Egypt’s external debt declines by $14b in May

Egypt’s external debt experienced a significant decline by the end of May 2024, dropping from $168.03 billion at the end of December 2023 to $153.86 billion by the end of May 2024. This represents a decline of $14.17 billion, or approximately 8.43 per cent.
A high-ranking source at the Central Bank of Egypt (CBE) revealed on Monday that this decline was the largest in the history of the country’s external debt.
The source also noted that alongside the significant drop in Egypt’s external debt levels, the net international reserves at the CBE soared to their highest levels ever, reaching $46.38 billion in June 2024, an increase of $13.26 billion since August 2022.
The source noted that Egypt’s current foreign exchange reserves can cover approximately 7.9 months’ worth of the country’s merchandise imports, significantly exceeding internationally recognised safe levels.
Attribution: Amwal Al Ghad English