Thursday 31, May 2018 by Kudakwashe

Egypt's foreign debt surges to $ 82.9 billion in 2017

Central Bank data showed Egypt's foreign debt rose to $ 82.9 billion by the end of December, up 4.9 per cent compared to six months earlier

Egypt’s foreign debt has increased to $82.9 billion at the end of 2017. The ratio of foreign debt to gross domestic product reached 36.1 per cent as during Q2 2018, reported Reuters.

The ratio of foreign debt to gross domestic product reached 36.1 per cent as of the end of the Q2 of the 2017 to 2018 financial year, which the bank said is still within the safe limits according to international standards.

Egypt's foreign reserves were $ 44 billion at the end of April, having climbed steadily since it secured a $ 12 billion three-year International Monetary Fund loan in 2016 as part of efforts to lure back foreign investors and revive the economy. The country’s fiscal year begins in July and ends in June and in December 2016, its foreign debt stood at $ 67.3 billion. 

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