Egypt Pledges to Reduce Foreign Debts

Published May 24th, 2000 - 02:00 GMT

Egyptian Prime Minister Atef Ebeid said his government is committed to reduce the country's foreign debt, reported ArabicNews.com Tuesday. 

Ebeid was quoted as saying that the "reduction will be brought about by a decrease in government borrowing, which will lead to a drop in interest on repayments."  

The agency said that the government would only allow borrowing in the form of soft or low-interest loans, provided by Arab funds and international finance organizations.  

On increasing Egypt's resources of hard currency, Ebeid said revenues from tourism and exports remittances in hard currency increased in April.  

According to a recent government report, quoted by the agency, oil revenues are also expected to increase next month.  

Governor of the Central Bank of Egypt Ismail Hassan told ArabicNews.com that Egypt's foreign debts declined to $28.1 billion, which is a good indicator according to the reports of world major financial organizations, adding the debt service is not a burden on the state budget.  

He added that the volume of banking credits rose to L.E. 282 billion, meanwhile deposits with banks increased to L.E. 249.3 billion until last February - Albawaba.com 

© 2000 Al Bawaba (www.albawaba.com)

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