FINANCIAL NEWS

External debt in Egypt grows by 9.7pct to USD73.88bn

01 Aug 2017

(MENAFN) Egypt’s external debt increased 9.7 percent from Dec last year, to March this year, as exposed a report of the Central Bank of Egypt.

Moreover, the debt amount grew to USD73.88bn amid the third quarter of 2016/2017 ended in March 2017, from USD67.332bn in the second quarter of 2016/2017.

The country’s central bank received USD1.25bn worth of the second and final disbursal of the first USD4bn tranche of an USD12bn loan from the IMF.

Additionally, Egypt inked a three-year USD12bn IMF program in Nov linked to sweeping reforms like subsidiary cuts and tax hikes aimed at attracting investment to its economy.

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MENAFN0108201700450000ID1095678152

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