The new state budget is ready, according to Finance Minister Makis Keravnos, who described it as both balanced and growth-oriented, while also placing strong emphasis on social policy.

Speaking on RIK’s Third Radio Program, Keravnos referred to the “necessary” primary surpluses, which, he explained, will allow public debt to be reduced earlier than expected. This reduction will, in turn, free up additional resources for the Cypriot economy, enabling more effective responses to social policy challenges as well as defense needs, given that Cyprus continues to face occupation and constant threats.

The Finance Minister confirmed that the new state budget will be submitted to the Council of Ministers on September 29 and is expected to be tabled before Parliament on October 2.