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Cyprus And Greece Forge Unified Maritime Strategy At IMO Assembly

At the 34th General Assembly of the International Maritime Organisation (IMO) in London, Cyprus and Greece presented a cohesive vision for a robust, equitable, and forward-looking maritime framework. The two nations emphasized the need for regulations that balance environmental ambitions with the economic realities of global trade.

Unified Vision For Sustainable Regulation

Representing Cyprus, Shipping Deputy Minister Marina Hadjimanolis outlined an agenda centered on cooperation, resilience, and progress. Highlighting the importance of agile and credible governance, she stressed that the IMO must bolster technical collaboration and drive innovation to safeguard both the maritime sector and the world’s oceans for future generations. Hadjimanolis underscored Cyprus’s commitment to a strong, fair, and inclusive organisation, noting the steadfast unity of member states in striving for a financially sound and forward-looking IMO.

Championing Innovation And Historical Heritage

Greece, meanwhile, reinforced parallel priorities while advancing its candidacy for Category A membership on the IMO Council. Minister of Shipping and Island Policy Vasilis Kikilias articulated Greece’s deep historical ties to the sea—a narrative that spans from ancient maritime legends to the modern economic imperatives of today. His appeal to IMO delegates was a call not only to support Greece’s national interests but also to endorse a global regulatory framework that incorporates contemporary realities, such as the rise of LNG as a pivotal fuel source.

Balancing Environmental Goals With Economic Realism

Both ministers converged on the necessity of avoiding a fragmented regulatory landscape that could hinder international shipping. Kikilias warned that an array of disparate regulations would only complicate global maritime operations, advocating instead for rules that marry environmental ambition with economic practicality. He cautioned against punitive measures in the green transition and stressed the need for realistic timelines and incentive mechanisms to prevent economic and technological disruptions.

Ensuring Global Trade Stability

Addressing the broader impact of maritime policies, Kikilias reminded delegates that 80 to 90 percent of world trade is transported by sea. This statistic underlines the global responsibility to manage issues of green energy, competitiveness, and cost pressures with precision. Emphasizing the interconnected challenges of energy prices, inflation, and freight costs, he called for collective action to protect both the economic future and environmental well-being of nations. His closing remarks condemned all attacks on merchant ships and seafarers, denouncing piracy as a severe threat to global commerce.

By championing coordinated global solutions, both Cyprus and Greece reaffirmed the IMO as the central forum for ensuring stability and fairness in maritime regulation. Their speeches underscored a shared commitment to building a sustainable maritime future that honors both historical legacies and modern economic imperatives.

Cyprus Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026

Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.

Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.

Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.

Key Fiscal MeasureJanuary–September 2025January–September 2026
Total revenue€11,353.9 million€12,091.8 million
Total expenditure€10,186.2 million€10,482.1 million
Government surplus€1,167.6 million€1,609.7 million
Surplus as a share of GDP3.0%4.0%

Income Taxes And VAT Lead Revenue Growth

Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.

Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.

Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.

Some Revenue Streams Decline

Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.

Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.

Social Benefits And Personnel Costs Increase

On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.

Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.

Lower Capital Spending Limits Expenditure Growth

The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.

Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.

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