Egypt’s total public debt reached EGP 3.4 trillion (approximately $190 billion), representing 83.8% of GDP by the end of December 2017, the Central Bank of Egypt announced on Sunday.
The rise in the country’s total public debt came due to the breaking up financial services between state apparatuses, according to Al-Ahram Arabic website.
The total public debt announced by the Central Bank of Egypt in its monthly bulletin comes weeks after then-finance minister Amr El-Garhy told MPs that public debt will continue to climb from the current figure.
El-Garhy told the MPs that the country is facing very high debt service rates, after going through a period where the country's workforce was at a standstill, with a growth of 1.5 percent and a rise in population of 2 million people yearly.
According to official statistics from the central bank, the country’s GDP by market prices in fiscal year 2016/17 has reached EGP 3.47 trillion.
According to official statistics from the CBE, the country’s external debt currently stands at $82.9 billion, up from $79.03 billion at the end of last fiscal year.
For the past couple of weeks, parliament has been discussing the country's new state budget for fiscal year 2018/19.
Valued at EGP 1.412 trillion, Egypt’s 2018/19 budget targets a GDP growth of 5.8 percent, up from 5.2 percent in the current fiscal year, a budget deficit of 8.4 percent of GDP, 88 percent public debt, and a 2 percent primary budget surplus, according to statements by the finance ministry in April.