Cyprus says it is close to agreeing a bailout with international lenders.
Talks with the European Commission, European Central Bank and the International Monetary Fund started in July.
President Demetris Christofias said on Thursday that the government is "very close" to signing the memorandum with the troika.
"With the issues that remain, which are very limited, there is a possibility that very soon we can bridge those differences."
The statement was the president's first on the matter since the latest talks began on 9 November, AAP reports.
Finance Minister Vassos Shiarly confirmed that some €17 billion is needed.
Until Thursday, no official figure had been given. The country's entire GDP last year was €17.97 billion.
''Very soon we expect to make the final arrangement. There are only a few issues left, which we expect to cover very soon," Mr Shiarly said.
