Egypt’s external debt rose by 20.4% year-on-year to $106.2 billion during the first quarter of 2019 from $88.16 billion, the World Bank announced in a recent report.
The country’s external debt recorded $96.6 billion by the end of fiscal year 2018, according to the World Bank.
In May 2019, total external debt rose by 3.4% to $96.6 billion in Q4-18 from $93.1 billion in Q3-18.
In June 2019, the governor of the Central Bank of Egypt (CBE) Tarek Amer stated that the country’s economy is still safe within the planned economic reform programme.
The CBE has ascribed the rise in external debt to a $4.3 billion increase in the amount used from net loans and credit facilities as well as a $400 million depreciation in borrowed currencies against the US dollar.