Egypt's foreign debt jumps 40% to US$67 billion: Central bank

People ride camels at the Great Pyramids of Giza in Egypt. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political upheaval since a 2011 revolt.
People ride camels at the Great Pyramids of Giza in Egypt. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political upheaval since a 2011 revolt.PHOTO: EPA

CAIRO (REUTERS) - Egypt's foreign debt jumped 40.8 per cent year on year to US$67.32 billion (S$94 billion) in December 2016, the Central Bank of Egypt's figures showed.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political upheaval since a 2011 revolt, and to ease a dollar shortage that has crippled imports and driven away foreign investors.

Egypt has received the first tranche of a three-year US$12 billion loan deal with the IMF and is expecting to receive the second tranche soon. The second tranche of a $US3 billion loan from the World Bank was disbursed to Egypt in March.

The central bank said domestic debt rose 28.9 per cent to US$3.05 billion.