Cyprus Immigration focus on Cyprus economic development: Cypriot Finance Minister Harris Georgiades stated on the 16th that the government has released the 2016 austerity budget, which is the final year before exiting the international bailout program, and that no further austerity measures will be required thereafter.
Georgiades said that the 2016 budget has already significantly reduced the deficit level, and "more importantly, this positive trend of fiscal consolidation does not require further austerity measures to accompany it."
According to this budget, public revenue in Cyprus for 2016 is projected to be 5.937 billion euros, an increase of 1.3% over this year; public expenditure is projected to be 6.092 billion euros, an increase of 1.4% over this year.
Georgiades also warned that even if Cyprus successfully exits the bailout program, it does not mean there can be any relaxation in the sound management of public finances.
He said the Ministry of Finance expects economic growth to exceed 1% this year, higher than the forecasts of international institutions; the economy is expected to grow by 1.4% in 2016 and by more than 2% in 2017.
The 10 billion euro bailout agreement reached by the Cypriot government with the Eurogroup and the International Monetary Fund in March 2013 will expire next year. Under this agreement, the Cypriot government has adopted a series of austerity measures, including reducing public sector wages and pensions, and increasing taxes.