Egypt’s central bank says its foreign debt climbed more than 10 percent in less than a year, reaching $88.2 billion in March.
That’s 11.6 percent higher than in June of last year, but the central bank says the debt to GPD ratio is still within “safe limits according to international standards,” at 36.8 percent.
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Egypt has been struggling to revive its economy after the years of unrest that followed the 2011 Arab Spring uprising.
The government secured a $12 billion loan in 2016 from the International Monetary Fund for an economic reform program that included slashing fuel and electricity subsidies, imposing a value-added tax and floating the currency.
Egypt’s foreign reserves exceeded $44 billion as of May, the highest level since December 2010.
