NICOSIA - Cabinet on Wednesday approved the issuing of decrees to denationalise semi-governmental organizations in Cyprus, according to an official announcement.
“This is based on the decision taken by Cabinet on December 5, 2013,” it added.
Organizations to be denationalised under the jurisdiction of the Finance Ministry include the Cyprus Tele-communications Authority (photo), Cyprus Stock Exchange and Forestry Industries of Cyprus.
Those under the jurisdiction of the Ministry of Energy, Commerce, Industry and Tourism are the Electricity Authority of Cyprus, State Fairs Authority and Pancyprian Bakeries Co.
“The method, extent and procedure of denationalisation of these organizations will be determined at a later stage,” the announcement also said.
“Cabinet will also prepare an integrated adjustment framework that should be approved by the end of May. Relevant legislation should be drafted based on this framework and be tabled before parliament by end of December 2014,” it added.
The framework should be drafted in cooperation and coordination with the European Commission and International Monetary Fund.
And then the European Central Bank and European Support Mechanism should be briefed on it.