Government debt falls 3.6% in 2017

Cyprus central government debt stood at €18.315 billion at the end of 2017, a decline of 3.6% compared with 2016, according to data released recently by the Finance Ministry’s Public Debt Management Office (PDMO).

Government debt reduced by €683 million compared to 2016, due to early repayments of debt to the Central Bank of Cyprus amounting to €613m and €288m to the IMF.

According to the PMDO, domestic and foreign loans amounted to €11.7 billion or 64% of Cyprus’ debt. Cyprus’ largest creditor is the European Stability Mechanism with loans amounting to €6.3 billion granted to Cyprus during the 2013 bailout. The loan expires in 2031.

Cyprus owes the Russian Federation €2.5 billion in a loan concluded in 2012, while loans to IMF declined to €0.63 billion following an early repayment amounting to €0.29 billion last July.

Source: Cyprus Mail