The Central Bank of Egypt (CBE) announced Wednesday that Egypt’s external debt increased to $112.67 billion by the end of the second quarter of FY2019/2020, up from $109.36 billion in September with an increase sum of $3.3 billion.
According to CBE data, Egypt’s external debt rose in 2019 by $16 billion, reaching $96.612 billion by the end of December 2019.
Egypt’s long-term debt recorded $101.386 billion by the end of December 2019, while short-term debt reached $11.284 billion.
Long-term debt previously reached $98.3 billion in September 2019 and about $86.3 billion by the end of December 2018, while short-term debt recorded $11.03 billion in September 2019 and $10.3 billion by end of 2018.
Egypt’s government is currently in negotiations, opened 26 April, with the International Monetary Fund (IMF) to get a fresh loan to support its efforts countering the impact of the Covid-19 pandemic on Egypt’s economy and society.
On 24 July 2019, the IMF’s Executive Board completed the fifth and final review of Egypt’s economic reform programme supported by an arrangement under the Extended Fund Facility (EFF) worth $12 billion, announcing Egypt’s success in achieving its structural reform goals.
In its recent global and regional economic outlook reports, the IMF lowered its expectations for Egypt’s macroeconomic performance amid the Covid-19 crisis, but retained a positive outlook.
It expected that Egypt’s real GDP will decline to two percent, and the consumer price index (CPI) to reach 5.9 percent.
Reports expected that Egypt will be the only Arab country to register economic growth, to go up to 2.8 percent in 2021.