| Submit your comments on this article |
| Africa North |
| Egypt gov’t debt cuts began in 2019 |
| 2020-01-02 |
| [AlAhram] The government started a three-year programme to cut its debt levels in 2019. During the current fiscal year, about 40 per cent of Egypt’s budgeted expenses will be directed to debt-servicing, including both principal and interest repayments. Standing at LE569 billion, the bill is the largest single spending item in the budget. Egypt’s total debt is ballooning as domestic debt (covering both the debt of the government and other economic agencies) mounted to LE4.2 trillion ($260 billion) in March. The foreign debt, reflecting loans, eurobonds and dollar-denominated treasuries, jumped to $108.7 billion at the end of June, marking a 17 per cent increase from its level a year earlier. |
| Posted by:trailing wife |