Egypt’s foreign debt up 42 pct to $79 bln

THe Central Bank of Egypt in Cairo. (AP)

Egypt’s foreign debt rose to $79 billion in the 2016-17 fiscal year which ended in June, up 42 percent from 2015-16, the central bank said.

The cash-strapped country has been borrowing from abroad to fund its budget deficit and boost its balance of foreign reserves after a years-long dollar shortage sapped its ability to import and slowed economic activity.

“Foreign debt is within the safe amounts as per international standards,” the bank said in a report that came out late on Thursday.

Last Update: Wednesday, 20 May 2020 KSA 09:51 - GMT 06:51