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12° Nicosia,
01 December, 2020
 

Cyprus central government debt at €18.3 billion at end 2017

Cyprus central government debt marked a reduction of €683 million compared with 2016

Newsroom / CNA

Cyprus central government debt reached 18.315 million in the end of 2017 marking a decline of 3.6% compared with 2016, according to data released today by the Finance Ministry’s Public Debt Management Office (PDMO).

In absolute numbers, Cyprus central government debt marked a reduction of €683 million compared with 2016, due to early repayments to debt to the Central Bank of Cyprus amounting to €613 and to the IMF amounting to €288 million.

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 to 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.


Domestic loans declined to €858.2 million. Debt to the Central Bank of Cyprus declined to 511 due to an early repayment last November, while outstanding loan to the Cyprus Cooperative Central Bank amounted to €347 million.

Debt associated with international bonds (European Medium Term Notes programme) amounted to €4.50 billion which corresponds to 24.6% of Cyprus’ total debt.

According to the PDMO, Cyprus’ debt to domestic bonds amounted to €2.08 billion or 11.4% of the island’s total debt.

The central government debt excludes debt of state-owned enterprises categorised within the central government and the debt of local authorities and corresponds to 98% of Cyprus general government debt.

TAGS
Financial  |  Cyprus  |  Government  |  Debt

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