Finance Minister Makis Keravnos will travel to Luxembourg on Monday (June 17) to participate in the General Affairs Council on Cohesion Policy, Eurogroup, and Ecofin meetings on June 20-21, 2024, as well as the annual meetings of the ESM and EIB Boards of Governors.

On the sidelines of the Council meetings, the Finance Minister is expected to meet with the new President of the EIB, Nadia Calviño, to discuss the establishment of a local office in Cyprus.

According to the Ministry of Finance, on Tuesday, June 18, 2024, the Finance Minister will represent the Republic of Cyprus at the General Affairs Council meeting on Cohesion Policy.

The main topic of the meeting is the integration of Cohesion Policy with the new EU Strategic Agenda for 2024-2029, expected to be adopted by the European Council in late June 2024. Additionally, the Ministers are expected to approve the Council Conclusions on the Communication for the 9th Report on the Future of Cohesion Policy.

On Thursday, June 20, Mr. Keravnos will participate in the Annual Meeting of the Governors of the European Stability Mechanism (ESM) and the Eurogroup sessions.

Eurozone Finance Ministers will initially exchange views on fiscal policies and macroeconomic developments in the Eurozone with IMF representatives, followed by discussions on the international role of the euro amid current geopolitical developments.

Subsequently, Eurozone Finance Ministers will discuss how EU industrial policy can enhance the competitiveness of the European economy.

On Friday, June 21, Mr. Keravnos will attend the Economic and Financial Affairs Council (Ecofin), which will begin with an exchange of views on the economic consequences of the Russian invasion of Ukraine, in the presence of the Ukrainian Finance Minister.

Finance Ministers will then aim to agree on the European Commission's "VAT in the Digital Age" proposal package, which seeks to combat tax fraud using technology and improve the efficiency of the VAT system for businesses.

Further, the Ministers will have a first exchange of views on the Spring Package of the European Semester for coordinating economic policies in the EU and will be briefed on the progress of the Recovery and Resilience Facility in Europe.

Also, on Friday, June 21, Mr. Keravnos will attend the Annual Meeting of the Governors of the European Investment Bank (EIB) and will have a private meeting with the Bank's President, Nadia Calviño.

The private meeting will focus on establishing a local EIB office in Cyprus to further strengthen the Bank's collaboration with various local stakeholders and partners, both in the public and private sectors, as stated in the Ministry of Finance's announcement.