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Egypt pays $ 8.1 billion in debt before the end of the year
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 Arab and international |
Economy News _ Baghdad CAIRO (Reuters) - Egypt will repay short-term foreign debt in the fourth quarter of this year at $ 8.134 billion, the central bank governor said on Monday.Amer said Egypt would pay $ 5.2 billion to the African Export and Import Bank before the end of December, adding that "the repayment of the African Bank's contributions contributes to a very large reduction in external commitments." The debt is distributed "by 3.2 billion in the form of short-term loan and 2 billion dollars liquidity received by the Central Bank through the process of repurchase of government securities with the African Bank after the liberalization of the exchange rate in order to strengthen the position of foreign currency to him." Egypt's external debt rose 38.4 percent to $ 73.9 billion at the end of March 2017, from $ 53.4 billion in March 2016. The central bank's decision to liberalize the local currency exchange rate, which resulted in the pound losing half of its value, helped revive foreign flows into government bonds and treasury bills. The country's foreign exchange reserves rose to 36.143 billion dollars at the end of August from 36.036 billion at the end of July. The Egyptian government has been implementing a program of economic reform since the end of 2015, including a value-added tax, the liberalization of the pound exchange rate and the reduction of electricity and petroleum subsidies in order to revive the economy and bring it back to growth. |
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