Insider Economy Cyprus makes early repayment of IMF loan, saving €13.4 million

Cyprus makes early repayment of IMF loan, saving €13.4 million

The Republic of Cyprus fully repaid on Thursday an International Monetary Fund (IMF) loan granted to the country in the period 2013-2016.

According to a written statement from the Ministry of Finance, the total repayment amounted to  €716.67 million (569, 63 m SDR).

The early repayment of the loan, combined with its financing through a 20-year bond with an interest rate of 0.625%, is expected to yield to the Republic of Cyprus total savings of €13.4 million over the period 2020-2025.

“This transaction has been positively valued by international investors, as a strong indication of the momentum of the Cypriot economy in recent years,” the statement said.

(Cyprus News Agency)

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