The International Monetary Fund (IMF) noted that Egypt's total domestic and external debt declined from 103 per cent of GDP in 2016 to 2017 to about 93 per cent of GDP in 2017-2018, supported by fiscal controls and high growth.
The Egyptian government expected the total external public debt to reach 102.863 billion dollars in the next fiscal year 2019-2020, compared to 98.863 billion dollars expected in the current year 2018 - 2019.
The IMF has reached an expert-level agreement with Egypt to spend about $2 billion of its $12 billion loan, and announced that the funds would be disbursed after its Executive Board approved the fourth review of the three-year loan program.
Egypt's external debt stood at $92.64 billion at the end of the fiscal year 2017-2018, representing about 37 per cent of GDP. Short-term foreign debt this year accounted for nearly a third of foreign exchange reserves, 27.8 per cent.
Source (Al-Sharq Al-Awsat newspaper, Edited)
