Prime Minister: Egypt Repaid USD 38.7 Billion in Debts in 2024

Prime Minister Mostafa Madbouly announced that Egypt has successfully repaid approximately USD 38.7 billion in debts throughout 2024, with around USD 7 billion of this total settled during November and December.

According to recent reports from the International Monetary Fund (IMF), Egypt’s overall debt decreased by approximately 7% during the 2023/2024 fiscal year. The debt-to-GDP ratio fell to 89%, down from 95.7% in the previous fiscal year.

The Egyptian government is now targeting a further reduction in external debt to 88% of GDP by the end of FY2024/2025.