CYPRUS: Finance Minister submits balanced 2020 budget to parliament

Cyprus Finance Minister Harris Georgiades delivered the government’s 2020 budget plan to parliament on Friday, it provides for a surplus and expenditure of €9.4 bln.

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Georgiades described the budget as balanced with the Speaker of the House Demetris Syllouris calling for it to be presented before the plenary as soon as possible.

Presenting his seventh and last budget before he steps down at the end of the year, Georgiades said that the budget was without any deficits.

"Not only are our budgets balanced but they have surpluses, which is key to the sustainable development of Cyprus."

The budget provides for general government revenue amounting to €10 bln and expenditure of €9.4 bln with the budget surplus estimated at 2.7% of GDP and the primary surplus (excluding debt servicing expenditure) at 5.1% of GDP.

Receiving the document, Syllouris asked the Minister to present the budget to the House in the coming week and not wait until 29 October, as planned.

Georgiades said that if the Finance Committee is satisfied with the budget text he could do so, recalling that the committee had in previous years requested additional information.