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Egypt repaid around $30 billion dollars in foreign debt throughout 2017 and expects to pay off more than $12 billion of its debts in 2018, state news agency MENA said on Tuesday citing a source in the central bank.
The debt stood at $79 billion at the end of the 2016/17 fiscal year.
Egypt’s foreign reserves were $36.723 billion at the end of November, having climbed steadily since it secured a $12 billion, three-year, International Monetary Fund loan last year as it tries to lure back foreign investors and revive its ailing economy.
Source: Reuters