Egypt settles $39 billion in obligations in 2024 – PM

Egypt successfully repaid $39 billion in obligations last year, showcasing the nation’s financial resilience amidst one of its most challenging economic periods, Prime Minister Moustafa Madbouly told a press conference on Wednesday.

Prime Minister Madbouly emphasised that despite exceptional external pressures, including regional crises and a 70 per cent drop in Suez Canal revenues, Egypt managed to meet its commitments without faltering. He credited meticulous planning and a clear understanding of financial responsibilities as key factors in navigating the tough year.

Looking ahead, the prime minister reassured citizens that the state is well-prepared for its future obligations, with the burden for the coming period significantly reduced. He expressed confidence in the nation’s ability to maintain stability while pursuing economic growth.

“We planned carefully and fulfilled our commitments,” Prime Minister Madbouly remarked, highlighting the government’s dedication to sustaining fiscal discipline even in the face of extraordinary challenges.

Attribution: Amwal Al Ghad English