Insider Economy Cyprus government slashes spending by €367 million amid COVID-19 crisis

Cyprus government slashes spending by €367 million amid COVID-19 crisis

Cyprus Finance Ministry has slashed €367 million from public expenditure as part of a revision of the 2020 state budget amid the crisis of the coronavirus outbreak.

The government savings were by the Council of Ministers.

Giorgos Panteli, Permanent Secretary of the Ministry of Finance, told CNA that the savings were found after cutting spending earmarked for trips abroad, overtime, allowances and the hosting of conferences.

He added that the government has decided to freeze hiring in the public service and promotions. A freeze in hiring and promotions has been in place since 2013 when Cyprus applied for financial assistance from the EU and the IMF. Following Cyprus’ exit from the economic assistance programme, the government extended the freeze with hiring and promotions carried out only after approval from the parliamentary committee of Finance.

Moreover, Panteli said the Ministry will issue a circular calling on state-owned organisations and local authorities to follow suit with spending cuts.

(CNA)

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