The Cypriot government is projected to post budget surpluses over the next six years through to 2023, according to the International Monetary Fund’s Spring 2018 Fiscal Monitor published on Thursday.
Public debt, as a percentage of GDP, is meanwhile expected to drop to 97.0 per cent in 2018, gradually declining to 67.6 per cent by 2023.
The IMF’s public debt projections did not take into account the recent €2.35bn issued in bonds for the Cyprus Cooperative Bank.
Government revenue as a percentage of GDP will stand at 38.3 per cent this year.
In its Fiscal Monitor, the IMF said that global debt hit a new record high in 2015, reaching $164 trillion, or almost 225 percent of GDP.
Most of this debt is in advanced economies, the IMF said.