Harris Georgiades says the state budget, which the Cabinet approved Wednesday, is balanced after being in a deficit earlier.
He says there’s no need for any additional tax increases or spending cuts. In fact, the budget foresees a 5% increase in spending while “gradual and careful” steps are being taken to ease the tax burden.
Cyprus a eurozone member, received a €10 billion ($11.23 billion) rescue deal from international creditors in 2013 that included a grab of uninsured deposits from the country’s two largest banks. The smaller of the two lenders was shuttered.
The rescue program concludes early next year.