Finance Minister Makis Keravnos will present the Strategic Fiscal Policy Framework (SFPF) to the Council of Ministers today, Wednesday, marking the start of the process for drafting the 2025 state budget.

According to information from the Cyprus News Agency, the difference in this year’s SFPF is that it will outline and present the key strategic directions and economic policy priorities of the Government for the next four years instead of three, based on reforms established in the EU fiscal rules.

It is noted that the second chapter of the SFPF, which concerns the "Fiscal Strategy Statement," presents recent macroeconomic and fiscal developments, as well as medium-term forecasts and the medium-term fiscal framework. Based on this, the spending ceilings for each Ministry, Deputy Ministry, and independent service are determined.

Meanwhile, according to the latest forecasts by the Ministry of Finance, as included in the Stability Programme submitted to the European Commission, the growth rate for this year is estimated at 2.9% and is expected to accelerate to 3.1% in 2025. The growth rate for 2026 and 2027 is projected to reach 3.2% and 3.3% of GDP, respectively.