NICOSIA, July 7 (Xinhua) -- Crisis-hit Cyprus has drawn one billion euros (1.3 billion U.S. dollars) from the international markets by reopening its existing bonds to boost cash reserves and repay costlier debt, Finance Minister Constantinos Petrides said on Tuesday.

Petrides said in a statement that 500 million euros were drawn from a bond maturing in 2024 at an interest rate of 0.34 percent.

Bids for this bond totaled over two billion euros, he added.

Another 500 million euros were raised from a bond maturing in 2040 at an interest rate of 1.47 percent, with bids exceeding three billion euros.

Petrides noted that the increase in public debt will be temporary as existing debt will be repaid.

According to official figures, Cyprus' general government debt jumped from 95.5 percent at the end of 2019 to 113 percent of gross domestic product (GDP), totaling 24.56 billion euros in April. The Finance Ministry has borrowed money to finance the government's support program to businesses and households aimed at mitigating the impact of the coronavirus pandemic. Enditem

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