The Ministry of Finance announced that Egypt's total public debt saw a decline of 2.1% in the fourth quarter of the 2023/2024 fiscal year. The overall debt reached EGP 12.52 trillion by the end of June, down from EGP 12.78 trillion in March 2024, with the majority of this drop attributed to a reduction in domestic debt, which fell by 2.7% to EGP 8.72 trillion from EGP 8.96 trillion.

 

According to the ministry's data, short-term domestic debt decreased by 2.9% to EGP 7.33 trillion, while medium-term debt dropped by 2.5%, amounting to EGP 276.1 billion. Long-term domestic debt also showed a slight decline of 1.1%, reaching EGP 1.11 trillion. Meanwhile, Egypt’s external government debt fell marginally by 0.8% to EGP 3.79 trillion in Q2, down from EGP 3.82 trillion in Q1.

 

Egypt’s fiscal budget registered a primary surplus of 2.5% of the gross domestic product (GDP) in the 2023/2024 fiscal year, increasing to 6.1% when including non-tax revenue from the "Ras El Hikma" transaction, according to the ministry's report. Looking ahead, the Ministry of Finance aims to maintain financial surpluses to reduce the public debt to below 80% of GDP by 2027, implementing the government’s structural reform agenda with a focus on state ownership policies and prudent financial management through subsidy rationalization.

 

In related news, the Ministry of Finance disclosed the outcomes of its latest treasury bill auction, held on Saturday, issuing 182-day and 364-day bills totaling EGP 50 billion. The 182-day bills had an average yield of 29.178%, with yields ranging from a high of 29.249% to a low of 28.999%. The 364-day bills saw an average yield of 26.236%, reaching a peak of 26.241% and a low of 26.15%. These treasury bills were previously offered last Thursday, with allocations amounting to EGP 30 billion for the 182-day bills and EGP 20 billion for the 364-day bills.