On Wednesday, the Minister of Finance, Makis Keravnos, submitted the government’s 2025 budget to the President of the House of Representatives, Annita Demetriou, stating that the budget is developmental and shows a primary surplus of 4.8%.

During the submission of the budget, which took place at the office of the President of the House, Mr. Keravnos, addressing Ms. Demetriou, said, "Based on constitutional provisions, we have prepared the budget, which was approved by the Council of Ministers on September 20th, and I submit it to you for review and approval by the House of Representatives."

He mentioned that the 2025 budget remains developmental and is surplus, noting that the primary surplus stands at 4.8%. He added, “Given the current conditions, our economy indeed has positive prospects, but in an environment of great uncertainty due to geopolitical developments. Therefore, we are moving forward with surplus budgets to be able to face any challenges, while simultaneously being able to implement social policies.”

Receiving the budget, Ms. Demetriou emphasized that attention must be given to social policy, adding that "we must maintain economic stability and outlook, which is very important given the disruptions and developments in the region."

She assured Mr. Keravnos that the Parliamentary Committees, especially the Finance Committee, will do what is necessary and will carry out parliamentary scrutiny, noting that the budget discussions will occupy the House of Representatives until the second decade of December, when the budget will be voted on.

"We will analyze and review every component of the budget with the common goal of achieving the best possible outcome so that our state can function, the state's economy can thrive, and there is proper financial distribution of resources where priority is required," noted the President of the House.

Mr. Keravnos expressed his readiness to provide any necessary information and to engage in productive discussions with the Finance Committee.

Ms. Demetriou said that voting on the budget in the House of Representatives is the supreme legislative act, noting, "We look forward to this process so we can simultaneously convey all the feedback we receive from the citizens."

The President of the House mentioned that "we must ensure that we do not experience delays in the submission of budgets. Particularly regarding semi-governmental organizations, I have also sent a letter to the Honorable President of the Republic of Cyprus, and I am confident – as you have also mentioned in the Council of Ministers – that you will take all necessary actions to prevent this delay, which, as you understand, also places the House of Representatives in a difficult position."

She noted that the House wishes to have the necessary time to conduct parliamentary scrutiny as required, "so that we do not face last-minute budget submissions and experience pressure on the work produced as well as parliamentary functions."

Mr. Keravnos agreed with Ms. Demetriou's position, noting that two letters have already been sent, and numerous oral reminders have been made. He added that he expects each Minister to push the semi-governmental organizations under their jurisdiction to ensure timely submission of their budgets.

The President of the House responded that "perhaps we should examine whether we are entitled to regulate this issue legislatively – there are some discussions here in the House – so that we are not faced with the same situation every year."