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Egyptian debts increased by $24.5bn in one year

May 20, 2017 at 3:03 pm

Egypt’s Central Auditing Organisation (CAO) revealed that Egyptian debt had increased by 441.8 billion Egyptian pounds ($24.5 billion), Rassd reported yesterday.

According to Rassd, the CAO said that the total debts of the Cairo government until 30 June 2016 was approximately $138.5 billion, excluding government deposits, noting the increase of $24.5 billion, or 21.5 per cent increase, compared to the previous year.

The CAO noted that domestic debts were estimated to be $126.6 billion while foreign debt tallied to a total of $11.9 billion.

The report noted that this referred to the inflation of public debt and the expansion of issuing government bonds, treasury bills, bonds from the central bank and social insurance funds.

It also said that the dependence on loans to cover a large amount of the state’s budget instead of income from real sources led to an increased financial burden and public debt.