Egypt's external debt declines to $154.980B by end of 1st quarter of 2022/2023

CAIRO - 14 February 2023: Egypt's external debt declined to $154.980 billion, by the end of the first quarter of the fiscal year 2022/2023, compared to $155.708 billion during the last quarter of the fiscal year 2021/2022.

The Central Bank of Egypt (CBE) revealed that the long-term external debt recorded about $127.572 billion during the first quarter of the fiscal year 2022/2023, compared to $129.089 billion during the last quarter of the fiscal year 2021/2022.

The short-term external debt recorded about $27.408 billion during the first quarter of the 2022/2023 fiscal year, compared to about $26.619 billion during the fourth quarter of the previous fiscal year.

The International Monetary Fund (IMF) had previously predicted a decline in public debt as a percentage of GDP, to record 88.3 percent in 2022/2023, 85.5 percent in 2023/2024, 83.5 percent in 2024/2025, and 81 percent in 2025/2026, and 77.9 percent in 2026/2027.

It expected the external debt to decline as a percentage of GDP, to record 39.6 percent in 2022/2023, 35.8 percent in 2023/2024, 33.2 percent in 2024/2025, 30.9 percent in 2025/2026, and 28 percent  in 2026/2027.

 The World Bank confirmed earlier that Egypt, like other emerging markets, is facing severe negative repercussions that have exacerbated pressures on foreign transactions accounts, inflation rates, and external debt, but the government is still moving forward towards controlling financial conditions, and that the private sector is still steadfast in the face of these challenges.