The cabinet’s budget approval for district selfgovernance organizations (Eoas) signifies a move towards localized control and fiscal health, with all districts forecasting surpluses. This shift enables investments in community projects, public services, and infrastructure, potentially leading to reduced taxes for residents.
The Cyprus University of Technology’s 2024 budget was approved with strict conditions: procurement of private sector services and rental expenses require direct parliamentary approval for fund release, ensuring transparency and preventing financial irregularities. This move comes after concerns of transparency issues and financial delays, highlighting the significance of accountability in public funding management.
The Cypriot Parliament recently approved budgets for key public entities such as the Cyprus Broadcasting Corporation (CyBC) and the Natural Gas Public Company (Defa), ensuring operational continuity and preventing service disruptions. These approvals secure hundreds of employee salaries and reinforce Cyprus’s energy infrastructure, with significant workforce expansions and funding for crucial projects like the LNG terminal at Vasiliko.
The ongoing strikes at CyBC persist despite the approval of the budget. Employees are striking due to payment delays, even though funds have been secured for disbursement. Financial complications, such as frozen bank accounts, have heightened concerns over payment reliability.
The Cyprus Stock Exchange (CSE) faces a budget deficit in 2024, with expenses surpassing revenues by over €1.6 million. To cover this shortfall, the CSE plans to tap into its cash reserves, ensuring operational continuity and financial stability for the upcoming year.
With a resounding agreement, the parliament approved the budgets for HIO and Okypy, securing vital resources for the health sector. Financial plans include €1.6 billion for HIO and €761.8 million for Okypy, aimed at sustaining operational excellence and service delivery.
