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Fin Min: Government remains committed to balanced budgets

July 20, 2018 at 3:17pm
By July 20, 2018 No Comments

The government remains committed to a balanced budget, Finance Minister Harris Georgiades said on Friday during a meeting with the Fiscal Council.

The latter’s president Demetris  Georgiades expressed concern over the impact of the state payroll and the ESTIA plan to protect vulnerable borrowers  on public finances, but said he felt more confident after the meeting that there would not be fiscal derailment.

The minister’s meeting with the Fiscal Council was the first since the government took over on March 1.

“I gave the assurance that fiscal policy remains clear and strictly within the limits of a balanced budget,” the minister said. This was a key precondition to macroeconomic stability, he added.

Replying to a question the minister said that Cyprus is expected to tap international markets this year, expressing the conviction that markets would show confidence in the Cyprus economy.