EU Backs Sweeping Reforms in Cyprus
In a significant move to bolster Cyprus’ administrative and economic infrastructure, the European Union has announced a comprehensive package of reform support projects. This initiative, under the Technical Support Instrument (TSI), includes the pivotal establishment of an asset management office that is set to streamline the country’s financial assets.
Further strengthening the administrative framework, the EU will also assist in the structural review of the Cypriot Presidency and enhance the robustness of the Cypriot deposit guarantee scheme. These reforms are aimed at fortifying the country’s financial systems and ensuring greater efficiency within its executive branch.
The Commission’s commitment extends to the social sphere with the creation of the deputy ministry for migration and asylum, reflecting a responsive governance approach to migration challenges. This is part of a broader strategy where Cyprus will benefit from six dedicated projects and participate in another six multi-country initiatives, sharing in a total of 170 projects across the EU.
These reforms are designed to uplift member states’ capabilities in various sectors. They range from integrating Artificial Intelligence in businesses and public administrations to implementing the Green Deal Industrial Plan. Additionally, they address social concerns by supporting gender equality, combating brain drain, and enhancing mental health care services for the youth.
Specifically for Cyprus, the approved projects cover a spectrum of areas. These include formulating a civil protection system overhaul, supporting the newly established Deputy Ministry of Migration and Asylum, and advancing digitalization in legislative processes through an e-legislation platform.
The six multi-country projects will further reinforce Cyprus’ reform agenda. They encompass gender mainstreaming in public policy, building capacity to counter aggressive tax planning, and enhancing strategies to prevent fraud affecting EU financial interests. Moreover, they aim to curb bid rigging in public procurement, promote youth mental health with a focus on online gambling risks, and improve mechanisms against torture in collaboration with the Council of Europe.
This strategic support from the EU signifies a robust commitment to Cyprus’ modernization and resilience, paving the way for a more competitive and sustainable future within the Union.
