state budget

Ukraine needs $486 bln to recover, rebuild after nearly two years of war – World Bank

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Ukraine needs $486 bln to recover, rebuild after nearly two years of war – World Bank

Rebuilding Ukraine’s economy after Russia’s invasion is expected to cost 6 billion, which is 2.8 times its expected economic output in 2023. This estimate covers the period from the invasion in 2022 through the end of 2023 and includes the direct physical damage to infrastructure, the impact on people’s lives and livelihoods, and the cost to “build back better.” The estimate has increased from 1 billion last year. The report identifies housing needs as the highest priority, followed by transport and commerce and industry. The direct damages from the war have reached almost 2 billion, with losses concentrated in certain regions. Disruptions to economic output and trade, as well as other war-related costs, are expected to add another 9 billion. The report highlights the urgent need for billion to cover repair, recovery, and reconstruction priorities in 2024. The Ukrainian government has already allocated some funds for this purpose and plans to undertake various reforms. Despite the war, the Ukrainian economy has shown resilience, with foreign direct investment flowing into the country. The number of displaced Ukrainians has decreased compared to previous assessments.

New Cyprus Museum | Requests for an extension in the construction of the project due to unforeseen circumstances

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New Cyprus Museum | Requests for an extension in the construction of the project due to unforeseen circumstances

The Minister of Transport, Alexis Vafeiadis, and the Deputy Minister of Culture, Vasiliki Kassianidou, visited the construction site of the New Cyprus Museum to be informed about the progress of the construction works. They expressed satisfaction with the progress of the project. There have been requests for an extension in the construction due to unforeseen conditions. Efforts are being made to include the maintenance of the building in the contractor's contract. The columns made of concrete that were found in the summer have already been removed. The project is funded by the state budget and is expected to cost around €140 million. The completion of the project is considered a responsibility to create a museum that represents the country's culture and attracts visitors. The Department of Antiquities is preparing the exhibits, texts, and digital applications for the completion of the project.

When jobs are determined by politics, not needs

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When jobs are determined by politics, not needs

The parliamentary debate on the state budget criticized the government’s policies regarding increased hiring in the public sector. The Democratic Rally party expressed concerns about escalating spending and an expanding state payroll. They predicted a 14% increase in the state bill due to mass hiring, increased cost of living adjustments, and a new pension plan. Finance Minister Makis Keravnos emphasized the need for sustainability and productivity in public sector hiring. However, 50 vacancies in the crucial Health Insurance Organisation were not filled, causing the organization to withhold its budget for 2024. This highlights the importance of prioritizing critical positions, such as those related to healthcare, over political appointments.