But is the hike rate of Egypt’s foreign debt going to stop at this level? On 24 May, the Ministry of Finance sold new bonds on the international markets to receive loans worth $3bn. Egypt’s foreign debt could easily exceed $100bn by the year 2020, according to the managing director of Multiples Group, Omar El-Shenety, who added that the increasing foreign debt is worrying. She believes that issuing international bonds puts more burdens on future generations. The report expected that Egypt’s foreign debt will reach $102.4bn by FY 2020/2021, and international reserves will increase annually to record $37.58bn by 2020/2021.

Source: Daily News Egypt June 01, 2017 06:11 UTC