Cyprus Finance Minister to Present 2027 State Budget with Increased Spending of 14.4 Billion Euros
Finance Minister Makis Keravnos will submit the 2027 state budget to the Cyprus parliament on Thursday, marking the start of nearly two months of scrutiny. The proposed budget sees total spending rise to 14.4 billion euros, up from 13.7 billion euros in 2026, with a focus on fiscal discipline, spending restraint, and accelerated reforms.
Key areas of expenditure include social benefits, which will increase by 2.9% to 2.3 billion euros, and the state payroll totaling 3.75 billion euros. Loan repayments are set at 2.52 billion euros, while capital spending amounts to 594.5 million euros, funding major projects like the New Cyprus Museum and key road infrastructure improvements.
The parliamentary review begins on October 12 when Keravnos will address the House Finance Committee, followed by appearances from the Fiscal Council and Central Bank officials. This process will conclude in mid-November, allowing members to submit detailed questions before final approval.
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