Egypt pays $32.9b of external debt in FY23/24 – CBE

Egypt has paid a total of $32.9 billion in principal repayments and interest on external debt during the 2023/2024 fiscal year, according to a recent report from the Central Bank of Egypt (CBE).

The breakdown of total debt service payments shows that Egypt paid $8.168 billion in the first quarter, $7.384 billion in the second quarter, $8.255 billion in the third quarter, and $9.091 billion in the fourth quarter. In the final quarter alone, $9.091 billion was settled, including $2.110 billion in paid interest and $6.981 billion in principal repayments.

Total debt service is the sum of principal repayments and interest actually paid in currency, goods, or services on long-term debt, interest paid on short-term debt, and repayments (repurchases and charges), according to International Monetary Fund’s (IMF) glossary.

In addition to the debt payments, Egypt’s external debt has decreased to $152.885 billion by the end of June 2024, down from $160.607 billion at the end of March 2024. The country’s external debt-to-GDP ratio also improved, falling to 38.8 per cent by June 2024, compared to 40.7 per cent in March 2024.

Attribution: Amwal Al Ghad English