Egypt settles $52bln in foreign debts over past 2 FYs: Finance Minister

Egypt has settled $52 billion of its foreign liabilities during the previous two fiscal years (FYs) 2022/2023 and 2021/2022, said Finance Minister Mohamed Maait during a conference held at the Supreme Council for Media Regulation on Saturday.

The country has paid $25.5 billion in debts during the first half of the current fiscal year until June 30th. These settled amounts come in addition to short-term investments of about $22 billion-$23 billion, that have emerged from Egypt over the past years.

Maait added that Egypt’s largest trading partner is China with exports value of $10 to $12 billion, noting that that joining the BRICS group would boost the investments of these countries in Egypt.