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Cairo - Interest payments by the Egyptian government rose by 38.3% year-on-year during fiscal year 2017/2018, according to minister of finance Mohamed Maait.
The minister said in a statement on Thursday that interest payments amounted to EGP 438 billion.
The Ministry of Finance (MoF) expected back in February interest payments to exceed EGP 500 billion by the end of the fiscal year.
Egypt’s public debt grew by 5% by the end of December, reaching $82.9 billion, or 36.1% of the country’s GDP, according to the data of the Central Bank of Egypt (CBE).
Source: Mubasher
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