Egypt's foreign debt jumps 40 percent to $67 billion: Central bank

Reuters , Sunday 2 Apr 2017

 Central bank
File Photo: Egypt Central Bank governor Tarek Amer (Reuters)

Egypt's foreign debt jumped 40.8 percent year-on-year to $67.32 billion in December, Central Bank figures showed.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political upheaval since a 2011 revolt, and to ease a dollar shortage that has crippled imports and drove away foreign investors.

Egypt has received the first tranche of a three-year $12 billion loan deal with the IMF and is expecting to receive the second tranche soon. The second tranche of a $3 billion loan from the World Bank was disbursed to Egypt last month.

The central bank said domestic debt rose 28.9 percent to $3.05 billion.

Short link: