News ID: 219488
Published: 0644 GMT August 07, 2018

Egypt's foreign debt up more than 10% from last year

Egypt's foreign debt up more than 10% from last year
Published by alarabiya.net

Egypt's foreign debt has climbed more than 10 percent in less than a year, reaching $88.2 billion in March, the central bank said, despite a raft of painful austerity measures aimed at cutting government spending.

Foreign debt is 11.6 percent higher than in June of last year, but the central bank said the debt to GPD ratio is still within "safe limits according to international standards," at 36.8 percent, AP wrote.

Egypt has been struggling to revive its economy after the years of unrest that followed the 2011 Arab Spring uprising.

The government secured a $12 billion loan from the International Monetary Fund in 2016 for an economic reform program that included slashing fuel and electricity subsidies, imposing a value-added tax and floating the currency. Foreign debt stood at $67.3 billion in December 2016.

Egypt recently introduced a new wave of price hikes for fuel, drinking water and electricity, as well as for new cellular phone lines and cellphone bills. Prices for issuing passports and car licenses also went up steeply.

The austerity measures have taken a heavy toll on poor and middle-class Egyptians.

   
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