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Egypt’s foreign debt to reach 30 per cent of GDP by June

Egyptian Central Bank Governor Tarek Amer said late on 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.