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Cyprus State Budget Implementation: Strong Revenue Growth, Stable Expenditure

by THEFUTURE.TEAM

February 17, 2025

Cyprus’s state budget for 2024 has shown solid performance, with revenue reaching 96% of projections and expenditure hitting 91%, according to the latest figures from the Treasury.

The 2024 budget saw a significant 16% increase in revenue, rising to €11.28 billion from €9.77 billion in 2023. This growth was largely driven by a rise in both indirect and direct taxes—up by €0.68 billion and €0.61 billion, respectively. Meanwhile, expenditure grew by 13%, totaling €13.6 billion, with the increase mainly attributed to higher loan repayments (€0.91 billion) and increases in salaries, pensions, and gratuities (€0.40 billion).

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Despite the strong revenue growth, total state revenue for 2024 amounted to €10.81 billion, or 96% of the budgeted target. This marks a slight decline compared to last year’s 102% revenue implementation rate, primarily due to lower loan disbursements and a slight reduction in indirect tax collection.

Expenditure for 2024 was in line with projections, maintaining the same 91% implementation rate as in 2023, amounting to €12.42 billion.

Key highlights include a €0.15 billion (4%) increase in indirect taxes, mainly from higher VAT revenues (€3.08 billion in 2024 versus €2.96 billion in 2023). Direct taxes also saw a notable increase, up by €0.58 billion (18%) to €3.47 billion, thanks to a rise in income tax revenues.

Loan disbursements have increased by 3%, with long-term foreign loans contributing to the rise (€1.17 billion in 2024, up from €1.14 billion in 2023).

Overall, the 2024 budget reflects Cyprus’s stable fiscal management, with robust revenue growth helping to cover higher expenditures, even as the government continues to manage its loan commitments.

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FinTech’s Dominance In MENA: Three Strategic Drivers Behind Unyielding VC Success

by THEFUTURE.TEAM

September 11, 2025

Despite facing tightening global liquidity and macroeconomic headwinds, the FinTech sector continues to assert its leadership in the MENA region. In the first half of 2025, FinTech emerged as the most resilient and appealing arena for venture capital investments, proving its worth as a catalyst for financial innovation and inclusion.

Addressing Structural Financial Gaps

In many parts of MENA, a significant proportion of the population remains underbanked and underserved by traditional financial institutions. FinTech companies are uniquely positioned to address these persistent challenges by bridging critical access gaps and driving financial inclusion. With the proliferation of payment apps, digital wallets, and micro-lending platforms, investors have witnessed firsthand how these solutions pave the way for scalable growth and eventual exits. Early-stage momentum in the region is underscored by a doubling of pre-seed deals year-over-year, reinforcing the sector’s capacity for rapid innovation and sustainable expansion.

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Highly Scalable and Replicable Business Models

One of the key factors behind FinTech’s dominance is the inherent scalability of its business models. Once the necessary infrastructure and regulatory approvals are in place, these models have demonstrated robust performance across borders. The first half of 2025 saw a marked acceleration in deal activity, with payment solutions leading the charge with 28 deals in MENA—a significant increase over the previous year. Lending platforms, in particular, experienced a meteoric 500% year-over-year increase in funding, emerging as the fastest-growing subindustry. Such replicability makes FinTech an attractive proposition for investors seeking high-growth opportunities in diverse markets.

Supportive Regulatory And Government Backing

The strategic support offered by key government initiatives in the UAE and Saudi Arabia has been instrumental in propelling the FinTech sector forward. Progressive frameworks, such as the UAE’s open finance and digital asset directives, coupled with Saudi Arabia’s live-testing sandboxes, have materially lowered entry barriers for startups. These measures not only foster innovation but also streamline the path to commercialization. Consequently, the combined efforts of these regulatory bodies have enabled the UAE and Saudi Arabia to account for 86% of MENA’s total FinTech funding in H1 2025.

The resilience of FinTech in MENA is not merely a reflection of contemporary market trends—it signals a fundamental shift in the region’s economic fabric. With an unwavering commitment to addressing real financial challenges, scalable and replicable business practices, and robust regulatory support, FinTech is setting the benchmark for sustainable innovation. As capital markets become increasingly discerning, this sector stands out as a beacon of long-term growth and transformative impact.