Egypt’s foreign debt rose USD 3.3 bn in 1H FY 2023-24

Foreign debt rises during 1H FY 2023-24: Egypt’s foreign debt hit USD 168 bn during the first half of the current fiscal year, rising USD 3.3 bn compared to the USD 164.7 bn recorded at the end of fiscal year 2022-2023, according to centralbankdata (pdf).

The breakdown: Medium- and long-term debt accounted for over 81% of our total foreign debt, sitting at USD 136.8 bn, while short-term debt accounted for USD 29.5 bn. The central bank is projecting that we will repay some USD 36.4 bn — 21.7% of our total foreign debt — of the medium- and long-term debt in 2024.

We expect things to look different in the coming report as USD 11 bn of our external debt will be written off thanks to the USD 35 bn Ras El Hekma agreement inked earlier this year.

Remember: Egypt’s external debt has quadrupled over the past decade, reaching a record high of USD 165.4 bn at the end of 3Q 2023 due to increased borrowing from multilateral lenders and international debt markets.