Egypt's external debt declined to around $164.52 billion at the end of September 2023, compared to about $164.73 billion at the end of June 2023. This marks the second consecutive decline, according to the Central Bank of Egypt (CBE).
According to the report, these numbers include $136.58 billion in long-term debt and $28.15 billion in short-term debt
The long-term external debt recorded about $127.572 billion during the first quarter of the fiscal year 2022/2023, compared to $129.089 billion during the last quarter of the fiscal year 2021/2022.
Kojak elaborated that the debt percentage is within safe rates, noting that the state is working to reduce it to 30 percent during the coming period.
Long-term debt represented the largest share of debt, amounting to $132.7 billion at the end of the second quarter of the current fiscal year, compared to $125.939 billion in the previous quarter of the same year, according to CBE data.
The CBE said that the short-term foreign debt declined by about $2.236 billion to record about $11.480 billion at the end of last September, compared to $13.716 billion at the end of last June.
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.