Egypt’s foreign debt ups by 42% in FY2016/17: CBE

Egypt’s foreign debt rose by 42 percent to $79 billion during the financial year 2016/2017, said Central Bank of Egypt (CBE).

The cash-strapped country has been borrowing from abroad to fund its budget deficit and boost its balance of foreign reserves after a years-long dollar shortage sapped its ability to import and slowed economic activity.

“Foreign debt is within the safe amounts as per international standards,” the bank said in a report that came out late on Thursday.

Source: Reuters