Politis

Cyprus Parliament Approves Twelfth-Month Allocations and Budgets for State Organizations

Published January 22, 2026, 18:24
Cyprus Parliament Approves Twelfth-Month Allocations and Budgets for State Organizations

The Plenary Session of the Cypriot Parliament approved twelfth-month allocations for semi-state organizations for February, allowing them to make expenditures without an approved budget. This decision was deemed necessary due to the pending budgets of several organizations. Simultaneously, the budgets of three organizations with outstanding issues were approved. The President of the House Finance Committee reminded that the budgets of another seven organizations are still pending, while the Acting President of the Parliament referred to the call of the President of the Parliament for the faster submission of budgets. The authorization for expenditures is limited to the amount of expenses foreseen for February 2025 in the respective budgets. Legislation provides for the timely submission of the budgets of semi-state organizations to the Parliament, however, the delay of some of them makes the provision of this authorization necessary. The budgets of the Public Audit Oversight Authority (€1,870,000) and the Unified Resolution Authority for Financial Disputes (€1,001,644) were approved. The budget of the Public Audit Oversight Authority is balanced, while the budget of the Unified Resolution Authority for Financial Disputes is deficit, with an increase in revenues compared to 2025 due to the increase in provisions for contributions from financial institutions.