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Egypt’s external debt shrank by USD 14.17 billion ie. 8.43 per cent in May 2024 compared to December 2023, the State Information Service (SIS) revealed Monday. The external debt stood at USD 153.86 billion by the end of May following the sharpest five-month decline .
Egypt’s external debt shrank by USD 14.17 billion ie. 8.43 per cent in May 2024 compared to December 2023, the State Information Service (SIS) revealed Monday. The external debt stood at USD 153.86 billion by the end of May following the sharpest five-month decline. In March, the central bank liberalized exchange rates of the Egyptian pound to foreign currencies in an attempt to alleviate an already ailing economy.
This is the sharpest such decline in the country’s history, a statement released on Monday by Egypt’s press centre said. The country’s external debt fell to USD 153.86 billion as of the end of May from USD 168 billion at the end of December, according to the statement which quoted an high-level source at the central bank.
Egypt quadrupled its debt over the last nine years to help fund a new capital, build infrastructure, buy weapons and support an overvalued currency. The government agreed on an USD 8 billion financial support package with the International Monetary Fund in March. It also sold a large tract of prime Mediterranean coastline to Abu Dhabi for USD 35 billion in February.
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Egypt’s net international reserves recorded an all-time high of 46.38 billion dollars in June, while the net foreign reserves balance is sufficient to cover the value of imports for 7.9 months, exceeding the internationally recognized minimum period for payment security.In June, the central bank’s net foreign assets turned from a deficit to USD 10.3 billion in surplus, compared to a deficit of USD 11.4 billion in January.
