The budget of the Republic of Cyprus has been approved by the majority of votes

The Cabinet of Ministers of the Republic of Cyprus has endorsed the state budget for the year 2024 with a majority vote. According to the country's President, Nicos Anastasiades, the main financial document 'reflects the government's commitment to rational, sustainable, and secure financial management.'

During the plenary session, the presented state budget and the medium-term financial program for 2024-2026 received support from 37 members of the government, while 19 voted against.

The overall expenditures included in the state budget for 2024 amount to 13.04 billion euros, with the total revenue of the public sector being 13.2 billion euros. A budget surplus of 660 million euros is projected for 2024. The primary balance, excluding debt service expenses, is forecasted at 1 billion euros or 2.8 percent of GDP.

The budget incorporates 43 amendments proposed by the government. The House of Representatives also approved several amendments proposed by political parties.

The budget includes measures and policies to support vulnerable population groups, improve healthcare services, and modernize the education system. According to Nicos Anastasiades, it also addresses key issues such as reducing electricity costs and taking a comprehensive approach to migration.

'This is a development-oriented budget that supports the necessary financial responsibility and creates hope and prospects for the entire population,' said the head of the state.