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Wednesday, 16 June 2021

Egypt's domestic debt up to LE1.7 trillion

Gross domestic debt reached 83 percent of GDP last March, while external debt declined quarter-on-quarter to $45.3 billion, according to latest CBE figures

Ahram Online, Wednesday 9 Jul 2014
Egypt's central bank (Photo: Reuters)

Egypt's gross domestic debt reached 83 percent of the country's gross domestic product (GDP) in March, according to the Central Bank of Egypt's (CBE) June statistical bulletin.

Public debt climbed to LE1.7 trillion at the end of last March, up from LE1.65 trillion in December 2013 and LE1.46 trillion in March 2013.

Last month, President Abdel-Fattah El-Sisi refused to ratify a draft budget for the fiscal year beginning on 1 July as the budgeted deficit of 12 percent would have raised Egypt's domestic debt to LE2 trillion.

Total external debt declined to $45.3 billion in the third quarter, or 15.4 percent of GDP, down from the previous quarter's $45.7 billion, but up from the previous year's $38.4 billion.

Last week, Egypt paid $700 million of its debt to the Paris Club, CBE governor Hisham Ramez told Reuters.

By the end of December 2013, Egypt's debt to the Paris Club was $3.7 billion, according to the CBE.

Net Foreign Direct Investment (FDI) reached $1.8 billion in the third quarter, up from $1.6 billion in the previous quarter, and up from $1.1 billion in same period of the previous year.

FDI to Egypt, which reached $13.2 billion in 2008, has been hit hard by political turmoil following the January 2011 revolution which toppled long-time autocrat Hosni Mubarak.

Egypt is aiming to attract $10 billion in FDI by next year, Investment Minister Ashraf Salman said in a televised interview last month.

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