Egypt’s debt interest reaches EGP 173.2 billion in 6 months
The interest expenses due on debt in Egypt increased by 28 per cent annually in the first six months of the current fiscal year 2017-2018.
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According to the Egyptian General Budget law, the fiscal year begins in early July until the end of June of the following year.
The Egyptian Finance Ministry said in a report issued on Monday that interest expenses rose by 28 per cent to 173.2 billion pounds ($ 9.8 billion) in the period.
The ministry pointed out that the expenditure of debt interest amounted to 135.3 billion pounds (7.7 billion dollars) in the same period of the previous fiscal year 2016-2017.
In mid-November 2017, Egyptian Finance Minister Amr Al-Jarhi predicted that the country’s interest payments would increase by 9.2 per cent to 415 billion pounds ($ 23.6 billion)