Debt
The recommendations of the forum’s second edition were displayed Friday.
In Aswan Forum for Sustainable Peace and Development, Mohieldin warned that 50-60 million Africans are at risk of getting pushed into poverty.
Maait said in a statement Thursday that debt life expectancy is targeted to reach 3.8 years by the end of June 2021.
The official highlighted that debt swap is an effective measure to reduce the debt burden.
Egypt managed to repay $35 billion in debt despite the economic repercussion of the coronavirus crisis, and provided 5 million jobs over the past five years, said governor of the Central Bank of Egypt (CBE).
The duration can be prolonged, if needed.
Kouchouk said Egypt is also working on reducing its debts and budget deficit.
All the dues are being paid back on time, Abulnaga added, noting that the Egyptian economy has become capable of yielding resources that can secure foreign currency.
The estimated value of government debts that should be settled with exporters is LE 2 billion.
The Treasury Authority owes the National Social Insurance Authority LE 642 billion.
Public debts amounts to 11 percent of the Gross Domestic Product.
Pharos Holding expected Egypt to achieve a pickup in economic activity over the next five years.
The UAE-based Dana Gas (DANA) announced the receipt of $20 million from the Egyptian government as a part of the company’s receivables.
Egypt raised 2 billion euro in bonds in April, its first issue in the single currency, and is planning to sell more euro-denominated debt next year.
In preparation for this step, the government is taking measures to guarantee that Egypt’s debt is suitable for inclusion over the next year.
The supply will fall short of a record week of $294 billion set in March but continues a trend higher since February.
The Central Bank of Egypt (CBE) announced Sunday that total deposits at the banking sector rose by LE 52 billion in February
The total paid amount was upgraded to $88.8 million during 2018.
The source said that the accumulation of these debts represents a major challenge for the oil sector.
A wrap-up of the most prominent business news of the day.
