Cypriot Minister of Finance Makis Keravnos travels to Luxembourg on Sunday, in view of important meetings of the Eurogroup and Ecofin on October 16 and 18, the Ministry of Finance has said. In a press release the Ministry says that global challenges and prospects, in the light of the latest geopolitical developments, will be at the centre of the Eurogroup meeting, with an extended composition, in which US Treasury Secretary Janet Yellen will also participate. The Finance Ministers of the member - states will have the opportunity to exchange views with their American counterpart. Furthermore, the Eurozone Finance Ministers will discuss the implementation of recommendations for the Eurozone in 2023 and the contribution of the Recovery and Resilience Mechanism to the goals of the Eurozone's policy. The press release adds that on Tuesday, the Minister of Finance will represent Cyprus at the Ecofin Council meeting, where Finance Ministers will exchange views on the European Commission's proposals for a reform of the economic governance framework. The aim is to create consensus on the key provisions of a possible future agreement. The Council will also be updated on the progress in the implementation of the Recovery and Resilience Facility and is expected to approve the revised recovery and resilience plans for five member states. These plans will include additional measures to address the new challenges brought about by Russia's invasion of Ukraine. Finally, the Council will be briefed on the progress in discussions regarding Ukraine financing as part of the mid-term review of the EU's multiannual budget.

Source: Cyprus News Agency