Egypt’s external debt declines to $111.3 bln in 1Q 2020, public debt to $60.4 bln: CBE

Egypt’s external debt declines to $111.3 bln in 1Q 2020, public debt to $60.4 bln: CBE

Egypt's external debt receded for the first time in years in the first quarter of 2020, reaching $111.3 billion, a decline of $1.4 billion from the total of $112.7 billion in December 2019.

The external dept to GDP ratio also declined to 31.7 percent in the first quarter of this year from 33.5 percent in December 2019, the Central Bank of Egypt said in a recent report, describing this level as the safe limit according to international measures in this regard.

Public external debt dropped to $60.4 billion in the same quarter from $61.4 billion during the fourth quarter of 2019, a decline of $1 billion, following the drop in the public debt, owing to bonds and T-bill offering yields, to $20.1 billion, down from $20.9 billion in