The debt-to-GDP ratio reached 40.3% in Q4 FY2022/2023, the report explained
Egypt's external debt experienced a slight decrease during the Q4 of FY2022/2023, falling to $164.73 billion from the previous quarter's $165.36 billion, according to a release by the Central Bank of Egypt (CBE) on Wednesday.
The CBE’s report notes that the external debt figure covers $136.58 billion in long-term debt and $28.15 billion in short-term debt.
The government's share of the external debt amounted to 50.65%, totaling $83.43 billion, with $29.48 billion in bonds and $53.95 billion in loans.
The central bank contributed to 26.48% of the external debt, amounting to $43.62 billion, while banks in Egypt represented 12.73% of the debt, registering $20.98 billion.
The debt-to-GDP ratio reached 40.3% in Q4 FY2022/2023, the report explained.
Egypt is obligated to make external debt service payments of $29.23 billion in 2024, $19.43 billion in 2025, and $22.94 billion in 2026. The government is aiming to generate $191 billion in annual US dollar revenues by 2026.
The country is currently undergoing a review process for a $3 billion loan agreement with the International Monetary Fund (IMF).
In October statements, Minister of Finance Mohamed Maait shared that Egypt expects to receive new dates for the 2 delayed reviews for the loan, with Ahmed Kouchouk, Deputy Minister of Finance for Financial Policies, sharing that the IMF and Egypt are in “advanced stages” of discussions.
Egypt could potentially be negotiating for a top-up of the loan, according to Bloomberg sources, which shared that the country is looking to bump it up to $5 billion.
