InsiderEconomyState budget 2022 approved

State budget 2022 approved

Cyprus House of Representatives on Friday evening approved the state budget for 2022 with 30 votes in favour and 25 against. Finance Minister, Constantinos Petrides, said after the voting that the 2022 state budget is a budget of sustainable growth, green transition and social state, highlighting the fact that this is the first budget approved by the House that is really linked with reforms.

The budget provides for €9.7bn in revenues and €9.9bn in expenditure.

In statements to the media, Petrides expressed satisfaction over the approval of the state budget and thanked the parties that voted in favour, the ruling Democratic Rally, the Democratic Party, the Democratic Alignment, and independent MP, Andreas Themistocleous.

Main opposition party, left-wing AKEL, EDEK, the Green Movement, and far right Elam, rejected the budget.

The Minister noted that he also expects the approval of the reforms which are linked with the budget.

Moreover he said that this is a budget “for the next day”, that is “really linked with the reforms” and the Recovery and Resilience Facility.

“It serves current needs but also looks to the future, to have those structural changes that will allow us to move forward,” he added.

Petrides noted that “we have proven that the Cypriot economy is resilient with much better results than other more mature European economies.”
Before approval, the Parliament passed a number of proposed amendments, while others were rejected by majority.

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