Minister of Finance, Makis Keravnos, exchanged views on the performance and prospects of the Cypriot economy, especially in relation to the progress of the implementation of EU-funded projects, during a meeting in Nicosia on Monday with member of the European Court of Auditors (ECA), Lefteris Christoforou, who delivered to the Minister the 2023 Annual Report of the ECA.

The report concerns the work of the ECA and of its Cyprus office on issues concerning the country.

According to an announcement by the Finance Ministry, Christoforou “expressed his satisfaction with the fact that Cyprus ranked first in 2023 among the Member States in terms of the absorption rate – 100% - as regards the Cohesion Policy funds (European Regional Development Fund, European Social Fund, Cohesion Fund and Youth Employment Initiative)”.

At the same time, it adds, “he stressed” that, over time, Cyprus has been ranking first in the absorption of funds “with extremely low levels of findings and imputability”. He also expressed the certainty that “the excellent performance” would continue with the implementation of high-quality projects.

It also noted that upon receiving the report, Keravnos thanked Christoforou and assured him that the implementation of projects co-financed by both the Recovery and Resilience Facility and the Cohesion Policy Funds was closely monitored by the Government, expressing certainty about the full utilisation of European resources for the benefit of the economy and of citizens.