During its meeting last Friday, the House approved the state budget for 2002. Thirty representatives voted for the Budget, from the parties of DISY, DIKO, EDI and ADIK with two voting against, the NEOI party and the Environmentalists Movement. AKEL’s MPs and the Social Democrats abstained from voting.

Finance Minister Takis Klerides expressed his satisfaction for the endorsement of the Budget and stated that it will give the government the opportunity to continue its difficult task of proper fiscal policy. According to Mr. Klerides, the government will continue to endeavor to bring the Cyprus economy in line with EU directives with a view to the country’s accession. Such aims include the sustenance of high economic growth rates and continuous improvement of standards of living, employment and containment of inflation at low levels, towards which full implementation of the proposed tax reforms will contribute greatly. Tax reforms are also expected to give the economy the necessary momentum for further growth.