The Cyprus government needs €361 million extra-budgetary funds for 2023 and that’s why a second supplementary budget was sent to the House of Representatives on Thursday.
The second supplementary budget will cover – amongst other – costs of the agreement reached on the increase in the rate of return of the Cost of Living Allowance.
As well as the additional benefit to low pensioners and costs from measures taken in recent months to address the issue of the island’s rising unemployment.
The budget will also cover additional expenditure for the granting of social benefits and appropriations to strengthen the health, education and sports sectors, as well as the housing project for displaced persons. Moreover, measures taken to support the agricultural sector will also be financed through the additional budget.
The second supplementary budget was submitted to Parliament just 114 days after the new government took office on March 1.
A first supplementary budget of €75 million was approved in April so as to cover the costs of the extended electricity subsidy scheme which expires at the end of this month. As well as measures to support Ukrainian refugees and unaccompanied children from the war-torn country.
The 2023 budget, approved in December, provides for general government expenditures of €11.29 billion and revenues of €11.76 billion.