By: Taarek Refaat
CAIRO, Feb. 3 (SEE)- The central bank's deputy governor Lobna Helal said on Sunday that the external debt was estimated at $ 93 billion in December 2018, adding that debt indicators are not as troubling as some assume.
During her speech at a meeting of the Committee on Economic Affairs, Helal stressed that a committee is obliged to reduce the volume of debt below current estimates.
She added that the central bank does not usually borrow capital, however, some contributors place their deposits in the bank, adding that Arab countries like Saudi Arabia, Kuwait, and the UAE placed $ 17 billion of deposits in Egypt.
Helal stressed that Egypt has delivered all debts requested by Qatar and Turkey.
"75 percent of the long-term debt, mostly arrived from contributors such as the World Bank and the African Bank," Helal noted.
"Egypt doesn't owe a short-term debt and we have never defaulted, she added, noting that the country is committed to repaying all liabilities of the debt and its benefits on certain dates.
Helal pointed out that the average debt interest rate amounts for 3.4 percent, and that President Abdel Fattah al-Sisi has directed the formation of a committee, headed by the Minister of Planning and the membership of the Central Bank to analyze the figures and set an interest rate ceiling (cap) in the coming period.
The Committee had met to discuss a briefing on the inflow of State debt internally and externally, resulting in enormous benefits, which will reduce the debt burden for future generations.