Cyprus News Agency: News in English, 08-09-17

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] FINANCE MINISTER STATE BUDGET

[02] SPOKESMAN CYPRUS ISSUE

[03] HOUSE PRESIDENT INDODESIAN DIPLOMATS

[04] CYPRUS OSCE MEETING

[01] FINANCE MINISTER STATE BUDGET

The budget was approved Wednesday by the Cabinet.

The Minister said economic growth is projected at 3.7 per cent with an estimated 0.7% fiscal surplus of the GDP. Inflation is expected to reach 2.5 - 3.0% and public debt is expected to decline to 45% in 2009.

Stavrakis underlined that no taxes will be imposed, noting that the government will focus on strengthening its tax collecting capacity.

The budget provides for revenue of 6.37 billion (bln) euro, (excluding loans) an increase of 4.7% compared with the 2008 revised revenue of 6,08 bln euro, and total expenditure of 7.36 bln euro, (excluding payment of loans) which represents an increase of 10.9% compared to 6.64 bln euro in 2008.

He added that Cyprus President Demetris Christofias` programme envisages a robust and competitive economy and strengthening of the welfare state.

Social benefits and allowances are increased by 27% providing for 1,03 bln compared to 816 millions euro in 2008

Stavrakis noted that the 2009 budget focuses on development, providing for a 16.2% increase in development expenditure which will reach 1,01 bln euro with more than 30 development projects exceeding one million euro.

The Finance Minister underlined however that the dangers emerging from the continuing decline of the global financial markets, the economic slowdown, possible increase in oil prices combined with the increase in food prices may produce inflationary pressures.

He warned that the challenges Cyprus may face in the coming year include a slowdown of the construction sector, which is considered one of the driving forces in the Cypriot economy.

``We expect a significant slowdown in consumption and therefore of revenues from Value Added Tax,`` he added.

The 2009 budget will be tabled to the Parliament for approval, after a debate at the House Finance and Budget Committee.

[02] SPOKESMAN CYPRUS ISSUE

He was commenting on the second meeting between President Christofias and Turkish Cypriot leader Mehmet Ali Talat, as part of peace talks which take place in the Nicosia buffer zone, under UN auspices, and aim at reaching a comprehensive solution of the Cyprus problem.

The Greek Cypriot side and the Cypriot President have always tackled these negotiations with great responsibility and seriousness, with good preparation and adherence to principles, with determination and flexibility, he said.

[03] HOUSE PRESIDENT INDODESIAN DIPLOMATS

During the meeting, they discussed bilateral relations and particularly cooperation between the parliaments of the two countries in the context of their participation in international organisations.

The prospect of exchanging visits both at the level of Presidents of the two Parliaments and parliamentary delegations was also discussed at the meeting.

[04] CYPRUS OSCE MEETING

The meeting is organised by the Organisation for Security and Cooperation in Europe (OSCE), the United Nations Office on Drugs and Crime (UNODC) and the government of Cyprus.

The meeting aims at discussing the threats and challenges of money laundering and human trafficking, to explore the opportunities for co-operation and to identify possible joint initiatives and best international practices. Experts from 24 countries, mostly of the Mediterranean Region will participate in the meeting, together with the representatives from OSCE and UNODC.

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