Cairo – Muabsher: Egypt's external debt increased 7.8% in the first quarter of the fiscal year 2016 – 2017, according to the monthly bulletin published by the Central Bank of Egypt.
The country’s external debt rose to $60.15 billion (EGP 1.09 billion) in Q1 – FY16/17 compared with $55.7 billion (EGP 1.016 billion) at the same period of the previous year.
The external debt accounted for 16.3% of the country’s GDP in September 2016.
The report mentioned that the external debt is calculated according to the exchange rate of USD – EGP at the end of the first quarter of FY 2016 - 2017.
