Egypt's external debt dropped to $39.58 billion, or 12.5 percent of GDP, in the third quarter of the current fiscal year, from $45.1 billion, or 15.8 percent of GDP, in the same period a year earlier, according to the Central Bank of Egypt's (CBE) May statistical bulletin.

Government external debt, which contributed around 60 percent to overall external liabilities, slowed to 7.5 percent of GDP down from 10.1 percent in the aforementioned period.

The central bank attributed the decline in external debt partly to the repayment of $3.5 billion of loans and credit facilitations, according to state-run news agency MENA.

The CBE also credited a $2.7 billion saved in the external debt to the fall in the value of the international currencies - which are part of Egypt's debt portfolio - to the dollar.

Egypt's gross domestic debt amounted to LE1.9 trillion ($252.3 billion) at the end of December 2014.

In April, net reserves reached $20.5 billion following the receipt of $6 billion in the form of central bank deposits from Gulf countries that month.

Correction: The original version of the report said Gulf monetary infusions in April 2015 amounted to $12 Billion. The correct figure was $6 Billion.