In light of the House Standing Committee on Financial and Budgetary Affairs meeting held on January 13, 2025, which reviewed the budget allocation for the Cyprus State Scholarships Foundation (IKYK), the Ministry of Finance addresses several important points to clarify the situation.
- Budget Overview: The IKYK’s budget for 2025 totals €9.6 million, reflecting an increase of €800,000 compared to 2024 – a rise of over 9%.
- Government Funding Demand: This increase matches the funding request made by the State Scholarships Foundation, with no reductions applied.
- Criteria Changes Impact: The inability to meet additional funding requirements, noted by the Foundation’s Board of Directors for 2024, stemmed from a unilateral decision to alter the criteria for “academic excellence” for the academic year 2023-2024. This decision was made without prior notification to the Ministry of Finance, nor was there a strategy to ensure sufficient budget allocations for all eligible students.
- Preventative Measures for 2025: To avert similar issues in 2025, the Ministry of Finance has proactively collaborated with the IKYK, agreeing to grant the Foundation the full amount of funding originally requested.
- Grant Disbursement Delays: It’s important to note that any delays in grant payments to beneficiaries during 2024 were attributed solely to the administrative processes of the Foundation.
The Ministry of Finance is dedicated to responding to the needs of society, particularly vulnerable populations like students. This commitment is reflected in the substantial 9% increase in the IKYK’s budget for 2025, which fully accommodates the Foundation’s request for funding.
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