Sunday December 3rd, 2023
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Egypt Has Paid USD 52 billion in Foreign Debt Over Past Two Years

The news comes as the country sees an increase in its external debt as well as shortage in USD liquidity.

Cairo Scene

Egypt has paid USD 52 billion of its foreign liabilities within the past two fiscal years, according to Minister of Finance Mohamed Maait.

The first half of 2023 saw Egypt fulfil USD 25.5 billion of its financial obligations, including debt payments.

The news comes as Egypt struggles with foreign currency liquidity in the local market and a 4.8% increase in its external debt. The Central Bank of Egypt has noted that the third quarter of fiscal year 2022/2023 has seen the country’s external debt rise to USD 165.3 billion compared to USD 157.8 billion in the same quarter of the preceding fiscal year.

In order to lighten the country’s fiscal burdens, the Egyptian state has launched a vast privatisation programme which has seen around USD 5 billion of state assets sold.