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Cyprus’ Financing Programme On Track Amidst Economic Optimism

by THEFUTURE.TEAM

July 22, 2024

Cyprus is advancing its annual financing programme efficiently, aligning closely with its fiscal targets for 2024. The approved borrowing ceiling stands at €1.3 billion, predominantly sourced from European Medium-Term Notes (EMTN). So far, Cyprus has successfully raised nearly €1.2 billion, including a recent €1 billion, seven-year fixed-rate bond issued in June.

The financing strategy also includes public treasury bills and domestic bonds aimed at individual investors. To date, €87.5 million of the targeted €120 million in treasury bills and €6.4 million of the intended €40 million in domestic bonds have been issued. Furthermore, Cyprus has secured €92.75 million in loans from supranational organisations, progressing towards the €140 million goal.

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Public treasury bills, set to mature in October 2024, offer an annualised yield between 3.65% and 3.75%, presenting an attractive option for non-professional investors and businesses seeking secure liquidity management.

Sophic, a financial platform, plans to acquire a portion of the upcoming treasury bill issuance, replicating its strategy from June where it, alongside Athlos Capital, acquired over 80% of the €21.5 million issuance for client allocation.

Cyprus’ prudent financial management and structured approach towards funding reflect a robust fiscal framework aimed at maintaining economic stability and fostering investor confidence. This meticulous execution of the financing programme underscores Cyprus’ commitment to strategic fiscal governance and economic resilience, which are vital for sustaining long-term growth.

The ongoing success of Cyprus’ financing programme highlights the nation’s proactive fiscal planning and the effectiveness of its public debt management office. By securing diverse funding sources and maintaining investor engagement, Cyprus continues to bolster its financial stability and economic prospects.

As Cyprus progresses with its financing activities, the focus remains on sustaining fiscal discipline while leveraging favourable market conditions to optimise funding costs. This approach not only ensures the fulfilment of immediate financing needs but also lays a solid foundation for future economic resilience.

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EU Tightens Steel Imports As Overcapacity Hits 721M Tonnes

by THEFUTURE.TEAM

April 14, 2026

Robust Regulatory Framework

Cyprus Presidency of the Council of the EU, together with the European Parliament, reached a provisional agreement on measures addressing global steel overcapacity. The regulation targets trade diversion and excess supply while maintaining compliance with international trade rules. The framework also aims to preserve operational flexibility for downstream industries.

Safeguarding Employment And Environmental Commitments

Global steel overcapacity is projected to reach 721 million tonnes by 2027, compared with EU annual consumption levels. The measures are linked to the protection of around 2.5 million jobs. Policy direction also aligns with EU decarbonisation targets within the industrial sector.

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Enhanced Trade Controls And Supply Chain Traceability

The regulation introduces tariff-free quotas of 18.3 million tonnes annually. Imports exceeding thresholds will be subject to a 50% duty. Measures cover 30 steel product categories and will replace current safeguards expiring on June 30, 2026. A “melt and pour” requirement is included to improve supply chain traceability.

Diversifying Import Sources And Reducing Dependencies

Rules apply to imports from all countries, excluding European Economic Area members, which remain subject to traceability requirements. The framework also reduces reliance on specific external suppliers, including Russia. Michael Damianos, Energy Minister of Cyprus, said the steel sector remains important for economic activity and energy transition. Bernd Lange, Chair of the European Parliament’s INTA Committee, said the measures address trade practices and market conditions.

Looking Ahead

The agreement introduces a revised tariff-rate quota system with import quotas reduced by approximately 47% compared with 2024. Limited carry-over flexibility will apply in the first year. The European Commission will review the measures in subsequent years. Formal adoption by the European Parliament and the Council is expected before implementation on July 1, 2026.