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Egypt’s foreign debt to reach 30 per cent of GDP by June

February 26, 2017 4:34 pm


Egyptian Central Bank Governor Tarek Amer said late on Friday that he expects the country’s foreign debt to reach 30 percent of gross domestic product, or $60 billion, by June this year.

The most populous Arab state has imported some $15 billion worth of goods since the pound currency was floated in November, Amer told local broadcaster DMC in a televised interview. He predicted that imports would fall 30 percent this year.

Egypt’s monthly fuel import bill is around $1 billion, he said, but the budget is now getting under control and there are increasing signs of fiscal discipline on the government’s part.

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