Bud­get watchdog to mon­i­tor € 500 mln projects

Financial Mirror (Cyprus) - - FRONT PAGE -

Pres­i­dent Ni­cos Anas­tasi­ades said on Fri­day that at its next meet­ing, the Cab­i­net will set up a new mech­a­nism to mon­i­tor the EUR 517.5 mln in public projects an­nounced so far this year and en­sure they do not get em­broiled in red tape.

Pres­i­dent Anas­tasi­ades called on lo­cal author­i­ties, which will mainly over­see the im­ple­men­ta­tion of the projects in all dis­tricts, to be alert and co­or­di­nate with the com­pe­tent min­is­ter on pos­si­ble ir­reg­u­lar­i­ties or de­lays.

He said that “the fact that these de­vel­op­ment projects are an­nounced two and a half years af­ter the coun­try was on the brink of a dis­or­derly de­fault, con­firms that the de­ci­sions taken dur­ing this time were in the right di­rec­tion and that sac­ri­fices made by cit­i­zens were not in vain but re­sulted in the sta­bil­i­sa­tion of the econ­omy.”

“The an­nounce­ment of these projects marks a new era for our coun­try, which now en­ters a phase of cre­ativ­ity and growth,” he said.

As a re­sult of putting the state fi­nances in or­der, the Pres­i­dent said the econ­omy recorded a pri­mary sur­plus for the first time in 2014, whilst in the first quar­ter of 2015 Cyprus ex­ited re­ces­sion af­ter four years and had a pos­i­tive growth rate and pre­dic­tions for the next six months are even more en­cour­ag­ing.

Cyprus, he noted, as a re­sult of fis­cal con­sol­i­da­tion and be­ing able to bor­row from the mar­kets, was able to ser­vice its public debt more ef­fec­tively, which also led to the gov­ern­ment mak­ing sav­ings.

“It is these sav­ings in com­bi­na­tion with get­ting im­proved co-fi­nanc­ing terms from EU funds that have al­lowed me to an­nounce the im­ple­men­ta­tion of cer­tain projects which will con­trib­ute to growth, cre­ate new jobs and im­prove the qual­ity of life for the cit­i­zens”, he adds.

Dis­trict Of­fi­cers in each dis­trict are re­spon­si­ble to mon­i­tor the progress of the projects, he said.

Last Thurs­day, Anas­tasi­ades an­nounced new projects worth EUR 64 mln for Lar­naca Dis­trict and 95 mln for Fa­m­a­gusta Dis­trict.

In early July, he an­nounced de­vel­op­ment projects worth EUR 147 mln for Li­mas­sol Dis­trict, and in June projects worth 60 mln for Paphos Dis­trict and 174 mln for Nicosia.

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