File Photo: An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt. AFP
Egypt’s total external debt stock reached $163.9 billion during the second quarter of the fiscal year 2025/2026, according to the latest figures released by the Central Bank of Egypt (CBE).
The data provides a comprehensive breakdown of the nation's external liabilities by debtor, component, and debt service metrics.
Despite this being a notable increase from the 2025 baseline figures (when the debt level reached $161.2 billion), it remains below the record debt level of $168 billion in December 2023.
The government holds the lion's share of external liabilities
Annual macroeconomic tracking shows that while the final baseline for 2025 set the total external debt at $161.23 billion, subsequent quarterly tracking through Q2 of the 2025/2026 fiscal year saw the total rise to $163.91 billion.
A sectoral breakdown of the external debt highlights the Egyptian government as the primary debtor:
- The government accounts for just over 50 percent of the total debt stock, amounting to close to $82 billion.
- The Central Bank of Egypt (CBE) holds 23.1 percent of the debt, standing at $37.3 billion. Historical trends indicate that CBE debt peaked above $40 billion in preceding periods before stabilizing at its current level.
- The banking sector: Commercial banks account for 13.7 percent of the total, equivalent to $22.2 billion.
- Other sectors: The remaining 12.4 percent (almost $20 billion) is distributed among various other economic sectors.
Long-term trajectory data from 2004 through 2025 indicates that government-borrowed debt experienced its most aggressive surge after 2018, rapidly crossing the $30 billion threshold and driving the majority of Egypt's overall external debt growth.
Multilateral loans and short-term liabilities dominate the components
When categorized by financial instrument and component for the second quarter (Q2) of FY2025/2026, the CBE data reveals that multilateral institutions remain Egypt's primary source of foreign financing.
The external debt structure comprises the following components:
- Multilateral institutions comprise 26.3 percent ($43.1 billion) of total obligations.
- Short-term debt accounts for 21 percent ($34.4 billion), reflecting immediate to near-term repayment obligations.
- Bonds and sukuk represent 17.6 percent ($28.8 billion) of the total portfolio.
- Other bilateral debt accounts for 12.4 percent ($20.33 billion).
- Buyers' and suppliers' credit accounts for 11.5 percent ($18.85 billion).
- Deposits constitute 5.7 percent ($9.34 billion).
- Repo agreements account for 4 percent ($6.5 billion).
- Private sector debt: The remaining minor shares belong to non-guaranteed private sector bilateral debt.
Debt service performance
During Q2 of FY2025/2026, Egypt successfully serviced a total of $9.5 billion in external debt obligations. The debt service metrics are divided as follows:
- Principal repayments: $7.8 billion was paid back toward the principal amounts borrowed.
- Interest payments: $1.68 billion was settled in interest expenses.
The CBE's latest release underscores Egypt's ongoing commitment to meeting its international financial obligations amid broader structural adjustments and economic tracking.
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