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Egypt Faces Debt Challenges Next Fiscal Year
Egypt faces a significant challenge in managing its public debt, as its external debt has risen to approximately $163.9 billion. Forecasts indicate a 19.4% increase in debt levels in the upcoming fiscal year, reaching over 21.9 trillion Egyptian pounds. Servicing the debt, which includes interest and installments, places a heavy burden on the country's budget, consuming about 60% of revenue. This situation affects funding for essential services such as education, healthcare, and investment. Despite the government's efforts to restructure debt and boost foreign exchange reserves, Egypt's ability to repay its debts largely depends on increasing exports and improving foreign currency inflows, amid ongoing financial challenges caused by rising interest rates and higher costs of debt service.
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