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ECONOMY

Cyprus Repays Early An IMF Loan, Saving €13.4 Million

Cyprus Repays Early An IMF Loan, Saving €13.4 Million

The Republic of Cyprus has fully repaid, on Thursday, an International Monetary Fund (IMF) loan, which had been granted to the country in the period 2013-2016, the CNA reported.
 
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.

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