Public debt, as a percentage of GDP, is meanwhile expected to drop to 97.0% in 2018, gradually declining to 67.6% by 2023.
The IMF’s public debt projections did not take into account the recent €2.35bn issued in bonds for the Cyprus Cooperative Bank.
Government revenue as a percentage of GDP will stand at 38.3% this year.
In its Fiscal Monitor, the IMF said that global debt hit a new record high in 2015, reaching $164 trillion, or almost 225% of GDP.
Most of this debt is in advanced economies, the IMF said.
Source: Cyprus Mail