House Plenary to vote for state budget 2016

House Plenary to vote for state budget 2016

The House plenary is set to approve the 2016 state budget later today, which is the last submitted under the Memorandum of Understanding and the program for financial support of Cyprus.

The budget has been prepared on the basis of the forecasts of the updated macroeconomic adjustment program of July 2015.

Parliamentary parties will continue the debate that commenced on Thursday and are expected to vote on the budget on Wednesday evening.

The budget provides for state revenue of €5,9 billion, and expenditure amounting to €7.4 billion. The total expenses for 2016 decreased by 0.4% compared with 2015 while revenues increase by 1.4%.