Complex Made Simple

Egypt’s public debt up 4.3 per cent in previous fiscal year

Country's debt to members of Paris Club shrank by 40 per cent to $2.2 billion by end June

Egypt’s net public debt edged up by 4.3 per cent during the previous fiscal year which (2014-2015) ended in June this year.

The country’s public debt stood at $48 billion at the end of June compared with $46bn in the 2013-2014 fiscal year, according to central bank data.

The figures, published by Al-Eqtisadiah, show that Egypt’s debt to members of Paris Club shrank by 40 per cent to $2.2bn by the end of June this year against $3.6bn at the end of the same month in 2014.

Egypt has been striving to revive its economy following a few years of political instability.

The government laid out a set of measures to speed up reforms and cut expenditure such as reforming the subsidy system, upgrading the investment law and stepping up the crackdown on foreign currency black markets.

In the meantime, the country’s Ministry of Commerce and Industry announced that non-oil exports retreated by 19.3 per cent in the first 9 months of the current year.

According to a ministry statement, non-oil exports slipped to $13.8bn during the January-September period from $17.2bn in the corresponding period of 2014.

Egypt’s exports of cement, steel, and fertilisers edged down because of weak supply of natural gas supply to factories as the government rechanneled gas supply to the country’s power stations amid rising demand for electricity.