Egypt’s External Debt Sees Record $12.9 Billion Decline in 2024
Central Bank Reforms Drive Significant Debt Reduction
Egypt has achieved its largest-ever annual decline in external debt, with figures showing a $12.9 billion reduction in 2024, according to data from the Ministry of Planning, Economic Development, and International Cooperation. The country’s external debt fell to $155.093 billion by December 2024, down from $168.034 billion the previous year.
The Central Bank of Egypt (CBE) played a pivotal role in this achievement through its comprehensive reform measures. Prime Minister Mostafa Madbouly confirmed that these reforms have successfully returned Egypt’s debt levels to safer thresholds.
Sustained Debt Reduction Strategy
The Egyptian government expects this positive trend to continue throughout 2024, supported by timely debt payments and the implementation of a comprehensive debt management plan. This strategy includes:
- A bond issuance program targeting $1.5-2 billion in additional debt reduction
- Strategic refinancing to extend debt maturities without increasing total obligations
- Continued commitment to scheduled repayments
Recent figures show Egypt paid $7 billion in debt during November and December alone, with total 2024 repayments reaching approximately $38.7 billion according to Cabinet statements.
Source: Egypt Independent