CAIRO – Egypt's central bank says foreign debts have reached around $82.9 billion, for the period ending December 2017, rising by 4.9 percent compared to the previous six months.
Wednesday's report by the Central Bank of Egypt says the foreign debt's ratio to the gross domestic product is "still within the safe limits according to international standards", standing at 36.1 percent.
Egypt's economy is still recovering from a costly 2011 popular uprising and the years of political instability that ensued. The government secured a $12 billion loan in 2016 from the International Monetary Fund for its economic reform program that included slashing fuel and electricity subsidies, imposing a value-added tax and floating the currency.
Egypt's foreign reserves currently exceeded $44 billion by April's end, their level highest level since December 2010.