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Republic of Cyprus

The Fiscal Responsibility and Budget System Law, which came into force in February 2014, is at the heart of the reform of the public finances system. The Law includes, inter alia, provisions on fiscal rules and budgetary principles, the procedure for preparing, approving, implementing and monitoring the budget and defining the roles and responsibilities of entities involved in the management of public funds.

The Law covers, among other things, the issue of the development and management of the government's investment program. In particular, Articles 82-89 of the Law define the general framework for the selection and implementation of public investment projects and include specific provisions for PPP projects. In particular, the Law defines the following stages for the selection and implementation of public investment projects: pre-selection, appraisal, selection, implementation and monitoring of projects.

The Law is attached below.

© 2014 - 2022 Republic of Cyprus,
Directorate General Growth, Ministry of Finance