Cyprus' Parliament Votes Down Privatization Bill| MENAFN.COM

Saturday, 25 June 2022 10:30 GMT

Cyprus' Parliament Votes Down Privatization Bill

(MENAFN- Qatar News Agency) Cyprus' parliament on Thursday voted down a bill that would have paved the way for the privatization of state-owned companies demanded by the country's international creditors.

Twenty-five lawmakers vote in favour and 25 against with five abstentions. Bills require a majority vote for passage. The bill - which called for the privatization of the state-owned telecommunications company CyTA, the electricity authority EAC and the Cyprus Ports Authority - sparked widespread protests and power cuts over the past week, dpa reported.

Despite Thursday's vote, lawmakers have promised international lenders they would pass the bill, which aims to raise 1.4 billion euros (1.9 billion euros) by March 5. The bill is a prerequisite for the country to receive the next tranche of aid from the European Commission, European Central Bank and International Monetary Fund under a 10-billion-euro bailout

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