Cyprus’ budget implementation by the end of February amounted to just 9% in spending and 13% in terms of revenue, the Treasury said on Monday.
According to the data released by the Treasury by the end of February, state revenue amounted to pound 1.49 billion representing 13% of the total revenue projected in the 2024 state budget, compared with 14% of the respective period of last year.
In end-February, state real expenditure amounted to pound 1.24 billion, accounting for just 9% of total spending of the 2024 state budget, compared with pound 1.41 billion or 12% of the total public expenditure of the corresponding period of 2023. The annual reduction is attributed to the reduced outflows for payments of loans and interest rates.
According to the Treasury historical data in the last ten years, show that the average implementation rate for state expenditure amounted to 11%, excluding 2020, when the implementation rate was 22% due to the full repayment of the loan granted by the IMF.
The Treasury added that
this year’s implementation rate by end-February is due the seasonal nature of the Cyprus debt amortization.
Source: Cyprus News Agency