Cyprus Mail

Government debt rises to €18.7bn in March, PDMO says

Cyprus’s government debt rose by €94m in March, to €18.7bn, compared to December, the public debt management office said. In March 2015, the public debt was €18.5bn.

In the first quarter of the year, the state issued €330m in new debt and repaid €308m in maturing securities, the public debt management office, a division of the finance ministry, said in a statement on its website. The new debt issues consist of €135m in domestic government development bonds, €124m in loans, and €71m in bonds issued to individuals.

The public debt management office was not immediately available for a comment on the discrepancy between the increase of net lending by €22m and public debt by €94m in the first quarter, in which the government generated a fiscal surplus of €147.2m.

Almost two thirds of Cyprus’s outstanding debt consists of loans from official sources — the European Stability Mechanism with 33 per cent, the Russian Federation, with 13 per cent, the Central Bank of Cyprus, with 7 per cent, the International Monetary Fund, with 5 per cent, and loans from the European Investment Bank and the Council of Europe Development Bank 6 per cent together.

International bonds are 17 per cent of Cyprus’s overall debt, the office said. Domestic bonds and private loans make up 10 per cent and 4 per cent respectively, while treasury bills and bonds issued to individuals are each 2 per cent of total government debt.

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