Egypt's domestic debt increases by 17.9 per cent

The Egyptian Finance Ministry released a report on Thursday revealing that Egypt’s domestic debt in the general budget increased by 17.9 per cent over the past year, to reach 1.702 trillion Egyptian pounds at the end of June 2014, the equivalent of 83.7 per cent of the country’s total GDP, in comparison to 1.444 trillion pounds before the military coup at the end of June 2013, Al-Alam Online news website reported.

According to the ministry report, the total debt from government expenditures increased by 17.5 per cent to reach 1.602 trillion pounds, equivalent to 78.8 per cent of GDP. This level of debt was 1.363 trillion pounds at the end of June 2013.

Meanwhile, the report said the total domestic public debt increased by 17 per cent to 1.649 trillion pounds, equivalent to 81.1 per cent of the GDP at the end of June 2014, in compared to 1.41 trillion pounds at the end of June 2013.

The report noted that the state budget’s deposits reached 166.386 billion pounds and the government deposits reached 176.1 billion pounds at the end of June 2014.

The budget’s net domestic debt reached 1.5 trillion pounds while the government’s net domestic debt reached 1.42 trillion pounds by the end of June.