Egypt’s foreign debt jumps $4.4B in two months

CAIRO – 15 June 2017: Egypt’s foreign debt reached $71.8 billion at the end of February, Minister of Planning Hala El Said announced Thursday.

In a press conference, Said explained that the figure is equivalent to 13.7 percent of Egypt’s GDP, adding that it increased $4.47 billion in January and February from $ 67.32 billion at the end of December 2016.

As for domestic debt, it was LE 2.6 trillion at the end of February, which represents 81 percent of GDP, the minister said.

Egypt attracted $8.4 billion in foreign investment in domestic debt instruments since the flotation of the local currency in November through the end of May, Deputy Finance Minister Ahmed Kojak said last week.