Egypt's debt rises 25%, reaching 87.5% of GDP
Egypt's gross domestic debts rose by almost 24 percent in the fiscal year (FY) 2012/13, reaching LE1.5 trillion (approximately $217.8 billion), according to the Central Bank of Egypt's (CBE) September bulletin.
CBE added that gross domestic debts amounted to 87.5 percent of the GDP for the same fiscal year.
Since the end of FY 2012/13, Egypt has received several external debt packages, the most prominent of which came from the Gulf following the ouster of president Mohamed Morsi and amounted to $12 billion (LE82.6 billion). Continuing development loans from a Kuwaiti development fund has also contributed to Egypt's external debt.
While planning the new budget, Egypt's government has announced a stimulus package of up to LE22.3 billion ($3.24 billion) to be pumped into the economy.
Egypt's total budget deficit reached LE240 billion ($34.8 billion), or 14 percent of the GDP, in FY 2012/13, the finance ministry announced in September.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects