Egypt’s external debt 17.3% up in year to June – c.bank

Egypt’s external debt rose 17.3 percent to $108.70 billion in the year to the end of June, central bank data showed on Wednesday.

The external debt was 36 percent of Egypt’s gross domestic product (GDP) in the financial year 2018/2019, marginally lower than the prior financial year’s 37 percent.

Egypt’s immediate budgetary pressure has become acute, with gross financing needs particularly high, the International Monetary Fund said in its October 19 Regional Economic Outlook report.

The external debt was $92.64 billion at the end of the financial year 2017/2018. Egypt’s fiscal year begins on July 1.

Egypt paid $3.23 billion in interest and repaid $10.15 billion in principal in the year, the data showed. It paid $2.17 billion in interest and repaid $11.08 billion in principal the prior year.

Gross domestic debt rose to 4.20 trillion Egyptian pounds ($260 billion), or 79 percent of GDP, at end-March, the most recent figure available, from 3.70 trillion pounds at end-June 2018, or 83.3 percent of GDP.

Source: Reuters