The Ministry of Finance has postponed the submission of a revised bill that establishes a regulatory framework for monitoring direct foreign investments. The bill, currently under legal review by the Legal Service, is expected to be discussed by the Economic Committee of Parliament soon. This comes after a series of consultations with key stakeholders throughout August.

Previously, in September and October of 2022, the original draft of this bill underwent two rounds of discussions. Despite being on the Economic Committee's agenda, Michalis Iakovides, a spokesperson for the Ministry of Finance, revealed that the Ministry is reassessing the draft in light of the committee's feedback and the examination of European laws. While most feedback was incorporated, a finalized version was presented to stakeholders on August 1st.

During a subsequent meeting on August 30th, the Ministry's General Director sought additional time for an in-depth review of the revised bill in conjunction with the Legal Service.

Expressing concern over the delay, Christiana Erotokritou, Chairwoman of the Committee and a DIKO representative, highlighted that Cyprus and Bulgaria remain the only EU countries without a similar approved plan. She urged the Ministry for a specific timeline for the bill's resubmission, as upcoming budget reviews will strain the committee's schedule.

Mr. Iakovides responded with optimism, anticipating the completion of the process by the end of September.

In related news, a budget increase of €120,000 was greenlit, aiming to address administrative salary costs. This provisional budget will ensure continuous operations at the Extrajudicial Resolution of Financial Disputes Agency until the hiring of additional staff is finalized.