Cyprus repays IMF loan early saving €13.4 mln

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Cyprus has saved €13 mln by fully repaying an International Monetary Fund (IMF) crisis loan before schedule which was granted to Nicosia during the 2013 financial meltdown.

According to a written statement from the Ministry of Finance, the total repayment amounted to €716.67 mln (569.63 mln 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 mln over the five-year 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,” a Finance Ministry statement said on Friday.