Cairo – Mubasher: Egypt’s total external debt amounted to $92.64 billion at the end of June, prime minister said on Sunday.
Total foreign debt made up 37.2% of the North African nation’s gross domestic product (GDP) in fiscal year 2017/2018, Mostafa Madbouli highlighted in a press release.
The PM attributed the overseas debt increase to the country’s extended loans from abroad over the past period in a bid to overcome financing gap and tackle foreign-currency shortage in the market, local newspaper Al Watan reported.
It is worth noting that Egypt’s foreign debt reached $88.2 billion at the end of March.
The Egyptian government had stated previously that it was considering limiting external financing in an effort to narrow down external debt and cut the country’s general debt to 91% of GDP in FY18/19.