Egypt pays part of its debts despite Corona

The Central Agency for Public Mobilization and Statistics in Egypt revealed that the country has paid more than half a trillion pounds of its external and internal debts within a year.

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According to statistics, the total debt service amounted to 731.9 billion pounds, of which 230.8 billion pounds were repaid during the second half of 2019-2020, and 501.1 billion pounds during the first half of 2020-2021, despite the pressures imposed by the Corona virus pandemic globally.

A report issued by the Statistics Authority indicated that the bulk of the total debt service was directed to the payment of debt interests, amounting to 419.2 billion pounds during the year of Corona, while the volume of funds directed to pay debt installments amounted to 312.7 billion pounds during the same period of the year.

The report pointed out that the internal debt acquired the largest share of the repaid debts by 90.6%, which is a value of 663.8 billion pounds, of which 376.3 billion pounds are the interests of the internal debt and 287.5 billion pounds are the installments of the internal debt.

As for foreign debts, the statistic report showed that Egypt repaid 68.1 billion pounds, or 9.3% of the total repaid debts, including 42.9 billion pounds as interest on external debt and 25.2 billion pounds in external debt installments.

It also showed that the ratio of debt premiums paid to GDP increased to 4% during the second half of 2020/2021, compared to 3.8% during the corresponding period of the previous year, while the ratio of interests paid to GDP reached 3.8% during the period between July-December 2020 /2021 compared to 4.3% during the corresponding months of the previous year.

He announced a decline in Egypt’s external debt during the first quarter of 2021-2022 by about 439 million dollars, to reach 137.420 billion dollars at the end of last September, compared to 137.859 billion dollars at the end of June 2021.

Source: Constitution

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