Egypt paid $30 billion to foreign bodies in 2017, and is committed to pay over $12 billion in debts and commitments in 2018, Egypt Independent reported, citing sources in the Central Bank of Egypt (CBE).

In addition to bonds and debts to international banks, such as the African Export Import Bank, last year’s payments included deposits and loans received from Saudi Arabia, Libya, and Turkey, as well as financial commitments to the Petroleum Authority and the Paris Club.

Foreign reserves have not been affected by the debt payments, Former Governor of the CBE, Ismail Hassan, stated, adding that foreign debts are still within the safety limits, with foreign reserves currently standing at $36.7 billion.

Negotiations with Gulf creditors to extend the duration of the repayment periods are already ongoing.