Egypt is said to have reduced the amount of money it owes foreign creditors by up to 13.5% as of March, 2015. The country’s foreign debt now stands at $39.9 billion, according to the figures released by the country’s Central Bank.
As of June, 2014, Egypt owed debts amounting to $46.1 billion, also according to the Bank’s bulletin. This drop in debt is attributed to a payoff of $3.5 billion and also because most currencies in which Egypt made the borrowing have since fallen in exchange value against the dollar. This has led to a $2.7 billion reduction of foreign debt owed. The country also had to meet $5.2 billion servicing expenses for the period between July 2014 to March 2015. A drop of $2.5 billion when compared to the same period in the previous financial year.
The country’s economic development has taken a dent from the political turmoil that rocked the country ever since an uprising rose to topple former President Hosni Mubarak at the beginning of 2011. As of December, 2014, Egypt’s total domestic debt stood at 1.9 trillion Egyptian pounds.
[$1 = 7.6 Egyptian Pound]
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