The Central Bank of Egypt said yesterday that the country’s external debt has increased by 4.3 per cent or $2 billion to reach $48.1 billion during the fiscal year 2014/2015.
The bank said in a statement that “debt services reached $5.6 billion during the fiscal year which ended in June 2015.”
“The country has paid back $4.9 billion in outstanding debts and interest of $700 million.”
According to the Bank’s statement the rise in debt is attributed to the increase in the net disbursement of loans, facilities and deposits to $4.5 billion as well as the rise in most currencies used for borrowing against the dollar.
The ratio of the debt to gross domestic product (GDP) dropped to 15 per cent compared to 16.4 per cent at the end of June 2013.
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