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FinancialNews


  • 06-02-19

    Egypt jumps to USD93.1b in foreign debt

    (MENAFN) Egypt recorded a significant boost in its foreign debt by late September 2018 to stand at USD93.1 billion compared to June results.

    According to the Central Bank of Egypt (CBE), "the ratio of the balance of external debt to the GDP amounted to 35.4 percent, which is still within the safe limits according to international standards."

    Egypt also witnessed a drop in its budget deficit during the first half of this fiscal year, reaching 3.6 percent of the GDP from the 4.2 percent in the last fiscal year, confirmed Egyptian Finance Minister Mohamed Maait.

    Budget deficit in Egypt registered its average at 5.3 percent of the GDP in the last three years, with the country looking to hit 5.6 percent in its GDP growth, the minister added.

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