World Economy

Payment on Time

Payment on TimePayment on Time

Cyprus won’t need another restructuring on the loan it received from Russia and will meet its obligations on time, Georgios Kasoulides, ambassador of the Republic of Cyprus to Russia said in an interview with Tass. In 2011, Russia lent Cyprus €2.5b ($2.8b) for five years, with an annual interest rate of 4.5%. In 2013, amid the economic crisis, Cyprus’ government asked Moscow to restructure the loan. Russia agreed to extend the maturity until 2021 and to cut interest rate to 2.5%. The ambassador said that Cyprus welcomes new airline companies on its market including Russian ones.