Cairo – November 1, 2023: In a Wednesday release, the Central Bank of Egypt (CBE) revealed that Egypt's external debt reported a decline during the fourth quarter of FY2022/2023, dropping to $164.73 billion from the previous quarter's $165.36 billion.
According to the report, these numbers include $136.58 billion in long-term debt and $28.15 billion in short-term debt.
The debt-to-GDP ratio reached 40.3 percent in the fourth quarter of FY2022/2023, the report explained.
The CBE pointed out that 50.65 percent of the external debt is from the government, totaling $83.43 billion, with $29.48 billion in bonds and $53.95 billion in loans.
The central bank contributed to 26.48 percent of the external debt, amounting to $43.62 billion, while banks in Egypt represented 12.73 percent of the debt, registering $20.98 billion.
Egypt is obligated to make external debt service payments of $29.23 billion in 2024, $19.43 billion in 2025, and $22.94 billion in 2026. The country is aiming to generate $191 billion in annual US dollar revenues by 2026.
At the moment, Egypt is awaiting new review dates for its $3 billion loan agreement with the International Monetary Fund (IMF), which will hopefully inject fresh hard currency from two separate reviews.
Last month, Minister of Finance Mohamed Maait shared that Egypt expects to receive new dates for the two delayed reviews for the loan, with Ahmed Kouchouk, Deputy Minister of Finance for Financial Policies, sharing that the IMF and Egypt are in “advanced stages” of discussions.
Egypt could potentially be negotiating for a top-up of the loan, according to Bloomberg sources, which shared that the country is looking to bump it up to $5 billion.
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