Egypt’s external debt hits record high in Q2 FY2022/23

External debt increased by 5.1% quarter on quarter (QoQ) to $162.9 billion in the three months ended December 31st, 2022

Staff Writer, Arab Finance

April 4, 2023

PHOTO

Egypt's external debt hit a record high in the second quarter (Q2) of fiscal year (FY) 2022/2023, after declining for two quarters, according to data from the Ministry of Planning and Economic Development.

External debt increased by 5.1% quarter on quarter (QoQ) to $162.9 billion in the three months ended December 31st, 2022, from $154.9 billion in the July-September period of FY 2022/2023.

Egypt's external debt has more than doubled over the past five years as the country ramped up borrowing from multilateral institutions and turned to international debt markets to raise funds at an increasing pace.

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