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Egypt's external debt rises 4.3% to $48 bn at June end: CBE

The country's external debt to GDP ratio has improved

Ahram Online , Monday 12 Oct 2015
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo, Egypt April 9, 2015 (Photo: Hala Safwat)
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Views: 3638

Egypt's external debt rose by 4.3 percent in the fiscal year ending 30 June 2015, reaching $48 billion compared to $46 billion a year before, according to September's central bank bulletin.

The actual increase in loans taken by Egypt externally amounted to $4.5 billion, but as most currencies of the lending countries fell to the dollar, the value of Egypt's external debt registered as a lower value, the central bank was quoted as saying by state-owned publication MENA on Monday.

But Egypt's external debt to GDP in the fiscal year 2014/15 decreased to 15 percent, down from 16.4 percent in the same period a year earlier, the bulletin showed.

Egypt's total domestic debt stood at LE2 trillion ($255 billion) as of March.

Egypt's total debt service for the fiscal year 2014/15 recorded $5.6 billion, reported MENA.

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