CAIRO: Egypt’s total domestic debt surged to 1.83 trillion EGP ($206 billion) at the end of September, up from nearly 1.81 trillion in June during FY 2013/14, the Central Bank of Egypt (CBE) announced in a recent report.
The net domestic debt owed by the government compromised around 87.8 percent of the total debt, amounting to nearly 1.614 trillion EGP at the end of September. General economic bodies and the National Investment Bank owed 0.1 percent and 12.1 percent, respectively.
“Foreign debt grew by 6.6 percent to hit $46.1 billion at June-end, up from $43.2 billion EGP in the same month in 2013,” the CBE said in the report.
Despite the hike, Egypt has never failed to pay back foreign debt premiums on time. The Central Bank repaid a $2.5 billion deposit to Qatar Nov. 28, upon an official request from Doha. Additionally, a $700 million six-month premium owed to the Paris Club was repaid on Jan. 5.
“Timely repayment of foreign debt premiums is a top priority for the CBE in spite of the tough economic circumstances in Egypt,” a top banking official told Youm7.
Egypt’s foreign reserves slipped to $15.33 billion at December-end, marking a $549 million decline from $15.9 billion at the end of November which saw more than a $1 billion dip following the Qatari deposit repayment.