Egypt’s foreign debt surges by $3.5 billion in three months

Central bank data reveals Egypt’s foreign debt climbed to $168.0 billion by the end of December, up from $164.5 billion in September and $162.9 billion in December 2022.

The increase reflects Egypt’s reliance on external borrowing to finance various initiatives, including infrastructure development and currency stabilization efforts.

Amidst economic challenges exacerbated by the Ukraine crisis, Egypt sought support from the IMF, securing an $8 billion package in March. As part of the agreement, Egypt committed to reducing spending on major government projects.

The central bank notes that 82.5% of the foreign debt is long term, amounting to 43% of the country’s GDP.

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