Egypt’s domestic debt surges 4.108 trillion pounds in 2018 – c.bank

Egypt’s domestic debt surged 20.3 percent to 4.108 trillion Egyptian pounds ($242 billion) in the year to end-December, central bank data showed on Tuesday.

Egyptian government’s net debt domestic debt was estimated at around 3.5 trillion pounds at the end of December 2018.

Domestic debt equaled around 78.2 percent of GDP, the central bank added.

International Monetary Fund’s (IMF) mission chief for Egypt Subir Lall announced earlier this month that the country’s gross general government debt is expected to decline to about 85 percent of the GDP in 2018/19 from 103 percent of GDP in 2016/17.

Egypt’s external debt rose by 16.6 percent to $96.612 billion at the end of 2018 from $82.884 billion in 2017, the central bank data read.