Filenews 30 November 2022 - by Eleftheria Paizanou
In the coming days, the milestones included in the Cyprus Recovery Plan, for which the Republic committed to implement by 2026, will pass through a sieve, in order to disburse around €1.1 billion from the EU Fund of the same name.
Tomorrow, Thursday, the members of the Parliamentary Committee on Finance will have a meeting with representatives of the European Commission, with whom they will discuss the Recovery Plan, with the aim of coordinating the economic and social policies of the Member States of the European Union (EU). MPs will have the opportunity to convey their positions on the implementation of the Plan, the challenges in relation to the needs of the Cypriot economy and the reform needs of the economy.
The first disbursement of €85 million is expected to take place in the coming days, following a positive opinion from the relevant bodies of the Council of the EU. It is recalled that last July - and after seven months of delay - the Republic implemented the first 14 prerequisites. Now, efforts are focused on reaching the 18 milestones of the second tranche, amounting to €85 million. It is worth mentioning that out of the 18 milestones, for three there is a delay and concern the legislation on large investments and the signing of a contract for the installation and operation of smart metering infrastructure by the Transmission System Operator, which was "stuck" due to appeals to the Tenders Revision Authority. The third milestone that has been delayed concerns the signing of contracts for the supply of firefighting vehicles, equipment and services. The contracts are expected to be signed towards the end of the year, i.e. the period when the country submits the second request for payment from the EU.
At the same time, the implementation of the 30 prerequisites for the 3rd tranche, amounting to €115 million, continues at a fast pace. The payment application is expected to be submitted in June 2023. According to the Ministry of Finance, of the 30 targets, four have been achieved, another 18 are in progress, while for 8 there is a delay. The meeting will also set out the progress and measures taken by the country in relation to EU recommendations. Among other things, the implementation of the tourism strategy, the household saving rate, the impact of rising fuel prices, bad loans and the minimum wage, the long-term growth strategy and the provision of incentives to attract foreign businesses to Cyprus, in the field of communications and information, will be discussed.
