The debate on the 2023 state budget begins on Monday in the Parliamentary Committee on Finance, which is expected to be completed on November 28.
The debate will begin in the Committee on Monday, in the presence of Finance Minister Constantinos Petrides, who will proceed with an analysis of state revenues, fiscal indicators, economic policy and the fiscal situation. The Minister of Finance will then analyse the data concerning the Ministry of Finance, the General Accounting Office, the General Directorate for Development of the Ministry of Finance and the management of the public debt.
The Finance Committee on Monday will also be attended by Central Bank Governor Constantinos Herodotou, who will analyse the situation and estimates for the Cypriot economy.
In a challenging international economic environment and with inflation putting strong pressure on the European economies, this year's budget is increased by €525 million and, according to the Finance Minister, is governed by an increase in operating, development and social expenditure due to inflation and a reduction in the amount of interest to service the public debt. Development expenditure, he said, is up by about 12%, while social expenditure is also up by about 4%. The state's operating expenditure is increased by 15% due to inflation.
For 2023, a growth rate of 3%, inflation of 3%, and unemployment of 6.4% is projected.
The commission will meet on the budget twice a week, on Mondays and Fridays.
Based on the schedule so far, the budgets of the Ministry of Tourism, the Ministry of Shipping and the Ministry of Research, Innovation and Digital Policy are expected to be discussed on Monday 31 October.
The budgets of the Ministry of Energy, Trade and Industry and the Ministry of Agriculture, Rural Development and the Environment are expected to be debated on Friday 4 November.
The budgets of the Ministry of Health, the Internal Audit Service and the Legislative Audit Commissioner are expected to be debated on Monday 7 November.
On Friday, November 11, the budgets of the Department of State, the Office of the Privacy Commissioner, the Office of the Commissioner for Children's Rights and the Office of the Commissioner for Administration are scheduled to be debated.
On Monday 14 November, the budgets of the Ministry of Education, Sports and Youth, the State Ministry of Culture, the Independent Anti-Corruption Authority and the Chamber of Deputies will be debated.
On Friday 18 November the budgets of the Ministry of Justice and Public Order, the Judicial Service and the Legal Service will be discussed.
On Monday 21 November the budgets of the Ministry of Interior, the Ministry of Defence and the Office of the State Aid Controller will be discussed.
On Friday 25 November, the budgets of the Ministry of Labour and Social Insurance and the State Ministry of Social Welfare will be debated.
Finally, on Monday 28 November, the budgets of the Ministry of Transport, Communications and Works, the Competition Protection Commission of the Tender Review Authority and the Audit Service will be discussed.
The three-day plenary session to approve the state budget is set for 6, 7 and 8 December.
Source: CNA
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