Egypt has recorded its biggest drop in external debt in history, reducing its foreign debt burden by about US$12.9 billion in 2024. This brings the total to $155.093 billion by December 2024, down from $168.034 billion in 2023.
The Ministry of Planning, Economic Development, and International Cooperation released this update on Egypt’s financial position, highlighting the success of recent economic reforms.
Prime Minister Mostafa Madbouly said the government’s reform efforts, led by the Central Bank of Egypt (CBE), were responsible for returning the country’s debt levels to what he called “safe limits”.
According to him, Egypt plans to keep the debt trend downward, with more payments scheduled for this year and a long-term debt management plan already underway.
Part of the plan includes raising between $1.5 billion and $2 billion through bond issuance. However, officials say this move will not add to the total debt but will be used to refinance existing obligations, spreading out repayment timelines and easing pressure on the economy.
In the last two months of 2024 alone—November and December—Egypt paid off around $7 billion. In total, the country cleared about $38.7 billion in foreign debt throughout the year, based on a statement from the Cabinet.
Analysts believe that the continued discipline in handling repayments and managing debt could help boost investor confidence and improve the country’s credit rating over time.
