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Cyprus’ Financing Programme On Track Amidst Economic Optimism

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.

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.

Middle East Tensions Force Airlines To Cancel Flights Worldwide

Global air travel is facing widespread disruption following the escalation of conflict involving Iran, which has led to the temporary closure of several major aviation hubs in the Middle East, including Dubai, Doha and Abu Dhabi. According to Reuters, tens of thousands of passengers have been affected as airlines suspend flights and reroute aircraft to avoid closed airspace. Among those impacted are travellers from Cyprus whose journeys have been delayed or cancelled.

Airspace restrictions across parts of the Middle East have forced carriers to reassess flight schedules and suspend services to several destinations in the region.

Strategic Flight Suspensions Across Leading Carriers

Airlines around the world have responded by temporarily suspending routes or delaying operations involving Middle Eastern destinations.

Below is an overview of the suspension schedules announced by several major carriers:

Aegean Airlines: Flights to and from Tel Aviv, Beirut, Erbil and Baghdad are suspended until early arrivals on March 10. Services involving Dubai and Abu Dhabi are halted until the evening of March 6, while flights to Riyadh and Jeddah are postponed until early arrivals on March 7.

airBaltic: All flights to and from Tel Aviv are cancelled until March 9. Services involving Dubai are suspended until March 6.

Air Canada: Flights connecting Dubai and Tel Aviv are suspended until March 22, with operations expected to resume on March 23.

Air Europa: Flights to Tel Aviv are cancelled until March 9.

Air France: Services to and from Tel Aviv, Beirut, Dubai and Riyadh are suspended until March 5.

KLM: Flights to Dubai, Riyadh and Dammam are suspended until March 9, while routes to Tel Aviv remain suspended for the remainder of the winter season.

Air India: All flights to and from the Middle East remain suspended until March 3.

Cathay Pacific: Flights between Dubai and Riyadh are cancelled until March 14.

Delta Air Lines: The New York (JFK)–Tel Aviv route is suspended until March 8, with return flights cancelled until March 9.

El Al: All flights to and from Israel are cancelled until 02:00 on March 5.

Emirates: A limited number of flights resumed from the evening of March 2, while other services remain suspended.

Etihad Airways: All services to and from Abu Dhabi are suspended until 10:00 GMT on March 4.

Finnair: Flights to Doha and Dubai are cancelled until March 29. Aircraft are avoiding airspace over Iraq, Iran, Syria and Israel.

British Airways: Flights to Amman, Abu Dhabi, Bahrain, Dubai, Doha and Tel Aviv are cancelled until March 5.

Iberia Express: All routes to Tel Aviv are suspended until March 10.

IndiGo: Flights using Middle Eastern airspace are suspended until at least March 2, with cancellations extending until March 5.

ITA Airways: Flights to Tel Aviv are suspended and access to airspace over Israel, Lebanon, Jordan, Iraq and Iran is restricted until March 8. Dubai routes are cancelled until March 4, while services to Riyadh are affected between March 2 and March 4.

Japan Airlines: The Tokyo–Doha route is suspended from February 28 to March 7, with the Doha–Tokyo return cancelled on March 8.

LOT Polish Airlines: Flights to Tel Aviv are cancelled until March 18. Services involving Dubai are postponed until March 4 and Riyadh routes suspended until March 8.

Lufthansa: Flights to Tel Aviv, Beirut, Amman, Dammam, Erbil and Tehran are suspended until March 8. Dubai services remain cancelled until March 4.

Malaysia Airlines: Flights to Doha, Jeddah and Medina are suspended until March 4.

Norwegian Air: Planned services to Tel Aviv and Beirut are postponed until June 15.

Pegasus Airlines: Flights to Iraq, Jordan and Lebanon are cancelled until March 6, while services to Iran are postponed until March 12.

Qatar Airways: All flights to and from Doha are suspended due to airspace closures.

Singapore Airlines: Flights to and from Dubai are cancelled until March 7. Scoot has also suspended flights to Jeddah until the same date.

TAROM: Flights to Tel Aviv, Beirut and Amman are suspended until March 2, with operations on March 3 under review.

Turkish Airlines: Numerous flights to Bahrain, Dammam, Riyadh and destinations including Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Syria and the UAE are cancelled.

TUS Airways: All flights to and from Israel are suspended until March 8.

Virgin Atlantic: Flights to Riyadh and Dubai are cancelled until March 2, with the Dubai–London route suspended on March 3.

Wizz Air: Flights to Israel, Dubai, Abu Dhabi, Amman and Saudi Arabia are suspended until March 7.

Impact on Cyprus Air Travel and Larnaca Airport

The ripple effects of these airline decisions are also being felt in Cyprus. Hermes Airports, the operating company for Cypriot airports, has reported additional disruptions. At Larnaca Airport, from 07:00 this morning until midnight, 26 arrivals have been cancelled, along with 25 scheduled departures. These cancellations primarily affect routes connecting the Middle East and, notably, Israel, as well as flights from key European markets such as Germany, the United Kingdom, and Austria.

Passengers are advised to contact their respective airlines or travel agents for the latest updates before proceeding to the airport. For further information, visit Hermes Airports.

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