Cyprus repays IMF loan early, saving €13.4 million

Cyprus fully repaid an International Monetary Fund (IMF) loan on Thursday, which had been granted to the country in the period 2013-2016, the government announced on Friday.

According to a written statement, the total repayment amounted to €716.67 million.

The early repayment of the loan, combined with its financing through a 20-year bond with an interest rate of 0.625% is expected to yield Cyprus total savings of €13.4 million over the period 2020-2025.

“This transaction has been positively valued by international investors, as a strong indication of the momentum of the Cypriot economy in recent years,” the statement said.

Source: Cyprus Mail