Egypt has repaid around $30 bln in foreign debt during 2017: source

Egypt repaid around $30 billion dollars in foreign debt throughout 2017 and expects to pay off more than $12 billion of its debts in 2018, state news agency MENA said on Tuesday citing a source in the central bank.

The debt stood at $79 billion at the end of the 2016/17 fiscal year.

Egypt’s foreign reserves were $36.723 billion at the end of November, having climbed steadily since it secured a $12 billion, three-year, International Monetary Fund loan last year as it tries to lure back foreign investors and revive its ailing economy.

Source: Reuters