Egypt to pay $350 mln debt to Paris Club next month

Egypt plans to pay back $350 million of debt to the Paris Club of creditor countries next month, a senior source with knowledge told Amwal Al Ghad on Sunday.

Egypt’s debt to the Paris Club of creditor countries rose to $4.1 billion at the end of the second quarter of 2017-2018 financial year, from $3.8 billion at the end of first quarter.

The Paris Club is comprised of 19 creditors selected by the International Monetary Fund (IMF), aimed at finding coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.

Egypt’s external debt recorded $82.9 billion at the end of 2017, up from $80.8 billion in September 2017, the central bank said in a statement a week earlier.

External debt mainly consists of medium-term and long-term debt, which rose by 4.4 percent to $71.8 billion at the end of 2017, compared to $68.8 billion in September.