Today: February 23 2019
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The Republic of Cyprus pays for debts

The Republic of Cyprus pays for debts

Tags: Cyprus, Economy, Debts

Cyprus has enough liquidity to make all payments for external debt servicing until the end of 2018. This was reported by the Ministry of Finance, noting that in the next few years it expects a further reduction in the volume of public borrowing.

In the current year, the medium-term euronotes (EMTN) will be the main source of borrowed funds. Excess financing will be used to maintain sufficient liquidity for servicing the public debt in 2019. Thanks to loans in foreign markets, the government intends to reduce the yield of its securities and extend the maturity of the debt. Internal loans will provide financing for other government needs.

It is estimated that in 2018, the state needs to maintain debt service from 900 million to 1,2 billion euros. The lion's share of the Cypriot debt is accounted for by foreign sources in view of borrowing from the IMF, the EU and Russia. The total amount of Cyprus's liabilities reaches 18,7 billion euros or 98% of GDP. By 2020, this indicator is expected to decrease to 81% of GDP.

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