Egypt’s external debt decrease to $152.9B by Mid-2024: CBE

CAIRO – 15 October 2024: Egypt’s external debt decreased to $152.9 billion by the end of June 2024, as reported by the Central Bank of Egypt (CBE). This reflects a continuous decline from $160.607 billion at the end of March and $168.034 billion in December 2023.

The CBE report provided further details on the debt composition. Long-term external debt dropped to $126.8 billion by June, compared to $138.551 billion in December 2023. Similarly, short-term debt decreased to $26.24 billion, down from $29.482 billion.

The report also revealed a reduction in government debt, which amounted to $80.178 billion by June, falling from $84.849 billion at the end of 2023. Meanwhile, the CBE’s own external obligations declined to $34.668 billion, compared to $45.314 billion in December 2023.

Bank debt reached $20.67 billion by June, slightly higher than the $20.096 billion recorded at the end of last year.

Additionally, in September, the CBE announced that Egypt had made $23.8 billion in external debt payments between July 2023 and March 2024. During the fiscal year 2023/2024, Egypt settled $8.168 billion in the first quarter, $7.384 billion in the second quarter, and $8.255 billion in the third quarter.

The CBE’s report also noted that Egypt’s total external debt stood at $160.6 billion by March 2024, down from $164.5 billion in September 2023.