President Christodoulidis Champions Primary Sector Renewal In KOAP 2024 Report

by THEFUTURE.TEAM

November 19, 2025

The President of the Republic, Nikos Christodoulidis, has received the annual 2024 report from the Cypriot Agricultural Payments Authority (KOAP), underscoring the government’s unwavering commitment to strengthening the primary sector and enhancing its contribution to the nation’s GDP.

Renewed Focus On A Revitalized Primary Sector

During his address at the Presidential Mansion, President Christodoulidis welcomed KOAP Commissioner Andreas Kypriannou, highlighting the encouraging trend of increased participation by young farmers in agricultural programs administered by the Ministry of Agriculture in conjunction with KOAP. The President noted, “It is heartening to witness a new generation returning to agriculture,” emphasizing that such initiatives are not only revitalizing the primary sector but also boosting the country’s export potential.

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Steering Through European Fiscal Initiatives

The President also touched on Cyprus’s forthcoming presidency of the European Union, where managing the new Multiannual Financial Framework will be paramount. Key priorities include safeguarding the core initiatives that directly benefit Cypriot citizens, such as the Common Agricultural Policy and the Cohesion Fund. His remarks underscored the critical importance of fully absorbing European funds, an area in which KOAP has achieved nearly a 100% performance record.

Enhanced Government Support For Farmers

Commissioner Kypriannou expressed gratitude for the robust government collaboration, which resulted in a 20% increase in subsidies for farmers in 2024. Forecasts suggest a further uplift to 25% in 2025. Since its inception, KOAP has disbursed a total of €2.27 billion in subsidies, reflecting a steady upward trajectory in support for the agricultural community.

Rapid Government Response In Times Of Crisis

The Commissioner also highlighted the government’s prompt intervention to mitigate damages following the catastrophic wildfire in the mountainous region of Limassol. He praised the agricultural community’s swift and impressive response, which played a pivotal role in the recovery efforts supported by targeted governmental programs.

Looking Ahead To International Collaboration

In an announcement of forward-looking international engagement, Commissioner Kypriannou revealed that he will soon travel to Denmark to receive the emblem of the forthcoming Conference of Agricultural Payments Directors, scheduled to be held in Cyprus in May 2026. President Christodoulidis is expected to attend the conference, signaling a strengthening of ties and cooperation in the agricultural sector both domestically and on the international stage.

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Cyprus Keeps Budget On Track As Tax Revenue Grows

by News Editor

August 24, 2026

Cyprus collected and spent €5.43 billion by the end of July 2026, keeping state revenue and expenditure at the same absolute level halfway through the budget year. Revenue had reached 50% of the annual target, compared with 47% for expenditure.

Compared with the first seven months of 2025, both revenue and spending increased by €260 million. Stronger tax receipts were the main reason for the rise in revenue, while higher operating costs, transfers, grants and social benefits pushed expenditure up.

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Tax Receipts Provide A Major Boost

VAT collections rose by €200 million year-on-year to €1.98 billion, while direct tax revenue increased by €150 million to €1.95 billion. Income tax paid by companies and individuals accounted for most of the increase in direct taxation.

The stronger tax performance has helped the government accommodate higher spending without creating a significant deterioration in the mid-year budget position.

Social Spending And Transfers Rise

The increase in expenditure was not driven by public sector salaries and pensions, which remained broadly unchanged at €1.90 billion.

Instead, social benefits reached €1.13 billion, up €70 million from a year earlier, with additional spending directed towards healthcare, education, housing and welfare. Transfers and grants also increased by €80 million to €1.13 billion.

Operating costs climbed by €120 million to €530 million, partly reflecting higher spending on defence and policing, as well as consultancy and research services.

Development Spending Moves Faster

Capital expenditure reached €165.7 million by July, with 32% of the development budget executed compared with a 28% average for the same period over the past decade.

Major allocations included roads, construction projects, government and school buildings, equipment, and water and sewerage infrastructure.

EU-backed programmes are also supporting areas such as home energy upgrades, sustainable transport, electric mobility, digital transformation and skills development.

Debt Repayments Surge

One of the biggest changes came from public debt transactions. Government borrowing inflows reached €1.31 billion, while loan repayments and related outflows exceeded €2.1 billion.

Foreign debt repayments accounted for €2.06 billion, compared with just €60 million during the same period in 2025. Despite the much larger repayments, financing costs remained broadly stable at around €430 million.

A Balanced Mid-Year Picture

Overall, Cyprus’s public finances remain broadly on track. Rising VAT and income tax receipts are supporting higher social, operational and development spending, while the public-sector wage bill remains relatively stable.

The headline €5.43 billion balance between revenue and expenditure therefore tells only part of the story: beneath it, tax collection is strengthening, investment spending is progressing faster than usual, and debt-related cash flows have increased sharply.

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