The 2023 Financial Year Budget for the Turkish Republic of Northern Cyprus (TRNC) is set as ₺35.8bn.

The draft version of the budget which was handed out to MPs on Thursday envisages revenues of ₺32.8bn and a deficit of ₺3.5bn.

While local revenues have been put at ₺21.4bn, grants and credit loans from Türkiye have been set at ₺4.8bn.

MPs in the Legislative Assembly of the TRNC were able to get hold of the draft version of the 2023 state budget on Thursday which is set at around ₺35.8bn.

The draft budget envisages state revenues to be around ₺32.8bn leaving a deficit of ₺3.5bn.

The deficit is expected to be covered with domestic funds.

According to a statement released, the 2023 Fiscal Year Budget aims to balance public finances, increase efficiency in the use of public expenditures, increase the private sector competitiveness, support growth based on production, create employment opportunities, maintain financial discipline and create a more sustainable economy.