Egypt’s Gross Domestic Debt Jumps 24% in FY2012/13 – CBE

Egypt’s gross domestic debts rose by almost 24 percent in the fiscal year (FY) 2012/13, reaching EGP 1.5 trillion (approximately $217.8 billion), according to the Central Bank of Egypt’s (CBE) September bulletin.

CBE added that gross domestic debts amounted to 87.5 percent of the GDP for the same fiscal year.

Egypt’s external debts registered some $43.2 billion at the end of FY 2012/13, representing an approximate 25 percent rise from the previous FY 2011/12.

Since the end of FY 2012/13, Egypt has received several external debt packages, the most prominent of which came from the Gulf following the ouster of president Mohamed Morsi and amounted to $12 billion (LE82.6 billion). Continuing development loans from a Kuwaiti development fund has also contributed to Egypt’s external debt.

While planning the new budget, Egypt’s government has announced a stimulus package of up to EGP 22.3 billion ($3.24 billion) to be pumped into the economy.

Egypt’s total budget deficit reached EGP 240 billion ($34.8 billion), or 14 percent of the GDP, in FY 2012/13, the finance ministry announced in September.