The Central Bank of Egypt announced on Wednesday that the country has repaid $23.8 billion in external debt obligations, including interest and principal payments, over a nine-month period from July 2023 to March 2024.
The debt service payments were spread across $8.168 billion in the first quarter, $7.384 billion in the second quarter, and $8.255 billion in the third quarter of the 2023-2024 fiscal year.
As a result, Egypt’s total external debt decreased to $160.6 billion by the end of March 2024, down from $164.5 billion at the end of the first quarter. Egypt’s foreign debt reached a record high at the end of 2023, with total liabilities of around $168 billion.
Foreign funding has flowed into Egypt since March, following an agreement with the International Monetary Fund (IMF) to resume the economic reform program established in December 2022. Egypt also agreed to increase IMF funding from $3 billion to $8 billion, with the program running through fall 2026.
