Egypt specifies 27.5 billion L.E to service debt burden

Egypt decided to specify 27.5 billion LE in the new financial budget for year 2000/2001 to service foreign and local debts burden-- 24% of the financial specifications in the new budget.

The total local debts reached nearly 147.1 billion LE by the end of last June and the foreign general debts are nearly $28.2 billion US dollars (96 billion LE).

Egyptian Minister of Finance Medhat Hassanein asserted that most of the local debts are focused on borrowing using saving instruments through the national investment bank for financing public development projects in the different fields and establishment of the basic infrastructure.