THE GOVERNMENT negotiating team is reported to have handed a document to the troika negotiators opposing a demand that international lenders to have future control over the proceeds of natural gas exploitation, according to Cyprus public radio.

The troika has asked that proceeds from natural gas development be deposited in a special fund to repay the sovereign debt.

However, the government has told the troika it believes it is in the interest of the Cypriot people and the economy to keep control over gas revenue.

The government is proposing instead that part of the gas proceeds be allocated to the budget for debt repayment, another part be deposited in a special fund for future generations and a third part be used on development projects.

Published by: www.famagusta-gazette.com