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Egypt's foreign debt reached $80.8 billion in December 2017: CBE

Ahram Online , Wednesday 7 Feb 2018
Central Bank of Egypt
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, November 3, 2016. (Reuters)
Views: 5166
Views: 5166

The Central Bank of Egypt (CBE) revealed on Wednesday that the country's foreign debt jumped to $80.8 billion in the first quarter of fiscal year 2017/18.

The CBE said that foreign debt rose by $1.8 billion in September 2017 compared to June 2017; a 2.3 percent increase, "which is still within safe limits according to international standards."

On Sunday, the CBE said that Egypt's foreign reserves spiked to reach $38.209 billion at the end of January, up from $37.019 billion at the end of December.

Egypt's Ministry of Finance announced on Wednesday that the total budget deficit reached EGP 379.59 billion, equaling 10.9 percent of the GDP.

The statement added that general revenues reached EGP 659.174 billion, whereas the general expenses reached EGP 1.31 trillion in fiscal year 2016/17.

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