Egypt’s external debt declines by $206M in Q1 of 2023/24 – Egypt Today

Egypt’s external debt declines by $206M in Q1 of 2023/24 – Egypt Today

CAIRO - 14 January 2024: Egypt's external debt decreased during the first quarter of the current fiscal year 2023-2024 by approximately $206 million, attributed to reductions in government and commercial bank debts. However, an increase in the central bank's debt has mitigated this decline.

 

Egypt's external debt declined to around $164.52 billion at the end of September 2023, compared to about $164.73 billion at the end of June 2023. This marks the second consecutive decline, according to the Central Bank of Egypt (CBE).

 

The long-term external debt accounted for the majority - 81.6 percent - of the total debt, reaching approximately $134.25 billion at the end of September. In contrast, short-term debt represented about 18.4 percent, totaling $30.27 billion at the end of September, alleviating the burden of debt repayment.

 

Government external debt, constituting over 50 percent of the total external debt, saw a decrease of about $901 million during the first fiscal quarter. The total balance decreased to approximately $82.527 billion at the end of September, reflecting a 1 percent quarterly decrease.

 

The external debt of Egyptian commercial banks, comprising 12.7 percent of the total debt, decreased by about $73 million, reaching a total of $20.905 billion at the end of September, a