Egypt paid back USD 700 mn in debts it owed to the Paris Club this week, the central bank announced yesterday in a statement carried by Ahram Online. The government had announced earlier this month that it was planning to pay off more than USD 12 bn in debts to international creditors in 2018. The central bank had repaid over USD 2 bn in debts to Afreximbank and other international creditors at the close of 2017. Egypt’s foreign debt stood at USD 79 bn at the end of FY2016-17.

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