Egypt Watch

Heavy bill: 555.5 billion EGP in loan installments in 2021

Informed sources revealed that the Egyptian government has set in its financial budget for 2021/2020 about 555.5 billion EGP to repay loans. The amount allocated to repayment of loans and their interest is 180 billion pounds more than the last fiscal year’s budget.

According to Bloomberg Agency, the interest rate rate in the Egyptian market makes the return on its debt instruments, such as bills and bonds, very attractive to interest trading. Egypt is ranked second in the world after Malaysia, with the highest real interest rate.

The Central Bank of Egypt data showed that Egypt’s external debt increased by approximately 12.2% during the last three months of the fiscal year 2019/2020, to record $ 123.49 billion at the end of last June. The fiscal year in Egypt ends at the end of June, and begins in early July of each year.