Egypt to pay off $15 billion debts in FY 2017-18

Added On December 4, 2017

Egypt's Finance Minister said on Saturday that despite economic challenges over the past 7 years, Egypt is able to pay off 14 to 15 billion U.S. dollars external debts in the current fiscal year 2017–2018. 

Amr El-Garhy added Egypt's external debt, which recorded about 79 billion dollars at the end June 2017, is expected to be between 33 percent and 34 percent at the end of June 2018.

In November 2016, the government took several tough procedures like floating the local currency, liberalizing the exchange rate, and gradually lifting fuel subsidies to implement economic reforms.