Over the past few days, rumors have spread about Egypt going bankrupt, due to the lack of foreign exchange sources that the country relies on to pay off its debts
common
Egypt is exposed to bankruptcy due to the high volume of debt
the truth
The Cabinet confirmed:
1. Egypt is committed to paying its foreign debts
2. There are many economic indicators that enhance Egypt’s ability to pay off its debts.
3. Many sources of foreign exchange improved during the fiscal year 2021/2022, mainly:
• The growth rate of exports increased by 53.1%, to record $43.9 billion.
• Tourism revenues increased by 121.1%, rising to $10.7 billion.
• The significant increase in the revenues of the Suez Canal, which amounted to 7 billion dollars.
• Foreign direct investment flows increased to $9 billion.
Bloomberg expects Egypt to benefit from the support resulting from the exchange rate liberalization policy to attract more foreign exchange flows.
Be aware of the bankruptcy of Egypt