ATHENS, February 25 (RIA Novosti) - The president-elect of Cyprus, Nicos Anastasiades, vowed on Sunday to sign a bailout deal with the European Union and the International Monetary Fund (IMF) as soon as possible.

"We will cooperate with our European partners in order to conclude the agreement as soon as possible. We will be absolutely consistent and fully comply with all our obligations,” the president-elect told on state TV.

He vowed extensive structural reforms needed to restore economic stability and ensure growth.

With all the votes counted, Anastasiades, 66, of the main opposition Democratic Rally party, garnered 57.5 percent of the vote while left-wing rival and former health minister Stavros Malas, 45, won 42.5 percent of the ballots.

The president elect's inauguration ceremony is about to begin at a stadium in Nicosia.

Voter turnout in run-off presidential elections in Cyprus on Sunday was considerably lower than the first round on February 17, in which Anastasiades got 45.5 percent of the vote.

The vote for Anastasiades, who favors a swift EU bailout agreement, is seen as an endorsement of his policies. The Mediterranean island, which is on the brink of bankruptcy, needs a bailout of 17.5 billion euros ($23 billion), Cyprus' Finance Minister Vassos Shiarly said in November.