Egypt’s foreign debt rose to $80.8 bln in Q1-FY2017/18: c.bank

The Central Bank of Egypt (CBE) revealed Wednesday that the country’s foreign debt jumped to $80.8 billion during the first quarter of financial year 2017/2018.

The CBE said that foreign debt rose by $1.8 billion in September 2017 compared to June 2017; a 2.3 percent increase, “which is still within safe limits according to international standards.”

On Sunday, the CBE said that Egypt’s foreign reserves spiked to reach $38.209 billion at the end of January, up from $37.019 billion at the end of December.

Egypt’s Ministry of Finance announced on Wednesday that the total budget deficit reached 379.59 billion Egyptian pounds, equaling 10.9 percent of the GDP.

The statement added that general revenues reached 659.174 billion pounds, whereas the general expenses reached 1.31 trillion pounds in financial year 2016/2017.

Source: Ahram online