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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Cyprus forecasts deficits in 2009-12 Stability Programme ]

Cyprus forecasts deficits in 2009-12 Stability Programme

Cyprus forecasts deficits in 2009-12 Stability Programme
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February 16, 2009

The Cyprus government submitted the Stability Programme 2008-2012 (SP) to the European Commission, the main feature of which is that after several years of running surpluses, the government is now forecasting that the budget will be in deficit.

According to the SP, the government aims to promote growth and strengthen social cohesion (via redirecting resources in favour of social expenditure and growth-enhancing expenditure) as well as to lower public debt compared to GDP over the medium term thus allowing for more flexibility in fiscal policy making.

Fiscal policy strategy is to continue consolidating public finances aiming to reduce public debt with emphasis placed on the need to curtail current expenditure and restructure public spending. Emphasis is also placed on targeted social spending i.e. redirecting resources towards infrastructure.

The basic scenario presented in the SP calls for real GDP of 2.1% in 2009 and 2.4% in 2010 with recovery gathering pace in 2011-12. From the demand side of things, private consumption growth is expected to slow considerably from 7.2% in 2008 to 3.8%. Investment activity is expected to slow down due to deterioration in construction activity. In particular investment in buildings is expected to contract from 1.2% in 2008 to -6.9% in 2009, whilst total investment growth is expected to exhibit a smaller contraction.

(Source: Financial Mirror,

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