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· The Central Bank of Egypt (CBE) has announced that the country’s foreign debt increased to about US$125.3billion in September 2020, which is an increase of 1.5%, equivalent to about US$1.8bn, as against June 2020
· The increase was on account of the net disbursements of loans and facilities by about US$400 million
· There was a decline in the ratio of the foreign debt to the gross domestic product to 33.9%, which is the under safe limit
The Central Bank of Egypt (CBE) has announced that the country’s foreign debt increased to about US$125.3billion in September 2020, which is an increase of 1.5%, equivalent to about US$1.8bn, as against June 2020. The increase was on account of the net disbursements of loans and facilities by about US$400 million.
The Bank further pointed out that It was also driven by the approximately US$1.4bn increase in the exchange rates of most of the borrowed currencies against the US dollar. Egypt’s foreign debt service amounted to about US$4.9billion during the period extending from July to September of fiscal year (FY) 2020/21. Of that, US$3.7 billion was paid in installments.
However, the Bank authorities pointed out there was a decline in the ratio of the foreign debt to the gross domestic product to 33.9%, which is the under safe limit.
