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Egypt's foreign debts rise to 88.2 bln USD
Last Updated: 2018-08-07 05:44 | Xinhua
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Central Bank of Egypt (CBE) said on Monday that Egypt's foreign debts have risen to 88.2 billion U.S. dollars at the end of March.

In a report, the CBE said the debts increased by 11.6 percent, or 9.1 billion dollars, compared with the end of June 2017.

The CBE underlined that the net use of loans and facilities increased by 7.4 billion dollars.

The CBE also highlighted that the external debts service burden reached 10.9 billion dollars during the period from last July to March of 2017-2018 fiscal year, adding that the ratio of the balance of external debts to GDP amounted to 36.8 percent, which is safe according to international standards.

The total domestic public debts reached 3.36 trillion Egyptian pounds (184.9 billion U.S. dollars), representing 86.8 percent of GDP at the end of March, 84.8 percent of which is government debts, 8.1 percent for public economic bodies and 7.1 percent for the National Investment Bank, the CBE pointed out.

The bank also noted that the net balance of domestic debts owed by the government amounted to 2.99 trillion Egyptian pounds in March, an increase of 313 billion Egyptian pounds during the period from last July to March.

Egypt has been facing difficult economic conditions due to political instability and relevant security challenges over the past few years.

To boost economy, the Egyptian government started in late 2016 a strict three-year economic reform program based on austerity measures, including fuel and energy subsidy cuts and tax hikes.

In addition to floating local currency's exchange rate, the reform plan has been encouraged by a 12-billion-dollar loan from the International Monetary Fund, two thirds of which has already been delivered to the most populous Arab country.

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