Egypt’s External Debt Reaches Historic 8.43% Reduction in 2024

The Central Bank of Egypt has announced that Egypt’s external debt has been reduced by 8.43% from December 2023 to May 2024. The external debt stood at USD 168.03 billion in December 2023, and fell by USD 14.17 billion to reach USD 153.86 billion in May 2024. This is the largest recorded reduction in Egypt’s external debt over a similar period of time.

Apart from the news on the external debt, Egypt’s net foreign reserves reached an historic high of USD 46.38 billion in June 2024. These reserves cover about eight months worth of the country’s import needs, which exceed international standards for safe reserve levels.

Further fiscal improvements include a 27.5% inflation rate, which is the lowest since February 2023.