The Cyprus Finance Ministry has not yet presented the revised bill aimed at creating a framework for overseeing foreign direct investments to the House of Parliament, according to statements made during a meeting of the House Finance Committee on Monday.
This delay is due to the ongoing legislative review process by the state’s legal service, following consultations held with stakeholders in August.
The initial bill was presented to the House Finance Committee in September 2022 and was discussed twice, in September and October of the same year.
The House Finance Committee had scheduled the discussion of this bill on its agenda.
However, Michalis Iakovides, a representative of the Finance Ministry, mentioned that, following the committee’s instructions, the ministry gathered written comments and suggestions and reevaluated all relevant European legislation.
According to Iakovides, the majority of the suggestions were accepted, and the revised bill was sent to interested parties on August 1. On August 30, a meeting was held with stakeholders, during which the Director-General of the Ministry of Finance requested additional time for the legal service to review the revised bill.
House Finance Committee president Christiana Erotokritou stated that only Cyprus and Bulgaria have not yet approved a relevant plan.
In addition, she asked for a timeframe, outlining when exactly the Finance Ministry would be able to submit the revised bill, as the examination of budgets is commencing shortly, and the committee’s time will be limited.
Iakovides noted that the Finance Ministry’s intention is to complete this process swiftly, estimating that it will be ready within September of this year.
In the meantime, approval for additional funds of €120,000 was granted and is moving for a vote in the Plenary.
These funds will cover the cost of administrative staff remuneration until the completion of the hiring process for additional contractual staff to reinforce the Dispute Resolution Agency for Financial Matters.