The International Monetary Fund (IMF) stated in its Egypt report that it expected Egypt’s foreign debt to rise to $102.4bn, which is more than 25% of the total GDP by 2020/2021. Egypt’s foreign debt had reached the $55.7bn mark in fiscal year (FY) 2015/2016. The Central Bank of Egypt (CBE) has announced that foreign debt had reached $60bn in the first quarter of FY 2016/2017. Moreover, the IMF estimated that the financial gap, which is the difference between Egypt’s foreign currency needs and its actual revenues, to be $35bn. On the other hand, the domestic debt according to the government’s plan is expected to reach 76% of the total GDP by FY 2020/2021.

Source: Daily News Egypt January 19, 2017 12:03 UTC