Egypt: CBE - Egypt's Foreign Debt Declines for 1st Time to $111.3 Billion By End of March

The Central Bank of Egypt (CBE) on Monday August 31, said that Egypt's foreign debt has retreated for the first time in years to $111.3 billion at the end of March 2020, declining by 1.4 percent down from $ 112.7 billion at the end of December 2019.

The ratio of the balance of external debt to GDP dropped to 31.7 percent, which is safe according to international standards, according to a statement issued by the CBE on Monday, a copy of which was obtained by MENA.

Earlier, banking sources told MENA that the CBE and Egypt's banking system have paid off more than $ 17 billion to foreign funds and institutions during March and April in light of the outbreak of coronavirus pandemic.

Between May and June, Egypt succeeded in receiving around $9.7 billion from the International Monetary Fund as well as the international markets.

More From: Egypt Online

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