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Cyprus The Development Budget
There was no revenue in the Development Budget during
the
period 1976-87. If there had been public savings (i.e.,
excesses of
current revenues over current expenditures) in the
Ordinary Budget,
they could have provided the means to finance all or a
part of the
investment and other development expenditures. However,
for most of
the years of the 1976-87 period, there were no public
savings.
Thus, the Development Budget had to rely on domestic and
foreign
borrowing to cover its expenditures. The major expenditure
items of
the Development Budget were investment, capital transfers,
and land
acquisition. Another sizeable item was expenditures for
wages and
salaries. Investment expenditures amounted to C£46 million
in 1988.
Investment expenditures in the period 1985-88 were mainly
to
finance the Southern Conveyor Project, the Khrysokhou
Irrigation
Project, the Nicosia-Limassol Highway, several other major
roads,
and Larnaca Airport. For this reason, construction
activity
absorbed most of the investment expenditures between 1985
and 1988.
Investment's share of the total development expenditures
was 60.22
percent in 1985, 76.19 percent in 1986, 75.1 percent in
1987, and
67.74 in 1988.
Data as of January 1991
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