The International Monetary Fund (IMF) cut its forecast for Egypt's total debt ratio for the fiscal year 2018-2019 from 86.2 percent to 86 percent.
The IMF issued a statement announcing the acceptance of Egypt's fifth tranche of the loan, amounting to $ 2 billion, which includes a new payment of a loan to be used to support the state budget and will be positively reflected on the cash reserve.
The IMF expects the foreign debt to be around 18 percent in the current fiscal year, compared with its previous forecast of 17 percent. The IMF also expects the total debt to reach 83.3 percent in the next fiscal year.
At the level of domestic debt to GDP ratio during the fiscal year 2018-2019, the IMF reduced it to 68 percent against its previous forecast of 69.2 percent.
Source: (Economic Bulletin website, Edited)
