Egypt’s foreign debts have jumped to $60.15bn during the first quarter (Q1) of the fiscal year (FY) 2016/2017, compared to $55.76bn during Q4 FY 2015/2016, with an increase of $4.3bn, according to the Central Bank of Egypt (CBE).
The CBE explained in a report issued on Thursday that long-term deposits increased during Q1 of this FY by $2.250bn, where they reached $18.5bn, compared to $16.30bn by the end of Q4 of last FY.
“The volume of short-term deposits has increased by $948m, reaching $7.9bn by the end of Q4 of the current FY, whereas short-term foreign debt has increased to 13.2% of the total foreign debt, compared to only 12.6% in Q4 of last year,” the CBE said.
The report added that the total burdens of the foreign debt have increased by $1.5bn, reaching $2.4bn, including $2.2bn as paid instalments.
According to the CBE, the ratio of foreign debt to the gross domestic product during Q1 of this FY has reached 16.3%, compared to 18.1% during Q4 of FY 2015/2016.