Egypt’s foreign inflows exceeded $120 bln since pound float

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Egypt’s Central Bank Governor said foreign inflows have exceeded $120 billion since its pound currency was floated in November 2016, state newspaper Al-Ahram quoted him as saying on Monday.

Tarek Amer also said Egypt would make a debt payment of $850 million to international oil companies, without specifying when.

Once an energy exporter, Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption.

Cairo has promised to eliminate those arrears by the end of June 2019 and not accumulate more, part of efforts to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.

Amer also said that Egypt was not worried about its levels of foreign debt, which hit $82.9 billion at the end of December.

“Our capabilities are much more and we can bear much more foreign debt, and this is in according to global indicators and according to our capabilities of inflows and reserves,” he said.

Egypt’s net foreign reserves rose to $44.030 billion at the end of April from $42.611 billion at the end of March.

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