{"id":584683,"date":"2023-04-04T00:00:00","date_gmt":"2023-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/external-debt-hits-record-high-in-2q-fy-2022-2023\/"},"modified":"2023-04-04T00:00:00","modified_gmt":"2023-04-04T00:00:00","slug":"external-debt-hits-record-high-in-2q-fy-2022-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/external-debt-hits-record-high-in-2q-fy-2022-2023\/","title":{"rendered":"External debt hits record high in 2Q FY 2022-2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Egypt\u2019s external debt hit a record high in <\/span><span style=\"font-weight:700\">2Q FY <\/span><span style=\"font-weight:700\">2022-2023<\/span><span style=\"font-weight:700\"> following two quarters of declines<\/span><span style=\"\">, according to data published by the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mped.gov.eg\/assets\/uploads\/NSDP.html\" style=\"\">Planning Ministry<\/a><\/span><span style=\"\">. External borrowing rose 5.1% q-o-q to USD 162.9 bn during the October-December quarter<\/span><span style=\"font-weight:400;\">, up from USD 154.9 bn in 1Q FY 2022-2023, the figures show.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"font-weight:400;\">Egypt\u2019s external position has come under significant pressure on the back of a stronger USD, higher interest rates, and turmoil in the financial markets. The EGP has lost more than half of its value against the USD since last year, making it more difficult to repay our debts. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Debt has soared in recent years:<\/span><span style=\"\"> Egypt\u2019s external debt<\/span><span style=\"\"> has more than doubled ove<\/span><span style=\"\">r the past five years as the country has ramped up borrowing from multilateral lenders and turned to the international debt markets to raise funds with increasing frequency. On an annual basis, external de<\/span><span style=\"\">bt rose 12%<\/span><span style=\"\"> from 2Q FY 2021-2022.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER<\/span><span style=\"\">- Our <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/8ca83006-3ccb-46d0-897d-24594698af82\" style=\"\">USD 3 bn IMF financing package<\/a><\/span><span style=\"\"> is helping to alleviate the squeeze on our external position and could help attract more FDI from other quarters. The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/063958e5-3b37-411f-b571-0cc550bc253e\" style=\"\">rebooted privatization program<\/a><\/span><span style=\"\"> designed to pull the country out of its financial crisis and secure much needed FX. The goal is to attain a primary surplus of 1.7% for FY 2022-2023. It is also aiming to improve the current account deficit to 2% over the medium term. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>External borrowing hit USD 162.9 bn by the end of December<\/p>\n","protected":false},"author":1,"featured_media":584684,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[88,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt-watch","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"77fcc938-daed-43c9-936f-07e4f0536e1c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/118.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s external debt hits record high in 2Q FY 2022-2023","related_issue":[584674],"teaser":"External borrowing hit USD 162.9 bn by the end of December","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.72140ce0-09e9-4269-8e1a-4f64f5996b1c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>External debt hits record high in 2Q FY 2022-2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/external-debt-hits-record-high-in-2q-fy-2022-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"External debt hits record high in 2Q FY 2022-2023\" \/>\n<meta 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&quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1150.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619825,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/12\/egypts-foreign-debt-rose-usd-3-3-bn-in-1h-fy-2023-24\/","url_meta":{"origin":584683,"position":3},"title":"Egypt\u2019s foreign debt rose USD 3.3 bn in 1H FY 2023-24","author":"enterpriseam admin","date":"12 May 2024","format":false,"excerpt":"The central bank estimates that USD 36.4 bn of our medium- and long-term debt will be repaid this year","rel":"","context":"In 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&quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588088,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/senate-approves-fy-2023-24-development-plan\/","url_meta":{"origin":584683,"position":5},"title":"Senate approves FY 2023-24 development plan","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Government to control foreign borrowing, says planning minister","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET 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