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Egypt’s external debt fell by 4.4% in the first quarter (Q1) of 2024, reaching around USD160.6 billion by the end of March, according to a new report by the Central Bank of Egypt (CBE). Down from USD 168.03 billion recorded in December 2023, this is the lowest level recorded in the past 18 months.
Egypt’s external debt fell by 4.4% in the first quarter (Q1) of 2024, reaching around USD160.6 billion by the end of March, according to a new report by the Central Bank of Egypt (CBE). Down from USD 168.03 billion recorded in December 2023, this is the lowest level recorded in the past 18 months. Egypt’s net international reserves were USD 46.125 billion at the end of May, bolstered by several large-scale deals, primarily the Ras El Hekma agreement, and financing from international partners. Long-term debt declined to USD 135.25 billion in March, compared to USD 138.55 billion in 2023, while short-term debt decreased to USD 25.350 billion, down from USD 29.482 billion.
Outstanding governmental external debt, categorized as long-term, fell to 82.206 billion at the end of Q1 2024 from USD 84.849 billion in December 2023. The CBE’s outstanding debt decreased from USD 45.314 billion to USD 41.119 billion, with USD 41.119 billion categorized as long-term debt, and USD 15.953 billion in short-term debt.
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The banking sector’s outstanding debt reached USD 20.12 billion in Q1, reported as USD 15.548 billion in long-term debt, and USD 4.572 billion in short-term. According to the CBE’s data, other sectors had outstanding debt of USD 12.33 billion by the end of March, dropping from USD 12.64 billion at the end of last year. This includes USD 12.337 billion in long-term debt and USD 4.824 billion in short-term debt. Egypt repaid USD 25 billion of its domestic and external public debt during Q1 2024, according to a June report from the Institute of International Finance (IIF), representing 7% of the country’s GDP.
