Finance Minister Keravnos addresses economic stability at Limassol Forum

At the 17th Limassol Economic Forum, Cyprus Finance Minister Makis Keravnos emphasized the necessity of balancing economic flexibility with fiscal discipline. Speaking on the theme “Navigating Through Turbulent Times: The Role of the European Union and Cyprus,” Keravnos noted that geopolitical tensions, wars in Europe, trade disruptions, energy crises, and climate change have created an unprecedentedly complex global environment.

Keravnos argued that no nation can address these interconnected challenges in isolation, highlighting the importance of European Union cooperation as a vital tool for maintaining economic stability and social cohesion. He advocated for a dual strategy of European autonomy combined with an open economy.

Separately, Deputy Minister of Tourism Kostas Koumis presented a €59.4 million budget proposal for 2027. He reported that tourism arrivals in Cyprus fell by 5.6 percent during the first nine months of 2026 compared to the previous year, though the decline has moderated from earlier in the year. Approximately 62 percent of the proposed budget is earmarked for destination promotion and product enrichment.