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Directorate on Economic Policy and European Affairs


1. Macroeconomic/Fiscal Policy Area 

(a) Systematic monitoring of the developments of the Cypriot economy and analysis of its prospects. 

(b) Monitoring the macroeconomic situation and processing recommendations for safeguarding macroeconomic stability. 

(c) Formulation/updating fiscal policy. 

(d) Devising of proposals and recommendations on issues concerning economic and social policy. 

(e) Economic Impact Studies 

(f) Elaboration on issues related to the Social Security Fund and its long-term sustainability. 

(g) Briefing international organizations inter alia the European Commission, the International Monetary Fund, the European Central Bank and Credit Rating Agencies on the developments and prospects of the Cyprus economy.  

 (h) Policy for wages. 


2. European Union Sector 

(a) Support and co-ordination of the participation of the Ministry of Finance to the ECOFIN Council.

(b) Participation in European Union Committees and Working Groups. 

(c) Participation of the Ministry of Finance in Economic and Financial Committee of the EU (EFC). 

(d) Preparing the Draft Budgetary Plan and submitting it to the European Commission. 

(e) Preparing the Stability Program and submitting it to the European Commission. 


3. Green Economy 

In Cyprus, by the decision of the Council of Ministers in November 2020, the new National Development Strategy Governance System was approved in relation to the European Green Agreement. The new structure operates under the guidance of a six-member Ministerial Committee in which the Ministry of Finance participates. The structure is completed with the corresponding Committee of General Directors and 13 Technical Committees which examine the individual initiatives / themes of the PA at a technical level.

The Directorate on Economic Policy and European Affairs is responsible for the general monitoring of issues related to the European Green Deal and in particular the financing of the implementation of the climate goals set with the relevant Fit-for-55 Legislative Package, while it also participates in a number of Technical Committees.

In the above context, the Directorate on Economic Policy and European Affairs chairs a Working Group on the Green Economy in the administration of the Ministry of Finance, as well as representing the Ministry of Finance in the global Coalition of Finance Ministers for Climate Action.


Contact Person:

Maria Ioannou 

Private Secretary

Tel: +35722601122

Email: mariaioannou01@papd.mof.gov.cy 



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