Cyprus Takes Bold Step Towards Cancer Care With New €10M Pediatric Oncology Clinic

by THEFUTURE.TEAM

February 17, 2025

In a transformative leap for children’s healthcare, Cyprus is set to break ground on a new Pediatric Oncology Clinic in Nicosia, following the signing of a €10 million agreement at the Presidential Palace. The clinic, backed by the Cleanthous Foundation, promises to elevate the island’s cancer care to international standards, offering hope and advanced treatment for young patients battling cancer and hematological diseases.

President Nikos Christodoulides, who attended the agreement ceremony, hailed the project as an “investment in life, hope, and the future.” The deal was officially sealed by Health Minister Michalis Damianos, State Health Services Organisation (Okypy) President Marinos Kallis, and Maria Charalambidou, the President of the Cleanthous Foundation. The new clinic will be strategically located on state-owned land near Makarios Hospital, with Okypy overseeing its management once completed.

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This initiative is poised to make Cyprus a regional leader in pediatric cancer care. As President Christodoulides noted, with the Cleanthous Foundation’s contribution, the island could become a vital hub for the treatment of childhood cancer, extending its influence far beyond its borders. The foundation’s commitment, he emphasized, is a gift not only to Cyprus but to the entire region.

Maria Charalambidou, in her address, shared the foundation’s vision of not only providing top-tier medical treatment but also fostering a nurturing environment where children can continue to learn and grow. The clinic’s design includes dedicated research spaces, reflecting the foundation’s aim to enhance Cyprus’ role in childhood cancer research.

Okypy’s Marinos Kallis also provided important context, revealing that approximately 42 new cases of childhood cancer are diagnosed each year in Cyprus. Alarmingly, there has been a notable increase in thyroid cancer among adolescents, particularly girls aged 15 to 19. However, the good news is that the cure rate for childhood cancers in Cyprus stands at an impressive 100%.

This €10 million project is more than just a clinic—it symbolizes hope, innovation, and compassion for the youngest patients facing their toughest battles.

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Cyprus Posts €573.3M Fiscal Surplus In Q1 2026

by THEFUTURE.TEAM

May 4, 2026

Robust Fiscal Health Marks Strong Start To 2026

The Cyprus government has reported a fiscal surplus of €573.3 million in the first quarter of 2026, according to preliminary figures from the Cyprus Statistical Service. This healthy surplus, which accounts for 1.5% of the nation’s GDP, reflects a slight decrease from the €600.60 million surplus (1.6% of GDP) recorded in the corresponding period of 2025.

Revenue Growth: A Detailed Break Down

Total revenue surged by €194.00 million, or 5.4%, reaching €3.81 billion compared with €3.61 billion during the same quarter last year. Key components of this growth include:

Income and wealth taxes increased by €107.80 million (10.9%), amounting to €1.09 billion.
Social contributions rose by €86.00 million (7.3%) to €1.26 billion.
Taxes on production and imports grew by €31.50 million (2.9%), totaling €1.12 billion.
Net VAT revenue climbed by €34.60 million (4.8%), reaching €758.80 million.
Capital transfers, though modest, increased by €0.60 million (13.6%) to €5.00 million.

Expenditure Shifts And Sectoral Variances

Despite robust revenue, the governmental expenditure also increased notably by €221.30 million (7.3%) to €3.23 billion. Noteworthy changes include:

Intermediate consumption grew by €25.60 million (9.2%), reaching €303.70 million.
Compensation of employees, including social contributions and civil service pensions, rose by €23.00 million (2.4%) to €974.80 million.
Social benefits experienced an increase of €82.30 million (6.4%), climbing to €1.36 billion.
Interest payments surged by €29.90 million (41.1%), totaling €102.70 million.
Current transfers saw a significant uptick of €58.80 million (31.6%), reaching €245.00 million.
Other fiscal components, such as the capital account and gross capital formation, also recorded modest improvements.
However, some areas experienced a decline with property income falling by €3.30 million (17.5%) and revenue from the sale of goods and services dropping by €19.00 million (7.2%).
Subsidies were reduced by €3.90 million (19.5%), totaling €16.10 million compared to the previous period.

Strategic Implications For The Cypriot Economy

Overall, the data indicate concurrent growth in both revenue and expenditure during the quarter. Higher tax income and social contributions supported revenue performance, while increased spending on social benefits, transfers, and interest payments contributed to the rise in expenditure.

Outlook

As the fiscal year progresses, the balance between revenue growth and expenditure levels will remain central to maintaining a surplus. Future outcomes will depend on how these trends evolve across both sides of the budget.

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