Cyprus & World News

Cyprus FinMin expresses concerns over the establishment of solidarity fund

14 January, 2014

Finance Minister Harris Georgiades has said that there is a need for the government and the parliament to work in close cooperation and coordination in order for the legislation governing the creation of a solidarity fund to be better regulated.

Finance Minister and Attorney General on Monday attended the meeting of the House Finance Committee which discussed the matter, after the President of the Republic referred the bill for the establishment of a solidarity fund passed by the House last December.

The Minister explained that the government and the parliament decide through the state budget the amount that is used for various unemployment schemes and vulnerable groups, noting that there should be a detailed assessment for the purpose of the fund , adding that, he, as the Finance Minister can not be given a ‘blank check’ to manage the solidarity fund. He also said that it is better for a committee to be established that will supervise the fund and manage the profits.

FinMin also expressed his particular concerns as to whom will be benefited from the scheme, noting that there are various social plans that cover the citizens in need.

Attorney General Costas Clerides also expressed his concerns over the regulation of the fund, adding that there are various constitutional obstacles that need to be overcome.