https://arab.news/yfnss
- Long-term external debt decrease to $126.9 billion by the end of June
- External debt decreased to $80.2 billion from $84.8 billion in December
RIYADH: Egypt’s external debt decreased to $152.9 billion by the end of June, a significant reduction from $160.6 billion at the end of March and $168 billion at the close of December 2023, official data showed.
The country, which has a fiscal year running from July 1 to June 30, saw long-term external debt decrease to $126.9 billion by the end of June, down from $138.6 billion the previous year. Short-term debt also dropped to $26.02 billion, compared to $29.5 billion before, according to the Central Bank of Egypt.
The Egyptian government’s external debt decreased to $80.2 billion from $84.8 billion in December. The CBE’s own debt also saw a significant reduction, falling to $34.67 billion from $45.3 billion at the end of 2023. However, debt owed by Egyptian banks rose slightly to $20.67 billion by the end of June, up from $20.1 billion at the close of last year.
The overall decline in external debt highlights the Egyptian government’s ongoing efforts to manage its financial obligations amid a challenging global economic environment.
The country’s economic challenges, including inflation and fiscal deficits, have necessitated a careful balance between managing external obligations and sustaining growth.
The reduction in overall external debt is viewed as a positive signal to international markets and may bolster future creditworthiness, particularly as Egypt seeks international assistance and investment.