Egypt’s External Debt Drops to U.S.$39.9 Billion At End of March – Central Bank

Egypt’s external debt fell to $39.9 billion by the end of March, a drop of 13.5 percent from June 2014, the central bank said on Monday.

Egypt’s external debts were worth $46.1 billion in June of last year, the bank said in its monthly bulletin.

The drop is attributed to the payment of loans worth $3.5 billion. Additionally, the bank said, most currencies which Egypt borrowed in have fallen against the dollar, contributing to a $2.7 billion reduction in the foreign debt.

External debt servicing expenses were worth $5.2 billion in the period from July 2014 to March of this. This is a drop by $2.5 billion compared to the same period in the previous fiscal year.

Egypt’s economy has been hit hard by the political turmoil which gripped the country since a popular uprising toppled former President Hosni Mubarak in January 2011.

Egypt total domestic debt was valued at 1.9 trillion Egyptian pounds in December 2014.

(1 dollar = 7.6 Egyptian pounds)

Source : Aswat Masriya