articles | 17 February 2014

Cyprus central government debt rises by €3.1 bln

Outstanding Central Government Debt increased by €3.1 bln in 2013 to reach €18.15 bln from €15.04 bln at the end of 2012, according to provisional figures in the quarterly bulletin of the Public Debt Management Office.

According to data and not including intra liabilities of the central government, public debt rose in the fourth quarter of 2013 by €70 mln compared with the third quarter of the year, when the debt stood at €18.08 bln. Moreover, according to the data on the evolution of public debt, from 2000 to 2013, the central government debt increased by about €12 bln.

According to the Ministry, the third disbursement from the European Stability Mechanism was completed at the end of December for €100 mln. This tranche will be repaid in 2029. The IMF also executed its third tranche under the Extended Fund Facility for Cyprus with a €83 mln disbursement in December. During the same month loan disbursements for infrastructure projects from the European Investment Bank and the Council of Europe Development Bank were completed amounting to €26mln. The issuances and rollovers of short term securities continued throughout the quarter. The weighted average cost for Treasury Bills fell slightly from 4,81% at the end of the previous quarter to 4,72 % by the end of the year. The stock of short term debt, in the form of Treasury Bills and Euro Commercial Papers, was reduced from €854 mln at the start of the quarter to €755 mln at its end.

Source: Financial Mirror

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