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Ministry of Finance at Ecofin: Challenge the tight timetables for the implementation of the Recovery Plan

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The Minister of Finance briefed the Council on the efforts to revise the national Plan

ΥΠΟΙΚ στο Ecofin: Προκληση τα στ ενα χρονοδιαγραμματα για υλοπ&omicron ;ληση του Σχεδλου Ανακαμψης

The tight timetables for the implementation of the Recovery and Resilience Plan were characterized as a challenge by the Minister of Finance Makis Keraynos during the work of the Council of Economic and Fiscal Affairs of the EU (Ecofin) on Tuesday in Brussels. On Monday, Mr. Keravnos also participated in a meeting of the Eurogroup, his first term under the current government.

On Tuesday EU Finance Ministers approved Finland's updated national Recovery and Resilience Plan and were briefed by the Commission on the current state of the Recovery and Resilience Mechanism.

In his speech, Mr. Keravnos informed the counterparts of the implementation of the national Recovery and Resilience Plan, noting that the main challenge for Cyprus is the tight timelines given the disruptions in supply chains and high inflation.

The Minister of Finance informed the Council of the efforts to review the national Plan in a context where the goals and ambitions are not affected, while at the same time preventing the allocation of resources to unsustainable and obsolete projects.

Reaffirming their support to Ukraine, Ministers were briefed by the Commission on the economic and fiscal implications due to the Russian invasion of the country, focusing on energy-related aspects of the financial markets.

Furthermore, the Ministers of Finance agreed on conclusions for the review of economic governance, calling on the European Commission, before submitting its legislative proposals, to take into account the convergences so far and to continue consultations with the Member States on the points where further discussion is required.

In the specific discussion, Mr. Keravnos stood “in favor of a more realistic and gradual reduction of the public debt, taking into account the national specificities” as stated in a related announcement. At the same time, it is added, Cyprus agrees with “the promotion of the necessary reforms and investments that will lead to an ambitious green and digital transition”. at risk to the sustainability of public finances, and stressed the importance of “ensuring equal treatment by supporting the strict implementation of the new framework, as well as ensuring transparency and accountability to strengthen national ownership and implementation”.

During the work of Ecofin, the Commission presented to EU Finance Ministers its fiscal policy guidelines for 2024, on the basis of which Member States will be invited to prepare their national Convergence and Stability Programmes, which are submitted every April and record the fiscal priorities of each country for the next three years.

The Council also adopted conclusions on the guidelines for the 2024 budget, and agreed on a recommendation on the discharge to be given to the Commission for the implementation of the general EU budget for 2021.

On Monday, Mr. Keravnos participated in the work of the Eurogroup where he presented to the Eurozone Ministers the priorities of the new Cypriot government. The Eurogroup then adopted a statement on fiscal policy guidelines, exchanged views on developments in inflation and on the strategic policy objectives of a digital euro, and also advanced work on aspects of the review of economic governance related to the euro area .

The Eurogroup was also informed by the European Central Bank and the European Commission of the collapse of Silicon Valley Bank in the United States, receiving assurances that there is no direct exposure to that particular bank. In this context, the need for continuous and close monitoring of developments was emphasized.

Source: www.kathimerini.com.cy

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