The Egyptian government recently paid down $1.1 billion of its foreign debt, as the Egyptian Central Bank has reported that the country’s total foreign debt presently stands at $27.8 billion, a $400 million fall compared with the previous year.
The bank also stated that Egyptian debts to the United States, France, Germany and Japan stand at a total of $16 billion, according to Al-Sharq Al-AwsatDaily.
Debts to the Paris Club member nations stand at $21 billion, or 75 percent of Egypt’s overall foreign debt. Service costs for this sum amount to $1.7 billion per annum. ― (MENA Report)
© 2001 Mena Report (www.menareport.com )