EU Backs Cyprus Reform with Asset Management Overhaul

EU Backs Comprehensive Reforms in Cyprus

In a significant move to bolster Cyprus’ administrative and economic infrastructure, the European Union has announced its support for a series of reform support projects under the Technical Support Instrument (TSI). Among the key initiatives is the establishment of an asset management office aimed at enhancing the country’s financial stewardship.

The reforms extend beyond financial management, with the structural review of the Cypriot Presidency and the improvement of the Cypriot deposit guarantee scheme also on the agenda. These measures are designed to fortify the country’s governance and protect its financial system. Additionally, the creation of a deputy ministry for migration and asylum reflects the EU’s commitment to assisting Cyprus in managing migration effectively.

The Commission has approved a total of 12 projects for Cyprus. These projects not only address the country’s specific needs but also include Cyprus’s participation in six multi-country projects, among a total of 170 projects supported across the EU.

The approved reforms are diverse, ranging from enhancing civil protection systems to supporting the digitalization of law-making processes with an e-legislation platform. The EU’s strategy encompasses a broad spectrum of areas, including leveraging Artificial Intelligence in businesses and public administrations, implementing the Green Deal Industrial Plan, and addressing social issues such as gender equality and mental health care for the youth.

The six multi-country projects will further aid Cyprus in various domains such as gender mainstreaming in public policy, combating tax evasion, and ensuring financial integrity within the EU. Additionally, efforts to fight bid rigging in public procurement and to promote mental health among young people are indicative of a holistic approach to reform.

With these initiatives, Cyprus is set to undergo a transformative phase that promises to strengthen its competitiveness, resilience, and modernization, aligning with broader EU objectives for a robust and sustainable future.

reform support projects
The EU plans to back Cyprus through enhanced fiscal oversight and technical assistance, aiming to strengthen its budgetary processes. Additionally, it will support the reform of Cypruss deposit guarantee framework to align with EU standards, ensuring greater financial stability and consumer protection.

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