Egypt’s foreign debt ups to $92.64 bln in June: PM

By Amwal Al Ghad English On Sep 9, 2018

Egyptian Prime Minister and former Minister of Housing, Utilities, and Urban Development Moustafa Madbouly

Egypt’s foreign debt rose to $92.64 billion at the close of the financial year in June, up from $88.2 billion at end-March, Prime Minister Moustafa Madbouly told the Egyptian daily al-Watan.

The debt made up 37.2 percent of the country’s GDP at the end of the 2017-2018 financial year, Madbouly told the newspaper in an interview published on Sunday, marking a slight increase from 36.8 percent at the end of the third quarter.

Egypt’s financial year begins in July and ends in June.

The country’s foreign reserves stood at $44.2 billion at the end of June, and climbed to $44.4 billion at the end of August.

Source: Reuters