Egypt’s foreign debt to reach 30% of GDP by June – central bank governor

Egyptian Central Bank’s Governor Tarek Amer stated late 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.

Source: Reuters