CAIRO, Jan. 2 (Xinhua) -- Egypt paid about 30 billion U.S. dollars of its financial dues and foreign debts in 2017 and the country is committed to further pay over 12 billion dollars in 2018, official MENA news agency reported on Tuesday.
"The paid off amount involves bonds and foreign debts to international banks including the African Export-Import Bank, deposits and loans from countries including Saudi Arabia, Libya and Turkey, in addition commitments by government bodies and dues to the Paris Club," MENA quoted an official source from the Central Bank of Egypt (CBE) as saying.
CBE Governor Tarek Amer said in early October last year that Egypt had paid 17 billion dollars of its foreign debts since the country floated its local currency in November 2016 to face dollar shortage, noting that Egypt plans to pay another 8 billion dollars before the end of 2017.
Egypt's foreign debts rose by about 42 percent to reach 79 billion dollars in the 2016-17 fiscal year that ended late last June, compared with 55.8 billion dollars a year ago.
Going through economic hardship over the past few years of political turmoil and relevant security challenges, Egypt started last year a strict three-year economic reform program including austerity measures, energy subsidy cuts and tax increases, besides local currency floatation, which all led to nationwide price hikes.
Egypt's reform program is encouraged by a 12-billion-dollar loan from the International Monetary Fund, half of which has already been delivered to the most populous Arab country.
