During an interview with the daily Egyptian newspaper “Al Watan”, Mostafa Madbouly, Prime Minister of Egypt announced that Egypt's total foreign debt reached 92.64 billion dollars at the end of June 2018, from 88.2 billion in March 2018, an increase of 17.2 percent year-on-year.
Madbouly pointed out that "the ratio of external debt to GDP increased slightly and reached 37.2 percent by the end of the fiscal year 2017-2018, compared to 36.8 percent at the end of the third quarter."
The Egyptian Prime Minister, explained that "the increase in volume of external debt is due to the expansion of the country’s borrowings from abroad during the past period to close the funding gap and solve the crisis of foreign exchange shortage in the market, where the external debt of Egypt stood at 79.02 billion dollars at the end of June 2017 ".
Source (CNBC-Arabic, Edited)
