Egypt’s foreign debts rose by 16 percent by the end of 2015/2016 Fiscal Year to reach 2.619 trillion EGP ($ 55.8 billion) up from 2.116 trillion EGP by the end of 2015/2015 FY, the Central Bank of Egypt (CBE) said in a report published on Wednesday.
The increase is attributed to a $7.4 billion increase in the net repayments of foreign loans, facilities and deposits, and an increase in exchange rates of the currencies of the external debt versus the US dollar, which led to an increase in external debt estimated at $0.3 billion, according to Reuters.
External debt service (medium- and long-term) reached $5.2 billion during the 2015-2016 fiscal year, the report said.
