An employee carries money at an exchange office in downtown Cairo – Reuters/Amr Dalsh
CAIRO - 7 March 2023: Interest expenses on Egypt's debt increased during the first half of the current fiscal year 2022/2023, by 36.2 percent, on an annual basis, according to the Egyptian Ministry of Finance.
The monthly report of the Ministry of Finance indicated that debt interest expenses rose to LE 392.84 billion during the period from July to the end of last December, compared to LE 288.36 billion during the same period of the last fiscal year.
Debt expenditures accounted for 42 percent of Egypt's total expenditures during the six months, amounting to LE 940.8 billion.
Foreign debt interest expenses rose during the period to LE 41.9 billion, compared to LE 23.97 billion during the same comparative period.
Meanwhile, local interest expenses for non-governmental organizations rose to LE 339.92 billion during the first half of the current fiscal year, compared to LE 263.84 billion during the same period of the previous year.
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