Council of Ministers approves 2024 budget

The Council of Ministers has approved the 2024 annual state budget, with President Nikos Christodoulides saying it reflects the clear imprint of the government’s policy priorities,

He added that the fiscal balance for 2024 is estimated to be a surplus, reaching 2.2% of GDP, while the medium-term goal, by 2026, is to reduce public debt to 60%.

In a written statement, the President said that the 2024 budget was approved by the Council of Ministers, marking "the first budget of our administration".

"A surplus budget that transforms the core principles of the governance program into costed and achievable investments and reforms, placing people at the centre of all policies. Achieving a sustainable and resilient economy and promoting green and digital transition through modern governance are primary objectives, always within the framework of fiscal stability and responsibility", he said.

According to the President, with an estimated growth rate of 2.9% for 2024 and the generation of surpluses, the government will ensure a robust economy, to serve as its best defence for promoting targeted social policies and creating security conditions.

The President noted that emphasis is placed on the real economy through developmental expenditures, which enhance competitiveness, productivity, and overall employment income while simultaneously creating new high-quality job positions.

As an indicative example, he said, capital expenditures relative to the 2023 budget have increased by €135 million.

"The government's responsible approach in crafting the annual budget is reflected, among other things, in a significantly reduced increase in permanent public sector positions, with just 52 positions compared to 485 in the 2023 budget," Christodoulides.

He went on to note that strengthening the competitiveness of the economy will enable the implementation of targeted actions in crucial sectors such as education, health, and social welfare.

"The substantial support for the middle class, the improvement of citizens' daily lives, and the effective addressing of the impacts of inflation constitute the pillars of an innovative governance model with a strong social and developmental focus", he concluded.

(Source: CNA, Photos: PIO)