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