Egypt’s fiscal year begins in July and ends in June

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By: Middle East Affairs

Prime Minister Mostafa Madbouly told the Egyptian daily al-Watan: “Egypt‘s foreign debt rose to $92.64 billion at the close of the financial year in June, up from $88.2 billion at end-March.”

Madbouly told the newspaper in an interview published on Sunday, marking a slight increase from 36.8 percent at the end of the third quarter: “The debt made up 37.2 percent of the country’s GDP at the end of the 2017-2018 fiscal year.”

At the end of June, the country’s foreign reserves stood at $44.2 billion, and climbed to $44.4 billion by end-August.

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