first supplementary state budget

Cabinet approves first supplementary state budget

New recruits, purchase of defense equipment, pharmaceuticals and other healthcare consumables, social benefits and early retirement plan costs will be covered by the supplementary budget of €233 million which was approved yesterday by Cabinet.

This is the first supplementary budget for 2019. Under the Financial Liability Act the state can deposit up to two supplementary budgets every year.

Insiders told Phileleftheros that most of these additional funds will cover  Ministry of Defense expenses. Specifically, a supplementary budget of €70 million will be allocated to the purchase of military equipment. It will also cover the recruitment of military personnel on contract.

In addition, an amount of €53 million will cover Ministry of Health expenditure for the needs of the newly launched National Health Scheme as well as for the purchase of medicines and other healthcare consumables. Part of this expenditure is already covered by the 2019 state budget.

At the same time, €25 million will cover the cost of providing support to residents of 110 mountain communities living at an altitude of over 600 metres. The overall cost is estimated at €5 million per year.

The state is also betting on the island’s audiovisual industry project known as “Olivewood”. This aims to establish Cyprus as an internationally acclaimed cinema studio.

The Government provides a targeted incentive scheme with sponsorships but also tax exemptions. This specific project is considered to be one of the best in Europe’s audiovisual industry. The supplementary state budget includes €20 million for the development of Olivewood.

Moreover, an €8.5 million budget is to go towards the implementation of a voluntary retirement scheme at the semi-governmental Cyprus Tourism Organisation. Following the re-organisation of CTO which is now under the Deputy Ministry of Tourism, a retirement plan will be on offer for permanent staff.

Finally, the supplementary budget will also cover costs of recruiting 377 teachers for the period of 2019-2020.

Read more:

https://in-cyprus.com/fm-outlines-cyprus-foreign-policy-to-mps-during-budget-2019-presentation/

 

Top Stories

One more tests positive to Coronavirus

One more person has tested positive for coronavirus after 942 tests, the Health Ministry said on Monday, raising the total in Cyprus to 1,022. The...

Britain set to ban Huawei from 5G, though timescale unclear

Prime Minister Boris Johnson is set to ban Huawei from Britain's 5G network in a landmark decision that will anger Beijing but win plaudits from President...

‘Views of the World’ animation festival returns to Salamiou

Countryside Animafest Cyprus, the island's official animation event that aims to showcase animation films from around the world has announced its 19th edition that...

MoH extends testing programme for employees in phase 2 and 3 of lockdown exit

The Health Ministry said on Monday it has extended to August 12 the programme to test a total of 10,000 employees who returned to...

Britain offers fast-track visas for foreign health workers

Britain's new immigration system will provide faster and cheaper visas for skilled health and social care workers, the government announced on Monday, setting out...

Taste

Halloumi cheese fingers

Ingredients Serves: 2 1/2 tablespoon olive oil 175g (6 oz) halloumi cheese, cut into sticks 1 dessertspoon lemon juice 1/4 teaspoon dried oregano freshly ground black pepper to taste Method Prep:5min ›...

Koupes (cracked wheat pies) with mushrooms

Ingredients: For the dough: 1½ cup bulgur wheat 2 cups water 1 tsp. salt For the filling: 250gr. mushrooms, finely chopped ½ cup of olive oil 2 big onions, coarsely chopped 1...

Fried zucchini balls with halloumi

Ingredients: 6 medium zucchinis (approximately 1kg) 1 small onion, grated 1 large halloumi (about 250gr.), grated ½ cup simple flour 2 tsps. fine lemon zest 2 big eggs 1 tbsp. fresh...

Rocket salad

Ingredients: 4 cups rocket leaves, rinsed and dried 1 cup cherry tomatoes 1 cup pomegranate seeds 1 red bell pepper ½ cup croutons 2-3 light cheese slices (grated) salt ½ of a...