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In 2011, Egypt had 36 billion dollars o
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INCHEON Wholesale Nike Blazer White , South Korea, Sept. 17 (Xinhua) -- Three countries at the pending 17th Asian Games are tuning up and hoping for their first-ever podium finish at the continent's largest sports event, scheduled to open on September 19 in Incheon, South Korea.
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WASHINGTON, May 5 (Xinhua) -- U.S. trade gap widened further in March, driven by a surge in imports, the Commerce Department said Tuesday.
The country's trade deficit expanded 43 percent from the previous month to 51.4 billion U.S. dollars in March, the largest since October 2008. In March, exports increased 1.6 billion dollars from February, or 0.9 percent Wholesale Nike Blazer Womens , to 187.8 billion dollars, while imports rose 7.7 percent to 239.2 billion dollars.
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by Mahmoud Fouly
CAIRO, May 1 (Xinhua) -- The Egyptian economy is still struggling with trade and budget deficits as well as upcoming unpaid dues despite the improvement of the country's credit rating and the decline of its external debts, said Egyptian economic experts.
The Central Bank of Egypt (CBE) has recently announced the decline of Egypt's foreign debts to 41.3 billion U.S. dollars in the second quarter of the 20142015 fiscal year compared to 44.8 billion dollars in the first quarter of the same year.
"The Egyptian authorities have recently paid off about three billion dollars of its dues to the external world (in the form of bonds and deposits), which affirms the commitment and ability of the Egyptian economy to pay off its foreign obligations when due," the CBE explained in a recent press release.
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The most populous Arab country suffers a budget deficit of about 31.5 billion dollars for the 20142015 fiscal year, representing 10 percent of the gross domestic product, which the government attempted to minimize through economic reforms including large energy subsidy cuts that led to price hikes in oil products and electricity.
"Despite the economic policy based on austerity and subsidy cuts, the improvement of foreign debts is merely a number as it is based on financial aids rather than economic development," Nawwar told Xinhua, describing the general economic condition as "alarming."
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In 2011, Egypt had 36 billion dollars of foreign currency reserves at the central bank, but the country lost about 20 billion dollars of them over the past four years of political turmoil and instability.
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