Cyprus’ draft state budget ‘responsible’

Cypriot Finance  Minister Constantinos Petrides said the state budget for 2023 is not to be viewed as one for pre-election purposes, noting it is a responsible budget.

Presenting the budget to the House Finance and Budgetary Affairs Committee on Monday, Petrides said the government did not use the budget in a bid to draw votes.

He called it “a responsible budget” that aims for recovery, has increased development expenditure by 12%, and maintains healthy finances, with respect for future generations.

The 2023 budget will be the government’s last budget as Cyprus is headed to presidential elections in February, and a new government will assume office by March.

Petrides said the budget provides the new government with the tools to face great challenges, noting that no cuts were imposed while social expenditure was increased, and cash buffers were generated.

“This budget includes the largest social expenditure in the history of the Republic, includes the largest development spending in Cyprus’ history, as well as expenditure for green growth and digitization.”