Egypt pays $670m debt to creditors

Egypt paid back $670 million of debt to the Paris Club of creditor countries this month, the central bank governor said on Tuesday. “Egypt is committed to making its foreign debt payments on time,” Hisham Ramez said.

The latest payment would have further shrunk Egypt’s total foreign debt, which dropped to $39.9 billion in the third quarter ending in March from $45.29 billion the previous fiscal year.

The Paris Club comprises 19 creditors selected by the International Monetary Fund.