The Central Bank of Egypt (CBE) on Tuesday reported a decrease in Egypt’s external debt, which now stands at $160.607bn as of March 2024. This represents a reduction from the previous div of $168.034bn in December 2023, marking a decline of $7.427bn.

According to the CBE’s report released on Tuesday, the long-term external debt decreased to $135.257bn in March 2024, compared to $138.551bn in 2023. Additionally, short-term debt also saw a decrease, now standing at $25.350bn, down from $29.482bn.

The government’s outstanding external debt followed a similar trend, declining to $82.206bn in March 2024, from $84.849bn in December 2023. Notably, all of this debt is categorized as long-term.

Furthermore, the outstanding debt of the Central Bank decreased from $45.314bn to $41.119bn during the same period. Of this amount, $41.119bn is long-term debt, while $15.953bn is short-term.

Among the banks, outstanding debt totaled $20.120bn, slightly lower than the previous $20.096bn. Of this, $15.548bn constitutes long-term debt, and $4.572bn is short-term.

The CBE report also highlights other sectors with outstanding external debt, totaling approximately $12.337bn by the end of March 2024. This amount decreased from $12.642bn in December 2023. The breakdown includes $12.337bn in long-term debt and $4.824bn in short-term debt.

The decline in Egypt’s external debt can be partly attributed to the UAE’s decision to waive $11bn worth of dollar deposits held by the Central Bank of Egypt. This waiver is part of the overall $35bn deal for the Ras El Hikma development project on the Mediterranean coast.

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