The 2026 state budget is a growth budget and continues to maintain the resilience of the economy, Finance Minister Makis Keravnos said on Thursday presenting the budget to President of the House of Representatives Annita Demetriou.
The House President noted the importance of the budget having surplus and growth and added that the debate in Parliament begins on October 13.
“It is a growth budget, which continues to maintain the resilience of our economy with the necessary surpluses so that we can reduce public debt, release the potential and strength of the economy, and be able to offer more development, more social policy and more security for the citizens of our country,” the Finance Minister stressed.
Demetriou expressed satisfaction for the fact that the Minister gives emphasis on social policy adding that the Parliament supports vulnerable groups of the society as priority.
The 2026 budget amounts to pound 10.7 billion, excluding amortization expenses. Revenue for 2026 is estimated at a total of pound 12,681,631,000, while expenses are estimated at pound 10,779,960,000.
There is an additional pound 2,274,500,000 for loan repayments, as well as pound 665,200,000 for interest. The total amount of expenses amounts to pound 13,719,660,000.
The Minister of Finance said that since 2024 the state budget is prepared under the new economic governance decided by the European Commission and added that Cyprus as an EU member state “follows these rules faithfully so that we can give what we have to, to the society, the country and our citizens, in this difficult time of conflicts in our region and with the ongoing war in Ukraine”.
He also stressed that all our actions and decisions take into consideration the national problem of Cyprus until the country is reunited.
Meanwhile, replying to a question, the Finance Minister expressed confidence that, despite the Parliament’s workload, “through good cooperation and good understandings” the tax reform will be approved by the Parliament in a timely manner so that it is implemented by the first of January 2026.