economic reforms Archives - New Cyprus Magazine

Economic Reforms Amidst Regional Challenges: A Look at Cyprus in 2024

In 2024, Cyprus faces economic challenges due to regional conflicts, potential disruptions to the Suez Canal traffic, rising energy costs, and increasing prices of essential goods. Business leaders are urging the government to implement reforms such as digitalization of public services and reducing bureaucracy, while managing the public sector payroll. The Cyprus issue and the potential withdrawal of UN peacekeeping forces also pose threats to economic stability.

Local Councils’ Integrity Questioned Amid Allegations of Misconduct

By Demis Papadopoulos

Local councils are facing allegations of misconduct, including untendered contracts, nepotism, lack of financial transparency, and failure to properly record meeting minutes. Out of 350 councils, 32 are under scrutiny for awarding contracts to family members or associates and not maintaining inclusive communication within the council.

Fiscal Stability: Heart of Cyprus’ 2024 State Budget

By Demis Papadopoulos

The focal point of Cyprus’ 2024 state budget, as pronounced by Finance Minister Makis Keravnos, is the reinforcement of fiscal stability. The budget aims to navigate the country’s economy towards a more advanced period, meeting specific green transition and digital transformation objectives. It also emphasizes maintaining a budget surplus to meet European obligations and prepare the country for any potential situations.