Accra:Finance Minister Makis Keravnos will present the 2027 state budget to the House Committee on Financial and Budgetary Affairs on Monday, where he will discuss state revenues, fiscal indicators, and the country's economic policy and fiscal situation.

According to Cyprus News Agency, the meeting is set to begin at 915 a.m. local time. The Chairman of the Fiscal Council and the Governor of the Central Bank will also address the MPs. The discussions on the budget for each ministry and other institutions are expected to conclude by November 16. This will be followed by a three-day debate in December in the House plenary session before the budget is voted on.

The proposed budget outlines total expenditures of 14.4 billion pounds, an increase from 13.7 billion pounds in 2026. It emphasizes social welfare, health, education, and infrastructure improvements. Notably, 820 million pounds are earmarked for social welfare benefits, 1,066 million pounds for health, and 235 million pounds for education. Moreover, 148.8 million pounds are allocated for road network projects, marking a significant increase compared to 2026.

The government highlights responsible fiscal management, allowing more resources to be directed towards key areas while maintaining economic stability. The administration under Nikos Christodoulides projects a fiscal surplus reaching approximately 4% of GDP by 2027, with public debt expected to fall to 45.2% of GDP by the end of 2027.

Economic projections indicate a growth rate of 2.9%, unemployment around 3.8%, and inflation easing to 2.5%. These figures underscore the government's consistent management of public finances, aiming to support households and businesses effectively. The Finance Ministry anticipates a constructive dialogue with parliament, emphasizing that the budget's approval is crucial for maintaining economic stability and implementing key projects.