articles | 03 June 2016

Cyprus government debt at €18b in March 2017

Cyprus’ government debt rose by €94m in March 2016, to €18.7bn, compared to December, the public debt management office said.

In March 2015, the public debt was €18.5bn. In the first quarter of the year, the state issued €330m in new debt and repaid €308m in maturing securities, the public debt management office, a division of the finance ministry, said in a statement on its website. The new debt issues consist of €135m in domestic government development bonds, €124m in loans, and €71m in bonds issued to individuals.

The public debt management office was not immediately available for a comment on the discrepancy between the increase of net lending by €22m and public debt by €94m in the first quarter, in which the government generated a fiscal surplus of €147.2m.

Almost two thirds of Cyprus’ outstanding debt consists of loans from official sources — the European Stability Mechanism with 33%, the Russian Federation, with 13%, the Central Bank of Cyprus, with 7%, the International Monetary Fund, with 5%, and loans from the European Investment Bank and the Council of Europe Development Bank 6% together.

International bonds are 17% of Cyprus’ overall debt, the office said. Domestic bonds and private loans make up 10% and 4% respectively, while treasury bills and bonds issued to individuals are each 2% of total government debt.

Source: Cyprus Mail

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