Egypt succeeded in reversing the external debt curve, to record a decline for the first time in more than 4 years.
The foreign reserves have jumped by more than $30 billion, and the procedures implemented in the past years succeeded in increasing the bank balances abroad to reach $19 billion.
The data revealed that external debts due on Egypt hit $108.699 billion in June 2019.
Shams El-Din said that Egypt's external debt has been below the emerging markets average.
"The strategy aims to reach 30 percent of the external debt of GDP in 2022," Deputy Finance Minister said.
Egypt will repay $700 million to Paris Club in January 2018, which is a part of a bi-annual installment owed to the group.
Egypt is keen on keeping the external debt within “safe limits” as it is related to what the economy produces, the minister said.
Egypt’s public debt has risen since the government expands in issuing bonds and treasury bills in addition to getting loans to fund a large part of the budget.