Egypt debts in highest record in country’s history by 2013 end

Egyptian debt has reached a new high record of LE1,865 billion at the end of December 2013, up from LE1,709 at the end of the preceding September, according to a report from the Finance Ministry.
The ministry added that net domestic debts stood at nearly LE1,546 billion by the end of December 2013, an increase of LE252 billion from December 2012. Foreign debts reached LE45.8 billion during the same period, a rise of LE7 billion.
The report attributed the increase in domestic debts to some factors such a rise in the net total of issued treasury notes from LE433 billion in December 2012 to LE512.5 billion in December 2013. Another factor was the increase in the net total of issued bonds from LE312.3 billion to LE340.3 billion during the same period. The issuance of a new pension fund bond worth of LE14.2 billion during the fiscal year 2012-2013 was another reason, the report said.
As for foreign debts, the report noted, the increase was triggered by Gulf loans that enjoyed preferential and facilitated terms.

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