Egypt's External Debt Reduced to USD 152.8 Billion in Past Six Months

Prime Minister Dr. Mostafa Madbouly announced that Egypt’s external debt has fallen to USD 152.8 billion (EGP 7.4 trillion), dropping from a recorded figure of USD 168 billion in December 2023.

This reduction marks an improvement of USD 15 billion in foreign debt, and has been made possible by austerity measures enforced by the state, as well as several high-value foreign currency deals signed in the last year, chief amongst them the USD 35 billion Ras El Hekma deal with the UAE.

The prime minister also noted that net foreign assets, which have been in the red for more than two years, now stand at USD 13 billion. Meanwhile, the central bank’s net foreign exchange reserves have risen significantly to USD 46.6 billion.