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FINANCIAL NEWS
Egypt pays USD670m debit to creditor countries
09 Jul 2015
(MENAFN) Egypt paid a total of USD670 million of debit to the Paris Club of creditor countries this month, reducing the debts worsened by years of political conflict, according the central bank, Reuters reported.
The payment decreased Egypt’s total foreign debt to USD39.9 billion in the third quarter of the year, down from USD45.29 billion for the corresponding quarter a year ago.
Egypt’s political struggle has led to some serious delays in payments, which severely hindered the economy and accumulated financial burdens that now the country is avidly trying to alleviate.
“Egypt is committed to making its foreign debt payments on time,” the governor assured in a telephone statement.
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