Sunday, May 01, 2022

#EGYPT: Small Leftist Party Draws Attention To "Excessive Foreign Borrowing" In National Budget

[world politics news]

MP Farid El-Biaddi, a member of the leftist-oriented Egyptian Social Democratic Party, announced in a statement on Wednesday that the party's seven deputies have voted against approval of the state's 2020/21 budget.

El-Biaddi said the balance sheet of the 2020/21 budget showed that the government has been heavily involved in "foreign borrowing." 

Figures released by the Central Bank of Egypt (CBE) on Monday show that Egypt's foreign debt rose to $145.5 billion at the end of the second quarter of the current fiscal year, from $137.4 billion at the end of the same period of FY 2020/19.


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