Egypt’s gross domestic debt soars to 2.116T EGP in FY2014/15
Central Bank of Egypt Governor Tarek Amer - Youm7 Archive

CAIRO: Egypt’s gross domestic debt surged to 2.116 trillion EGP ($263.5 billion) in fiscal year 2014/2015 (ended June 30,)compared to 1.816 trillion EGP a year earlier, the Central Bank of Egypt (CBE) announced in a Monday report.

In its monthly report, the CBE reported that government’s share of net domestic debt amounted to 1.871 trillion EGP at June-end. The figure marks an approximately 333 billion increase from 1.538 trillion EGP in FY 2013/2014.

External debt also widened $2 billion to hit $48.1 billion by the end of June, compared to $46.1 billion by the end of June, 2014.

In a report issued in September upon concluding a mission visit to Cairo, the International Monetary Fund (IMF) affirmed that Egypt’s domestic debt and fiscal deficit remain “high.”

“The mission welcomes the authorities’ plans to pursue fiscal and structural reforms in order to put public debt on a downward-trending path and encourage private sector credit, thereby supporting growth and employment,” said the IMF.

It added that lower fuel and electricity subsidies, and applying the Value Added Tax, would improve the strength of the budget.

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