Reforms led by the Central Bank of Egypt (CBE) contributed to the country’s largest ever decline in external debt in 2024, recording a decline by approximately US$12.9 billion year-on-year to $155.093 billion by the end of December, compared to $168.034 billion in 2023, according to data from the Ministry of Planning, Economic Development, and International Cooperation.
According to statements by Prime Minister Mostafa Madbouly, debt has returned to safe levels thanks to the reform measures implemented over the past year.
Debt balances are expected to continue declining this year, especially as Egypt commits to making payments on time and finalizes a comprehensive plan to manage this issue.
This plan aims to reduce debt by at least $1.5 to two billion dollars through the issuance of bonds within a carefully considered and specific framework.
These bonds will be used to refinance debt rather than increase it, thus extending the life of the debt without increasing the total external debt.
Egypt paid off seven billion dollars of its outstanding debts during November and December, while the total amount paid during 2024 reached approximately $38.7 billion, according to a Cabinet statement.
Egypt’s external debt fell by US$12.9 billion in 2024 Egypt Independent.
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