Finance Minister Makis Keravnos will submit the 2027 state budget to parliament on Thursday. Total spending is set to rise to 14.4 billion euros, from 13.7 billion euros in 2026.
Keravnos will formally hand the budget to House President Annita Demetriou at 11am. Its submission opens almost two months of parliamentary scrutiny.
The cabinet approved the budget last week. It rests on fiscal discipline, spending restraint and faster reforms. Its priorities are keeping public finances in surplus, restraining the state payroll, reducing debt and digital transformation.
Where the money goes
Transfers to social benefits, semi-government organisations, local government and other funds make up the largest share, at 4.49 billion euros. Within that, social benefits rise by 2.9 per cent to 2.3 billion euros. The state payroll comes to 3.75 billion euros and loan repayments to 2.52 billion euros.
Capital spending stands at 594.5 million euros. Major projects include the New Cyprus Museum, the Deneia-Akaki-Astromeritis road, and a series of road and building projects.
Scrutiny timetable
Scrutiny begins on October 12, when Keravnos will be the first to appear before the House Finance Committee. He will set out state revenue, fiscal indicators and economic policy. The Fiscal Council and the Central Bank’s management will follow on the same day.
The committee’s chair, Christiana Erotokritou, sent the schedule to the parliamentary groups on Tuesday. It runs until November 16 and covers ministries, deputy ministries, independent authorities and parliament itself.
Parliament members can also submit written questions on specific issues until November 19, so that they get answers before the final debate in the plenary.
