Egypt external debt in June declined by 9% in 6 months: PM Madbouly
Egypt's external debt decreased by nine percent to $152.8 billion in June, down from $168 billion in December 2023, Prime Minister Mostafa Madbouly announced on Wednesday.
Egypt’s Prime Minister Mostafa Madbouly
During the first quarter (1Q) of 2024, Egypt's external debt decreased to $160.6 billion, down from $168 billion in December 2023.
However, the country's external debt-to-GDP ratio recorded 98 percent in FY2022/2023.
The government targets reducing Egypt’s external debt-to-GDP ratio to about 88 percent in FY2024/2025.
Furthermore, Egypt is committed to reducing its high debt levels to below 80 percent of the GDP by FY2026/2027, as part of its $8 billion loan programme with the International Monetary Fund (IMF), which is set to conclude in September 2026.
The country's overall debt decreased by approximately seven percent in FY2023/2024 to 89 percent of the GDP, down from 95.70 percent in FY2022/2023.
This represents a significant decrease compared to FY2015/2016 when the debt accounted for over 102 percent.
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