Egypt targets $1-2 bln annual cut in external debt

Egypt aims to cut government external debt by $1-2 billion annually as it shifts toward net debt repayment amid global market volatility and regional tensions, the Finance Ministry said on Wednesday.

The ministry said Egypt was “repaying more than it is borrowing,” a policy it said would help gradually reduce the country’s external debt burden.

Egypt’s efforts to navigate geopolitical tensions and global economic pressures have helped attract investor interest in Egyptian debt issuances, the statement said.

It added that maintaining stable access to external financing for development needs remained an important factor supporting investor confidence in the country’s funding strategy.

Attribution: Amwal Al Ghad English