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$2.2 billion increase in foreign dept to Egypt
Published in Bikya Masr on 12 - 12 - 2010

CAIRO: The balance of foreign debt rose by 6.9 percent at 2.2 billion dollars reaching 33.7 billion dollars in the end of June 2010 compared to the end of 2009, said a monthly statistical bulletin issued by the Central Bank for November 2010.
The report also said the burden of foreign debt service decreased by $509.3 million, reaching $2.6 billion during fiscal year 2009-2010 compared to the previous fiscal year. At the same time the total domestic public debt amounted to 888.7 billion Egyptian pounds (EGP) (US $156 billion) at the end of June 2010, with government debts representing 74.7 percent or 663.8 billion EGP (US $116 billion), an increase of 101.5 billion EGP.
The total debts of the National Investment Bark amount to 17.7 percent or 157.1 billion EGP (US $27.6 billion), an increase of 16.4 billion EGP (US $2.9 billion).
The bulletin also reported that the state budget deficit reached 98 billion EGP as a result of the difference between revenues, which amounted to 268.1 billion EGP, and total expenditure estimated, 366 billion EGP.
The bulletin pointed to a rise in net international reserves by 9 percent, or 324 million EGP, bringing the total reserves at the end of June 2010 35.5 billion EGP, which covers 8.7 months of merchandise imports.
BM


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