Egypt’s public debt is reported to have increased by 200 billion Egyptian pounds ($26.2 billion) to reach 1.9 trillion Egyptian pounds ($0.25 trillion) by the end of September 2014 compared to 1.7 trillion Egyptian pounds ($0.22 trillion) at the end of the same period in 2013.
Al-Araby Al-Jadeed news site reported that the Egyptian Ministry of Finance yesterday revelaed that the country’s foreign debt fell to $44.9 billion by the end of September 2014 compared with $47 billion in September 2013.
According to a ministry report, the country’s foreign debt decreased because the government lowered its foreign borrowing during the first quarter of 2015.
The report noted that the overall budget deficit has increased by 6.9 per cent by the end of September 2014 compared.
The fiscal year in Egypt begins in July.
The Egyptian Ministry of Finance said it hopes to reduce the budget deficit by the end of the current fiscal year to 10 per cent compared to 12.8 per cent during the last fiscal year
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