x

Economy

Cyprus Repays Crisis-Era IMF Loan ahead of Schedule

January 15, 2020

NICOSIA – Cyprus has paid off ahead of schedule an International Monetary Fund loan that was part of a multi-billion euro financial rescue deal in 2013, the finance minister said Tuesday.

Minister Constantinos Petrides said the loan’s early repayment would bolster the country’s credibility in the eyes of investors and improve its ability to raise money directly from international markets.

Cyprus managed to repay the loan thanks to a pair of low-interest bond issues. It secured 1 billion euros from a 10-year bond issued at a 0.73% rate. A 20-year issue raised 750 million euros at 1.33%. The bonds were seven times oversubscribed, a record for the country, Petrides said.

“This demonstrates the depth of trust that international markets show toward Cyprus’ economy,” Petrides said in a statement.

The minister said the bond issues cover most of Cyprus’ financing needs for the year and save the country 15 million euros in interest payments on the IMF loan.

RELATED

NICOSIA - Natural gas from the Aphrodite field off Cyprus could be exported by 2026, Energy Minister Natasa Pilides said, telling a parliamentary committee there are a number of options.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

TNΗ’s Happenings of the Week by Eraklis Diamataris

NEW YORK – The National Herald’s Happenings of the Week as have been reported at the print and digital editions of TNH and presented by the TNH Editor Eraklis Diamataris.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.