Domestic government debt rose by 10.7% y/y to ALL 520.8bn and its share in total debt advanced by 2.1pps to 58.9% at end-2013. Foreign debt also increased but at the weaker annual pace of 6.8% y/y and accounted for 41.1% of the total. The state guarantees totalled ALL 51.3bn, comprising 5.8% of the overall general government debt.
The implicit interest rate, defined as the ratio of total interest-to-total debt stock declined to 4.9% in 2013 from 5.01% year earlier.
In terms of debt composition, the share of government securities was 61.4% at end-2013, up by 1.4pps y/y. Loans accounted for 32.8% of the gross central government debt. As regards to debt maturity, the share of short-term debt dropped by 2.8pps to 29.5% at end-2013.
The IMF, the
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