World Bank: Egypt’s external debt rises to $112bln by end of 2019

Egypt’s total external debt increased 16,6 percent by the end of 2019, recording $112.67 billion, compared to $ 96.6 billion in 2018, according to recent data issued by the World Bank.

The data revealed that external debts due on Egypt increased $ 3 billion during fourth quarter of 2019.

The World Bank data estimated the volume of long-term debt, which is more than one year in maturity at about $101.4 billion, equivalent to 89.9 percent of the total external debt stock, and the remaining $ 11.3 billion is in short-term debt to be paid within a year

According to the published data, the debt owed by the  Egyptian Government recorded $61.42 billion by the end of 2019 compared to 48.07 billion by the end of 2018.

As for the foreign liabilities owed by CBE, it fell to record $27.85 billion by end of 2019 compared to $28.3 a year earlier. The debt of the banking sector increased to  $8.74 billion in 2019 compared to $7.69 billion a year earlier

However, The International Monetary Fund (IMF) has predicted in a report in mid-October on its recent review of the Egyptian economy that the value of Egypt’s external debt will rise in the next fiscal year to reach $109.7 billion, to rise to $111 billion during the fiscal year 21 / 2022; then declin to $109.4 billion in 22/2023, to rise again in 23/2024 to reach $112 billion.