President welcomes the approval of the 2018 state budget

President of Cyprus NicosAnastasiades welcomed today the approval of the 2018 state budget, describing the budget one of responsibility and development.

According to a Presidency announcement, the President of the Republic stated that “despite the fact that we are nearing the climax of the presidential election campaign, nevertheless the House of Representatives acted in a responsible manner and with consensus.”

He says, moreover, that in 2018, the government will implement a balanced budget of responsibility and development and will give back to society in return for the sacrifices it has made.

Describing the main goals of the budget, President Anastasiades says that the 2018 budget aims to boost employment, reduce unemployment to a single-digit number for the first time since 2011 and strengthen the country’s productive base through tax incentives.

He adds that another goal is to enhance the country’s investment outlook, through a new economic model, putting emphasis on energy and technological innovation, among others.

In his statement, the President thanks all those who voted in favour of the budget and contributed to a democratic debate.

The approved budget provides for revenue amounting to Euros 7.7 billion and Euros 7.53 billion total expenditure. The budget surplus is Euros 177 million, while the primary surplus (excluding debt servicing costs) is estimated at Euros 733.6 million.

Source: Cyprus News Agency