CBE governor: External debt within safe levels

CAIRO – 31 October 2017: Egypt is not worried about the level of its external debt. “We are still in safe levels,” governor of the Central Bank of Egypt (CBE) Tarek Amer said Tuesday.

During his speech at a conference organized by Canada Egypt Business Council, Amer said that Egypt has never missed a payment deadline for its debts from foreign countries or international financial institutions.

“Turkey’s external debts are bigger than Egypt’s as it recorded $400 billion there,” the governor noted.

Amer stressed that foreign loans are used for national projects that benefit the economy eventually, such as the Zohr gas field on the Mediterranean Sea.

The Egyptian pound will restore its strength when the influx of foreign currency becomes more than its outflow, Amer said. “But generally, the situation is improving as we have reduced imports by $20 billion by the end of 2016/17 fiscal year,” he added.