Public debt estimated at 18.9 bln by end of 2014

Public debt estimated at 18.9 bln by end of 2014

Cyprus` public debt is expected to rise to 18.9 bln euros by the end of 2014, from 18.4 bln at the end of 2013, according to the Finance Ministry.

A document prepared by the Ministry, titled “Medium-term debt management strategy 2015-2019” notes that debt maturities are estimated at 1.3 bln for 2015, will reach up to 1.75 bln during the 2016-2018 period, while for 2019 are estimated at 2.2 bln.

The Ministry notes that the concentration of debt maturities in the 2015-2020 period increases the risk for refinancing debt during the first post-programme period, which starts in 2016.

It is proposed to keep the levels of annual maturities low during this period, in order to mitigated the need for securing financing from the markets.

Cyprus is currently implementing a 3-year fiscal adjustment program, following a €10 billion bailout deal, reached in 2013 with its international lenders, known as the Troika (European Commission, ECB, IMF).