Cairo – Mubasher: Egypt’s domestic debt surged 24% or EGP503.25 billion during the fiscal year 2015/16, according to the monthly bulletin of the Central Bank of Egypt.
The country’s general debt amounted to EGP2.619 trillion by the end of June 2016 compared with EGP 2.116 trillion a year earlier.
The country’s governmental domestic debt reached EGP 2.29 trillion, while the net debt of the economic entities and National Investment bank amounted to EGP 103.72 billion and EGP 309.6 billion respectively.
The governmental spending is pressured by the cost of debt service that amounted to around EGP292 billion in FY15/16.
