According to data from the Ministry of Planning and Economic Development, Egypt recorded the largest decline in the history of foreign debt, after Egypt carried out economic reforms last March and signed the largest investment deal worth $35 billion to develop the city of Ras El Hekma.
Total external debt declined to about $152.885 billion at the end of last June, compared to about $168.034 billion at the end of last December.
An official source at the Central Bank said last month that the total external debt fell to $153.9 billion by the end of May 2024, which means the debt decreased by more than a billion dollars on a monthly basis compared to June alone.
In March, Egypt received Emirati support through the “Ras El Hekma” deal worth $35 billion, including 11 billion deposits with the Central Bank that were converted into investments.
In parallel, the Central Bank’s net foreign reserves recorded their highest levels ever at $46.6 billion at the end of August 2024, an increase of more than $11.2 billion over the last 6 months.
The Central Bank source said in previous statements that the current reserve balances can cover about 7.9 months of the value of the country’s merchandise imports.
The increase in hard currency inflows contributed to eliminating the foreign asset deficit of the banking sector as a whole, recording a surplus of more than $13 billion by the end of July 2024, compared to a deficit of $28.96 billion in January 2024.
Source: Masrawy
#Egypt #announces #significant #decline #external #debt #time #years
2024-10-02 10:04:29
