Egypt pays $3.5bln international bond dues in Q1 of 2023 – minister

Egypt paid $3.5 billion in international bond dues during the first quarter of this year, Finance Minister Mohamed Maait remarks on the sidelines of the Egyptian-Canadian Business Council meeting in Cairo.

Maait added that an initial surplus is expected during the current fiscal year which record between 1.5 percent to 1.7 percent, to reach 2.5 percent over the next fiscal year, “so that we can achieve control over high debt rates.”

He further added the tourism revenue expected by the end of fiscal year 2022-2023, which ends June 30, could reach $14 billion, adding that the country will see the stabilisation of Egyptian pound exchange rate against the dollar in December.

These statements follow the assertions of Egyptian Prime Minister Moustafa Madbouly, who has repeatedly said that Cairo “has not and will not fail to pay any international obligation to it.”