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Elham AbolFateh

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Egypt’s foreign debt reaches $81 billion: minister

Thursday 11/January/2018 - 06:00 PM
Sada El Balad
Ahmed Mohsin
Egypt’s Finance Minister Amr el-Garhy announced in a television interview on Wednesday that the country’s foreign debt has hit $81 billion after it stood at $79 billion at the end of the 201617 fiscal year.

The Egyptian government has developed a new strategy concerning lowering the debt levels for the upcoming financial year، el-Garhy said.

Egypt’s foreign debt rose to $79 billion in the 2016-17 fiscal year which ended in June، up 42 percent from 2015-16، the central bank announced in late September، stressing that “foreign debt is within the safe amounts as per international standards.”

Egypt repaid around $30 billion dollars in foreign debt in 2017 and expects to pay off more than $12 billion of its debts in 2018، state news agency MENA said on Tuesday citing a source in the central bank.

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