Egypt spent $52B on financial obligations during the last 2 fiscal years

CAIRO - 10 September 2023: Egypt spent $52 billion on financial obligations during the two fiscal years 2021/2022 and 2022/2023, according to Egypt’s Minister of Finance, Mohamed Maait who made these remarks during a symposium held at the premises of the Supreme Council for Media Regulation.

The finance minister also stated that the Asian Infrastructure Investment Bank (AIIB) will provide a financial guarantee of about $230 million to support the issuance of Panda bonds to be offered. The Egyptian Cabinet approved the issuance of Samurai bonds denominated in Japanese yen worth $500 million, for a period of 5 years.

Egypt spent $25.5 billion to fulfill its financial obligations such as: debt payments, in the first half of 2023 until June 30.

Egypt is looking forward to obtaining new external financing ranging between $1.5 and $2 billion, including $1 billion through the offering of Samurai and Panda bonds before the end of the year, Maait stated.

In a recent report published by the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that Egypt’s trade balance deficit fell by 47.7 percent during June 2023 year-on-year to record $2.32 billion, compared to $4.43 billion in the same month of 2022.