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FinancialNews
10-09-18
Egypt posts 17.2 percent foreign debt boost in June
(MENAFN) Egypt was declared to have recorded a 17.2 percent increase in its total foreign debt by the end of June, reaching USD92.64 billion.
The figures have been unveiled by Egyptian Prime Minister Mostafa Madbouly while speaking to independent daily newspaper Al-Watan.
The prime minister revealed that Egypt's external debt has hit more than USD10 billion boost within three months, compared to the USD88.2 billion seen by the end of March.
Madbouly reportedly stated "the country's expansion in foreign borrowing over the past period was meant to bridge the funding gap and solve the foreign exchange shortage crisis in the market."
The Central Bank of Egypt also confirmed the foreign reserves of the country to have reached by the end of last month USD44.42 billion.
MENAFN1009201800450000ID1097409556
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