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Budget implementation at 9% in spending and 13% in revenue by end-February

Cyprus’ budget implementation by the end of February amounted to just 9% in spending and 13% in terms of revenue, the Treasury has said.

According to the data released by the Treasury by the end of February, state revenue amounted to €1.49 billion representing 13% of the total revenue projected in the 2024 state budget, compared with 14% of the respective period of last year.

At the end of February, state real expenditure amounted to €1.24 billion, accounting for just 9% of total spending of the 2024 state budget, compared with €1.41 billion or 12% of the total public expenditure of the corresponding period of 2023. The annual reduction is attributed to the reduced outflows for payments of loans and interest rates.

According to the Treasury historical data in the last ten years, show that the average implementation rate for state expenditure amounted to 11%, excluding 2020, when the implementation rate was 22% due to the full repayment of the loan granted by the IMF.

The Treasury added that this year’s implementation rate by end-February is due to the seasonal nature of the Cyprus debt amortisation.

(Source: CNA)

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