Treasury of the Republic of Cyprus


Rea Georgiou (FCA, BA Economics) is the Accountant General of the Republic since 3/11/2010, a post that is specified in the Constitution. She is in charge of the Treasury of the Republic of Cyprus. The role of the Treasury, as described in the Constitution, is to manage and supervise all accounting operations and execute all of the financial transactions of the government. The Treasury of the Republic is also the competent Authority on Public Procurement in Cyprus.
Mrs Georgiou has more than 30 years of experience in the public and private sector. She worked in an audit firm in London. She returned to Cyprus in 1985 where she worked in a Public Company in the hotel industry as Financial Manager before joining the Treasury of the Republic in 1987 serving in various posts.
In her capacity as the Accountant General of the Republic, Mrs Georgiou is the President of the Provident Fund of the Permanent Government Hourly-paid Employees, the Cyprus Children Fund Committee and Treasurer of the Independent Social Support Body.

As a result of the above responsibilities and mainly of her constitutional role as Accountant General of the Republic, Rea Georgiou is leading the Public Financial Management of the Public Sector. This reform entails four major pillars:

(i) The transition of the accounting basis of the Government from cash basis to accrual basis as of 1/1/2021

(ii) The implementation of an ERP System by 1/1/2021 covering the functional areas of Accounting, Budgeting, Human Resource Management and Payroll/Pensions

(iii) The establishment of finance functions at a Ministerial level and

(iv) National Public Procurement reform strategy.

Rea Georgiou is also the President of the Cyprus Public Audit Oversight Authority, which has been established for the oversight of auditors and audit firms. She is a member of the Archbishop Makarios III Foundation Cultural Centre and, as of 1/1/2019, she is the Director of Lotteries.

Mrs Georgiou has served as President of the Institute of Certified Public Accountants of Cyprus for two years (2001-2003). She has also served as member of the Board of Trustees of the Lemithou Mitsi Commercial School (2003-2017).