The Fiscal Council for Economy is ringing a bell

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ΑΡΧΙΚΗΕΙΔΗΣΕΙΣΠΟΛΙΤΙΚΗΤΟΠΙΚΑΠΑΡΑΣΚΗΝΙΟMEDIAΕΛΛΑΔΑΚΟΣΜΟΣΕΠΙΣΤΗΜΗΠΡΟΕΔΡΙΚΕΣ 2023ΤΕΧΝΟΛΟΓΙΑΣΥΝΕΝΤΕΥΞΕΙΣΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΟΙΝΩΝΙΑΕΙΔΗΣΕΙΣΚΥΠΡΟΣ ΤΟΥ ΧΘΕΣΑΝΑΓΝΩΣΤΗ ΕΧΕΙΣ ΛΟΓΟΕΠΙΣΤΟΛΕΣΣΥΝΕΝΤΕΥΞΕΙΣΔΗΜΟΦΙΛΗ ΣΤΟ INTERNETVIDEOSΑΦΙΕΡΩΜΑΤΑADVERTORIALINSIDERΕΠΙΧΕΙΡΗΣΕΙΣΚΥΠΡΟΣBRAND VOICECAPITALFORBESBLOOMBERG OPINIONΠΡΩΤΑΓΩΝΙΣΤΕΣΚΑΥΤΗ ΓΡΑΜΜΗΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΑΡΙΕΡΑΑΠΟΨΕΙΣΑΡΘΡΑ ΣΤΟΝ “Φ”ΠΑΡΕΜΒΑΣΕΙΣ ΣΤΟΝ “Φ”ΤΟ ΜΗΝΥΜΑ ΣΟΥ ΣΚΙΤΣΑΟ ΚΟΣΜΟΣ ΤΟΥ TWITTERGOING OUTTHINGS TO DOCINEMAΜΟΥΣΙΚΗΕΣΤΙΑΤΟΡΙΑBAR/CAFETV ΟΔΗΓΟΣΤΗΛΕΟΡΑΣΗΠΟΛΙΤΙΣΜΟΣΚΥΠΡΟΣΚΟΣΜΟΣΚΡΙΤΙΚΕΣΕΚΔΗΛΩΣΕΙΣΠΡΟΣΩΠΑΑΘΛΗΤΙΚΑΠΟΔΟΣΦΑΙΡΟΜΠΑΣΚΕΤΠΑΡΑΣΚΗΝΙΑΕΛΛΑΔΑΔΙΕΘΝΗΑΛΛΑ ΣΠΟΡΑΠΟΨΕΙΣΣΚΙΤΣΟVIDEOSAUTOΝΕΑΠΑΡΟΥΣΙΑΣΗΑΠΟΣΤΟΛΕΣΑΓΩΝΕΣΚΑΛΗ ΖΩΗΥΓΕΙΑΔΙΑΤΡΟΦΗΕΥ ΖΗΝΑΣΤΡΑΧΡΥΣΕΣ ΣΥΝΤΑΓΕΣΣΥΝΤΑΓΕΣ ΣΕΦΒΗΜΑ ΒΗΜΑΧΡΗΣΙΜΑΦΑΡΜΑΚΕΙΑΓΙΑΤΡΟΙΑΕΡΟΔΡΟΜΙΑΛΙΜΑΝΙΑΤΗΛΕΦΩΝΑΟΠΑΠΚΑΙΡΟΣΣΥΝΑΛΛΑΓΜΑΛΑΧΕΙΑAPPSΠΡΟΣΦΟΡΕΣΕΝΤΥΠΗ ΕΚΔΟΣΗ ΠΟΛΙΤΙΚΗΤΟΠΙΚΑΠΑΡΑΣΚΗΝΙΟMEDIAΕΛΛΑΔΑΚΟΣΜΟΣΕΠΙΣΤΗΜΗΠΡΟΕΔΡΙΚΕΣ 2023ΤΕΧΝΟΛΟΓΙΑΣΥΝΕΝΤΕΥΞΕΙΣΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣ ΕΙΔΗΣΕΙΣΚΥΠΡΟΣ ΤΟΥ ΧΘΕΣΑΝΑΓΝΩΣΤΗ ΕΧΕΙΣ ΛΟΓΟΕΠΙΣΤΟΛΕΣΣΥΝΕΝΤΕΥΞΕΙΣΔΗΜΟΦΙΛΗΣΤΟ INTERNETVIDEOSΑΦΙΕΡΩΜΑΤΑADVERTORIAL ΕΠΙΧΕΙΡΗΣΕΙΣΚΥΠΡΟΣBRAND VOICECAPITALFORBESBLOOMBERG OPINIONΠΡΩΤΑΓΩΝΙΣΤΕΣΚΑΥΤΗ ΓΡΑΜΜΗΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΑΡΙΕΡΑ ΑΡΘΡΑ ΣΤΟΝ “Φ”ΠΑΡΕΜΒΑΣΕΙΣ ΣΤΟΝ “Φ”ΤΟ ΜΗΝΥΜΑ ΣΟΥ ΣΚΙΤΣΑΟ ΚΟΣΜΟΣ ΤΟΥ TWITTER THINGS TO DOCINEMAΜΟΥΣΙΚΗΕΣΤΙΑΤΟΡΙΑBAR/CAFETV ΟΔΗΓΟΣΤΗΛΕΟΡΑΣΗ ΚΥΠΡΟΣΚΟΣΜΟΣΚΡΙΤΙΚΕΣΕΚΔΗΛΩΣΕΙΣΠΡΟΣΩΠΑ ΠΟΔΟΣΦΑΙΡΟΜΠΑΣΚΕΤΠΑΡΑΣΚΗΝΙΑΕΛΛΑΔΑΔΙΕΘΝΗΑΛΛΑ ΣΠΟΡΑΠΟΨΕΙΣΣΚΙΤΣΟVIDEOS ΝΕΑΠΑΡΟΥΣΙΑΣΗΑΠΟΣΤΟΛΕΣΑΓΩΝΕΣ ΥΓΕΙΑΔΙΑΤΡΟΦΗΕΥ ΖΗΝΑΣΤΡΑΧΡΥΣΕΣ ΣΥΝΤΑΓΕΣΣΥΝΤΑΓΕΣ ΣΕΦΒΗΜΑ ΒΗΜΑ ΦΑΡΜΑΚΕΙΑΓΙΑΤΡΟΙΑΕΡΟΔΡΟΜΙΑΛΙΜΑΝΙΑΤΗΛΕΦΩΝΑΟΠΑΠΚΑΙΡΟΣΣΥΝΑΛΛΑΓΜΑΛΑΧΕΙΑAPPSΠΡΟΣΦΟΡΕΣ ΕΠΙΧΕΙΡΗΣΕΙΣ ΚΥΠΡΟΣ BRAND VOICE CAPITAL FORBES BLOOMBERG OPINION ΠΡΩΤΑΓΩΝΙΣΤΕΣ ΚΑΥΤΗ GOLD LINE CAREER COMPANIES

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The Fiscal Council is sounding the alarm about the delay in fulfilling the 14th and final condition for the implementation of the Resilience and Development Plan (SDP) of Cyprus, warning that “continuing the delay in the implementation of the SDP will lead the Fiscal Council in an unfavorable revision of the forecasts for growth and unemployment”.

The full announcement follows:

The Fiscal Council notes with concern the delay in the fulfillment of the 14th and last condition for the implementation of the Resilience and Development Plan (SDP) of Cyprus, that without expressing an opinion as to the content of the fulfillment of said condition, it underlines that the issue must be treated as an emergency.

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As reported in a related announcement “we repeat a comment included in the Interim Report of the Fiscal Council (June 2022): “As the Fiscal Council announced when approving the assumptions of the Stability Program, the continuation of the delay in the submission of the financing package, due to the failure to find an agreement on the 14th point of the package in the Parliament, is a substantial risk for the macroeconomic performance of Cyprus.< /i>

Continuing the delay in the implementation of the SAA will lead the Fiscal Council to an unfavorable revision of the forecasts for growth and unemployment. Fiscal assumptions will be affected [but] to a lesser extent.”

We also note the relevant references made in a letter dated May 2, 2022 to the Minister of Finance,  in the context of validating the estimates and forecasts of the Stability Program of the Republic:

“Assumptions that, 'since funding will be delayed but not lost', [the delay in securing funding] is not a serious development, is misplaced and any further delay will jeopardize assumptions about growth, with corresponding implications in employment levels and overall unemployment. Note that under the heading “Other Revenues”, the forecast for increased fiscal revenue of 5.1% is also under threat in case of further delays, with consequential effects on the primary balance and the deficit for 2022.

You must consider the Fiscal Council's view established that the 14th and final condition for disbursement of the specific financing package under the SAA must be completed as a matter of urgency as delays in the implementation of development and reform plans will lead to reductions in economic growth.

Further delays in the passage of this item by Parliament will require a downward revision of the estimates for growth, which are already at 2.1% .”

The Democracy Stability Program is based on two axes of actions – the National Reform Program and the SAA – which are interrelated. Estimates for the course of the economy and public finances are based to a significant extent on these actions. It is therefore normal that in the event of continued delays in the implementation of these plans, the estimates for 2022 will have to be revised downwards reflecting less desirable results, mainly in terms of growth and unemployment and secondarily in public finances.   

We also note that what is at stake is not the 85 million euros of the Pact tranche, but the beneficial consequences that are expected to come from the implementation of all the actions connected to all the plans.< /p>

We call on the political authorities to treat the matter as urgent, in a difficult financial year for the entire economy and society, and to use the next twenty-four hours in order to reach a final agreement.

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Source: www.philenews.com