Cyprus' contribution to EU budget reaches 157m euros
by Nicos Bellos
Brussels, Jun 7 (CNA) -- Cyprus' contribution to the EU's 2005 budget will reach 157 million euros, according to new figures released by the European Commission.
This is the second time the Commission is changing each country's contribution, due to the fact that the new financial data on the income from various sources altering the budget has presented a surplus that must be returned to the member states. This is an extremely complicated procedure, which will affect the members in various ways.
In early May, the Commission had announced the reduction of the members' contribution to the 2005 budget by 2,737 million euros, because a surplus had arisen in the 2004 budget and was transferred to the next year. For Cyprus, this meant a reduction of 3 million euros.
Yesterday, the Commission announced a further reduction of the contribution by 526 million euros, which however benefits fewer than half the member states, while the others will see an increase in their contributions. For Cyprus, this translates into an increase of 16 million euros, thus bringing its contribution up to 157 million euros.
After the two reductions, the member states' contributions for 2005 are reduced in total by 3,263 million euros.