Egypt’s external debt hits $152.9b in FY23-24: CBE

By M.S. Salama On Dec 5, 2024

Egypt Central Bank of Egypt's — The Central Bank of Egypt's (CBE) headquarters in the new administrative capital (CBE Photo)

Egypt’s external debt registered $152.9 billion at the end of June 2024, down by about $11.8 billion (7.2 per cent) compared with the end of June 2023, recent central bank data showed.

The decline resulted from several factors, according to the Central Bank of Egypt‘s (CBE) report on the External Position of the Egyptian Economy for the 2023/2024 fiscal year. These include the conversion of approximately $11.0 billion in UAE deposits at the CBE into investments for the Ras El Hekma Project, an increase of $0.3 billion in external loan disbursements, and a $1.1 billion depreciation in the exchange rate of most borrowing currencies against the dollar.

The projected short-term external debt for the fiscal year 2024–2025 amounts to $27.149 billion, including $1.1 billion in interest payments. The country’s total external short-term debt as of the end of 2024 is $17.1 billion, while $10 billion are scheduled for repayment by June 2025.

Attribution: Amwal Al Ghad English

Central Bank of Egypt (CBE)Egypt's central bank Egypt's debt Egypt’s external debt Ras El Hekma Ras El Hekma project