In a message, sent through diplomatic channels, the Ministry of Finance of Cyprus reports to the Russian leadership on the completion of the ratification process of the memorandum on conditions anti-crisis program from international creditors, as well as direct credit agreement with them in the amount of 10 billion euro, says Walter Helwich, citing ministry officials who wished to remain anonymous.
He also informed that the document is asking Moscow to begin negotiations on reviewing the loan of 2.5 billion euro, which Russia gave Cyprus for 4.5 years, with an interest rate of 4.5 percent per year.
The matter of possible revisions to that intergovernmental agreement was raised repeatedly in the context of the preparation of anti-crisis program with the EU and the IMF for Cyprus. Back in March, President Vladimir Putin ordered the government to consider a restructuralization of the loan. The Russian side has also repeatedly stated that they can offer their assistance to Cyprus but only after is reached an agreement on anti-crisis program with its partners in the EU, reminds Helwich.
Cyprus urges Russia to reduce the interest rate to 2.5 percent, as well as to extend the repayment period. Nicosia also wants to pay off the loan in several installments rather than all at once.
“We know the readiness of Russia to help us, and we hope for a positive solution of our issues”, says Mr. Helwich. He also denied some foreign media about the information that Russia has already given final approval for the revision of the loan.
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