Cyprus Mail

Government debt rises to €18.6bn in 2015, PDMO says

Finance Ministry

Cyprus’s government debt rose to €18.6bn at the end of 2015 from €18.5bn in December, 2014, and fell from €18.8bn in September 2015, the finance ministry’s public debt management office said.

At the end of last year, loans from the European Stability Mechanism and International Monetary Fund, which together funded Cyprus’s international rescue in 2013 with more than €7.2bn, accounted for one third and 5 per cent of the Cypriot public debt respectively, the PDMO said in a statement on its website.

Bonds issued abroad and at home made up 18 per cent and 10 per cent of government debt, while a loan from the Russian Federation, disbursed in 2012 and restructured in 2013, accounted for 13 per cent, the PDMO said. Funds borrowed from??? by the European Investment Bank and the Council of Europe Development Bank are 6 per cent of Cyprus’s government debt while the debt to the Central Bank of Cyprus is 7 per cent.

Private loans account for 4 per cent of Cyprus’s government debt while treasury bills and bonds purchased by private individuals make up 2 per cent each, the PDMO said.

In December, the government, which is estimated to have generated a fiscal deficit of 0.5 per cent of economic output, injected €175m into the Cooperative Central Bank in the form of fresh capital.

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