Debts of Egyptian Government

The debts of the Egyptian government increased sixfold in the past decade, Prime Minister Kamal el- Ganzouri said on Sunday.

The government debts, excluding foreign debts, rose from 147 billion Egyptian pounds (about 24.4 billion U.S. dollars) ten years ago to 807 billion Egyptian pounds (133.8 billion dollars)at present, Ganzouri told the newly-elected People’s Assembly (lower house of parliament) in his first government policy statement.

Meanwhile, external debts has reached 106 billion Egyptian pounds (about 17.6 billion dollars), he said.

After the turmoil in the country last year, many countries promised to provide aid to Egypt, but many of them did not keep their promise.

“There were many promises of financial aids to Egypt, but after a while, the promises vanished. Many Egyptian officials tried to discuss the case with the other side but brought no effect,” Ganzouri said.

Foreign banks are now advised to not transfer its hard currencies to its branches in Egypt, and some 10 billion dollars left the country after the unrest hit, the prime minister said.

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