Egypt's debts to Paris Club down to $36.2bn

GMT 13:40 2015 Tuesday ,07 July

Arab Today, arab today Egypt's debts to Paris Club down to $36.2bn

Paris Club (Club de Paris)
Cairo - MENA

Egypt's debts to Paris Club went down from dlrs 3.7 billion in March 2014 to dlrs 2.36 billion early this month with a percentage reaching 36.2.

A banking official told MENA on Tuesday the central Bank of Egypt paid early this week July installment, namely dlrs 670 million, to the Paris Club and paid dlrs 700 million in January.

Egypt paid two annual installments to the Paris Club in January and July, the official said.

The Central Bank of Egypt announced on Monday a considerable decrease in Egypt's foreign debts reaching dlrs 39.9 billion at the end of March, down from dlrs 46.1 billion at the end of June 2014.

The Paris Club (Club de Paris) is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situation, Paris Club creditors provide an appropriate debt treatment.

The 20 Paris Club permanent members are countries with large exposure to other States worldwide and that agree on the main principles and rules of the Paris Club, namely US, Britain, France, Germany, Switzerland, Australia, Austria, Belgium, Canada, Denmark, Finland, Ireland, Italy, Japan, Holland, Norway, Russia, Spain, Sweden and recently Israel.

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