Egypt's total domestic debts rose to LE1.4 trillion in Q3 of 2012/13: CBE

Ahram Online, Sunday 14 Jul 2013

Central Bank of Egypt reports that the state's total domestic debts rose 27 percent

Central Bank of Egypt (Photo: Reuters)

Egypt’s total domestic debts rose by roughly 27 percent in the third quarter of the fiscal year 2012/13 reaching LE1.4 trillion (approximately $208 billion), according to the latest bulletin of the Central Bank of Egypt (CBE).

CBE added that the total domestic debts recorded LE1.3 trillion ($197 billion) in the second quarter of the outgoing fiscal year.

Egypt’s external debts registered some $38.8 billion during the period between October and December 2012 representing approximately a 12 percent rise from the first quarter of the fiscal year 2012/13.

Foreign Direct Investments (FDI) rose from $108 million in the first quarter of 2012/13 to $193 million in the second quarter. FDI recorded $2 billion at the end of the fiscal year 2011/12.

Egypt’s total budget deficit reached LE205 billion ($29.2 billion) – representing 11.8 percent of GDP – in the first 11 months of the 2012/13 fiscal year, the ministry of finance stated in June

The deficit rose by roughly 50 percent since the same period of 2011/12 fiscal year, when it stood at LE136.5 billion ($19.5 billion). 

Egypt is still working with the 2012-13 state budget, although the fiscal year ended on 30 June.

The 2013-14 state budget was supposed to get the green light on 1 July after Egypt's upper house of parliament approved it days before, but its approval was delayed when millions of Egyptians took to the streets nationwide on 30 June to demand president Mohamed Morsi’s ouster. The upper house of parliament, the Shura Council, has since been dissolved, and the budget has yet to be approved by interim president Adly Mansour.

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