Insider Economy Cyprus to pay €778m second instalment of Russian loan

Cyprus to pay €778m second instalment of Russian loan

Cyprus will next year pay the second instalment of a €2.5b loan it received from Russia in 2011, Phileleftheros repotred on Saturday.

The instalment is estimated at €778m. The third instalment will be paid in 2020 and the last in 2021, it added.

Also on the cards is gradual repayment of  €7.2b borrowed from the Troika in 2013 starting with a first instalment of €38m to the IMF-EMS in 2020. The biggest instalments to the EU and IMF will start in 2025 with an instalment of €412m following by €1.01b in 2026, and €1b each in 2027 and 2028. Another €1.05b will be paid in 2029, €900m in 2030 and €1b in 2031.

Cyprus’ refinancing needs are estimated at €2.1b in 2019, €2.09b in 2020 and €1.82b in 2021, the newspaper added.

In the past three years the government has made early repayments of loans to the tune of €3.7b, capitalizing on the low interest rates on the international markets to issue new debt to pay off more costly borrowing.

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