Cash-strapped Egypt will be getting a bit of breathing space to settle outstanding debts in 2018 after its primary creditors agreed to extend the maturities for debt repayment.
Saudi Arabia and the UAE have approved an extension for an unspecified period of the maturity of their foreign exchange deposits placed with the Central Bank of Egypt (CBE). CBE Governor Tariq ‘Amir told the Egyptian daily Al-Shourouq this week that the deposits, of $2bn each, will no longer be reimbursed in 2018. (CONTINUED - 382 WORDS)
