Cyprus Public Debt Expected to Approach 50% by 2025, Says Keraunos

The Minister of Finance, Makis Keraunos, stated that Cyprus' public debt is expected to decrease to around 50% by the end of 2025, earlier than previous estimates.

According to Mr. Keraunos, the Council of Ministers discussed the EU assessment report for the 2025 European Semester for Cyprus, which recognizes the country's strong economic growth and high primary surpluses.

The Minister emphasized that the debt reduction will free up financial resources for development spending and defense.

The EU report also mentions that macroeconomic imbalances have decreased, and Cyprus is no longer characterized as a country with imbalances. However, challenges are noted regarding spending for 2025 and the need for improvement in Research and Innovation.

Mr. Keraunos also referred to efforts to reduce bureaucracy and improve the governance framework of state entities.