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Cabinet approves €7.5 billion budget for 2018

The Cabinet on Wednesday approved the 2018 budget and the medium-term fiscal framework 2018 – 2020, which Finance Minister Harris Georgiades described as balanced and focused on growth.

Total expenditure is forecast to reach €7.53 billion while income will come to €7.72 billion.

An increase of 3.4% is projected in both income and expenditure, with an expected fiscal surplus of 1% of GDP.

Georgiades who presented the budget and the fiscal framework to his colleagues said that it includes a series of important projects and new policies.

“The budget has been approved by the Cabinet and it will be submitted to Parliament to be debated and voted on in time,” Georgiades said.

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He said that the increase in income does not derive from measures aiming to collect taxes but rather from further enhancing economic growth prospects.

“There is no need for collection measures or for taxes. The increase in revenue comes from further reviving and enhancing our economy’s growth prospects.

This income allows us to increase expenditure without ever going beyond the limits of the balanced budget.”

He said the budget includes very large investments which start in the area of e-government such as e-justice.

There is also “significant investment” on university and research infrastructure and “very important” road building.

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