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Egypt’s Foreign Debt Rises to $92.64 Billion
- Egypt’s Foreign Debt Rises to $92.64 Billion
Prime Minister Mostafa Madbouly has said Egypt’s foreign debt rose from $88.2 billion at the end of March 2017 to $92.64 billion by the close of the financial year in June 2018.
According to the minister, foreign debt constituted 37.2 percent of Egypt’s gross domestic product at the end of the 2017-2018 fiscal year, a marginal increase from 36.8 percent recorded in the third quarter.
The country’s fiscal year begins in July and ends in June.
Egypt’s total foreign reserves rose from $44.2 billion in June to $44.4 billion by the end of August 2018.
Despite the huge debt, Egypt’s trade surplus rose to $2.35 billion and its exports stood at $12.4 billion between January and May 2018.