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Egypt's external debts peak to historic $91.5bn in FY 2018/19: IMF - Daily News Egypt

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Egypt’s external debts peak to historic $91.5bn in FY 2018/19: IMF

Gross financing requirements are expected to reach $15.9bn next year, FDIs to record $11.3bn

Egypt’s external debts are expected to record a peak level of $91.5bn in the current fiscal year (FY) 2018/2019, compared to $86.9bn in the past FY, according to the International Monetary Fund’s (IMF) Thursday staff report after the third review on the Egyptian economy.

The report mentioned that external debts are projected to be decreased to $87.5bn in FY 2019/2020, before being gradually pulled down to $82.9bn in FY 2022/2023.

The report added that external debts service is expected to reach $17bn in FY 2019/2020, compared to $14.7bn in the current FY and $10.6bn in FY 2020/2021.

The report said that the Egyptian economy’s gross financing requirements will increase to $15.9bn in FY 2019/2020 from $13.4bn in the current FY. 

The report mentioned that the net financing gap is estimated at $1bn in the current FY, adding that net foreign direct investments (FDIs) are expected to record $9.5bn by the end of FY 2018/2019, before increasing to $11.3bn in FY 2019/2020, $12.6bn in FY 2020/2021, and $16.9bn in FY 2022/2023.

Moreover, the report noted that gross international reserves (GIR) are expected to reach $44.8bn in the current FY, before decreasing to $42.5bn, adding that GIR will increase to $47.5bn in FY 2022/2023.

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