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Finance Minister confirms early repayment of Russia loan

April 18, 2019 at 12:09pm

Finance Minister Harris Georgiades has confirmed that the government is considering early repayment of part of a 2.5 billion-euro Russian loan that dates back to 2012.

Speaking during the ninth Nicosia Financial Conference, the Minister said: “I can confirm that as part of efforts to manage public debt, we are indeed weighing  the possibility of an early repayment of the loan.

“We are grateful to Russia, which responded to the request of the previous government, but since then we have made considerable progress and we believe that we can now rely on our own strength,” the Minister said.

According to CNA, the repayment has already started. Cyprus is paying Russia via two instalments per year.

The outstanding amount is currently at 1.57 billion euros.

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Russian loan’s early repayment could lead to new Cyprus bond