Egypt’s domestic debt up 24%in FY15/16

CAIRO (Capital Markets in Africa) – Egypt’s domestic debt surged 24% or EGP503.25 billion during the fiscal year 2015/16, according to the monthly bulletin of the Central Bank of Egypt. The country’s general debt amounted to EGP2.619 trillion by the end of June 2016 compared with EGP 2.116 trillion a year earlier. The country’s governmental domestic debt reached EGP 2.29 trillion, while the net debt of the economic entities and National Investment bank amounted to EGP 103.72 billion and EGP 309.6 billion respectively. The governmental spending is pressured by the cost of debt service that amounted to around EGP292 billion in FY15/16.

Furthermore, the Central Bank said that the total deposits at the Egyptian banking sector have grew by 20% by the end of July 2016. The total deposits amounted to EGP 2.138 trillion at July 2016 at the country’s banking sector. The governmental deposits reached around EGP 358.6 billion, while the non-governmental deposits reached EGP 1.78 trillion by the end of July 2016 The total loans amount increased to EGP 938.9 billion by the end of July 2016 compared with EGP 721.8 billion for the period a year earlier. The government accounted for EGP 176.9 billion of the total disbursed loans, while the private sector accounted for EGP 761.9 billion.