The government of Cyprus is to benefit from a Commonwealth programme to improve public debt recording and management.
Mr Phaedon Kalozois, Director of Public Debt Management Office at Cyprus’ Ministry of Finance, announced that the country will use the Commonwealth Secretariat’s Debt Recording and Management System (CS-DRMS) as part of a five-year strategy to strengthen public debt management.
Recent figures released by the European Union statistical office, Eurostat, raised concerns about debt levels across the Eurozone, with some countries carrying debt burdens of more than 150 per cent of GDP.
Current data from Cyprus’ Ministry of Finance shows a 2.9 per cent rise in GDP in the third quarter of 2016 and a general government debt of €19.7bn in November (http://bit.ly/2kzzhfe).
"We are acquiring another tool for monitoring the progress of the government debt, to do a better job in terms of design and implementation of the medium-term strategy," Mr Kalozois told the Cyprus News Agency.
CS-DRMS is currently used in over 60 countries around the world – including 15 non-Commonwealth members – by more than 100 agencies including ministries of finance, treasuries and central banks. It manages a global portfolio of more than $2.5 trillion of public debt.
The software is offered free to Commonwealth countries as part of the Commonwealth’s flagship debt management programme, which also includes advocacy, policy advice, support with formulating debt management strategies and capacity building initiatives.
The programme is expected to help the Cypriot Ministry of Finance ensure the financing needs of the government are always met in time, at the lowest cost possible and at an acceptable level of risk.