Monday July 22nd, 2024
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USD 25 Billion of Egypt’s Domestic & External Debt Repaid Since March

This repayment accounts for 7% of the country's GDP, as reported by the Institute of International Finance.

Cairo Scene

USD 25 Billion of Egypt’s Domestic & External Debt Repaid Since March

The Egyptian government has repaid a significant portion of its domestic and external public debt, totaling USD 25 billion since March 2024, as reported by the Institute of International Finance (IIF). This repayment accounts for 7% of the country's GDP.

The progress is attributed to a development deal with the UAE signed in February, which included converting Emirati deposits and repaying Eurobonds. The deal saw USD 11 billion in Emirati deposits at the Central Bank of Egypt (CBE) converted into local currency investments, thereby reducing Egypt's external debt burden. Additionally, USD 2 billion in Eurobonds were repaid. Egypt has set ambitious fiscal targets for the upcoming fiscal year (FY 2024/2025), aiming for a primary surplus of 3.5% of GDP - the highest since the COVID-19 pandemic.

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