![](\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/plenum-approves-2024-cyta-budget-amid-political-debates.jpg\")
The House plenum on Thursday gave the nod to the 2024 budget of the Cyprus Telecommunications Authority (Cyta), but not before MPs tussled about the direction and the past of the semi-governmental organisation.<\/p>\nThe House plenum on Thursday gave the nod to the 2024 budget of the Cyprus Telecommunications Authority (Cyta), but not before MPs tussled about the direction and the past of the semi-governmental organisation.<\/p>\n
The 2024 balance sheet for the state-run telecom company provides for \u20ac501 million in expenditures and revenues of \u20ac412 million. Expenses on personnel payroll and benefits come to \u20ac148 million. Cyta is projected to post a pre-tax surplus of \u20ac23.1 million.The organisation\u2019s pension fund had a deficit of \u20ac75 million at the end of the year 2022.Cyta spends approximately \u20ac15 million a year on electricity costs. The organisation is promoting a project that will see it attain \u2018energy autonomy\u2019 by 2027; this would be achieved by electricity generation through solar. The project will be implemented by its subsidiary \u2013 Cyta Power Ltd. But a final decision on this is pending.On the House floor before voting on the Cyta budget bill, lawmakers dredged up old political disputes concerning the status of the state-run telecom.Disy MPs said Cyta is robust, but only because the board of directors has put the organisation\u2019s finances in order.That comment drew the ire of Akel boss Stefanos Stefanou. He recalled that the former leader of the Disy party had predicted that Cyta had a \u201clifespan\u201d of five years. Stefanou said that the previous administration of Nicos Anastasiades had brought a bill aiming to privatise Cyta\u2013 but that \u201cthankfully\u201d the bill was blocked by parliament at the time.Stefanou said his party has a long-standing position that strategic semi-governmental organisations must remain under the control of the state.In other business on the day, the plenum also approved the 2024 budget for the Electricity Authority of Cyprus (EAC). It provides for expenditures of \u20ac2.39 billion and projected revenues of \u20ac2.1 billion.Sales of electricity are expected to generate \u20ac1.3 billion in revenue.Follow the
\nCyprus Mail on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"
The House plenum approved the 2024 budget for the Cyprus Telecommunications Authority (Cyta), with expenditures of \u20ac501 million and revenues of \u20ac412 million. Cyta’s personnel payroll and benefits expenses are \u20ac148 million, and it is projected to post a pre-tax surplus of \u20ac23.1 million. The organization’s pension fund had a \u20ac75 million deficit at the end of 2022. Cyta spends approximately \u20ac15 million annually on electricity costs and is working towards achieving ‘energy autonomy’ by 2027 through a project by its subsidiary, Cyta Power Ltd. The House also approved the 2024 budget for the Electricity Authority of Cyprus (EAC), with expenditures of \u20ac2.39 billion and projected revenues of \u20ac2.1 billion, expecting to generate \u20ac1.3 billion in revenue from electricity sales.<\/p>\n","protected":false},"author":3,"featured_media":4196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1964,671,603,1766,186,279,3,1963,672,670,553,1427,358,250,96,882,1799,1004,1965,65,1065],"class_list":["post-4195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-2024-budget","tag-akel","tag-autonomy","tag-budget","tag-business","tag-comment","tag-cyprus","tag-cyprus-telecommunications-authority","tag-disy","tag-eac","tag-electricity","tag-electricity-costs","tag-energy","tag-google","tag-lifespan","tag-nicos-anastasiades","tag-parliament","tag-power","tag-state-run-telecom","tag-surplus","tag-tax"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n