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    28 March 2018

    Government debt falls 3.6% in 2017

    Government debt falls 3.6% in 2017

    Cyprus central government debt stood at €18.315 billion at the end of 2017, a decline of 3.6% compared with 2016, according to data released recently by the Finance Ministry’s Public Debt Management Office (PDMO).

    Government debt reduced by €683 million compared to 2016, due to early repayments of debt to the Central Bank of Cyprus amounting to €613m and €288m to the IMF.

    According to the PMDO, domestic and foreign loans amounted to €11.7 billion or 64% of Cyprus’ debt. Cyprus’ largest creditor is the European Stability Mechanism with loans amounting to €6.3 billion granted to Cyprus during the 2013 bailout. The loan expires in 2031.

    Cyprus owes the Russian Federation €2.5 billion in a loan concluded in 2012, while loans to IMF declined to €0.63 billion following an early repayment amounting to €0.29 billion last July.

    Source: Cyprus Mail

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