Egypt’s external debt burden eased in the first quarter of fiscal year (FY) 2023/24, inching down to $164.521bn from $164.727bn at the end of the previous quarter. This welcome decline is driven by a drop in long-term debt, which stood at $134.252bn in September 2023, down from $136.577bn in June. Short-term debt, meanwhile, increased slightly to $30.268bn from $28.150bn.
The government played a key role in reducing external debt, with its liabilities falling to $82.527bn from $83.428bn, all of it long-term. The Central Bank of Egypt also saw its debt burden shrink, with its total standing at $44.376bn at the end of September, compared to $43.617bn in June. This breakdown includes $24.563bn in long-term debt and $19.822bn in short-term debt.
Banks’ external debt remained largely stable at $20.905bn, with a slight decrease from $20.978bn in the previous quarter. The composition of this debt remained steady, with $15.072bn being long-term and $5.833bn being short-term.
The report from the Central Bank of Egypt does not provide details on the debt owed by other sectors, which stood at $16.703bn at the end of September, unchanged from June. This debt is also divided into $12.09bn in long-term loans and $4.612bn in short-term obligations.
