Fiscal Council urges cautious investment of social insurance fund reserves and gradual repayment of state borrowing
Andreas Charalambous, chairman of the Fiscal Council, urged the Cypriot government to act responsibly regarding plans to invest the social insurance fund’s cash reserves. He emphasized the importance of avoiding high-risk ventures that could jeopardize the fund, advocating for realistic expectations around low-risk returns.
Charalambous also addressed the government’s intention to end state borrowing from the social insurance fund, which currently stands at around €12 billion. He recommended a gradual approach to halting further borrowing and repaying existing amounts to prevent a financial crisis, suggesting initial steps like stopping additional borrowing and maintaining balanced budgets.
Highlighting demographic challenges, Charalambous noted that Cyprus’s ageing population means social insurance funds alone cannot sustain adequate pensions long-term. He supported government plans to encourage private pensions and warned against lowering the retirement age below 65, citing demographic data and pension sustainability concerns.
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