World Courant
Egypt’s international debt fell to $153.9 billion by end-Could 2024, in contrast with $168 billion on the finish of final yr, in response to an official assertion quoted by an nameless central financial institution official.
Egypt acquired $35 billion in assist from the Emirates in March by the “Rass Al-Hikma” deal, together with an $11 billion deposit on the Central Financial institution that was transformed into investments.
The assertion mentioned the $14 billion drop over a five-month interval is the biggest decline within the nation’s exterior debt historical past.
On the similar time, the Central Financial institution’s internet international reserves reached a document excessive of $46.4 billion in June 2024, a rise of $13.25 billion since August 2022, the assertion mentioned.
It was indicated that the present reserves can cowl about 7.9 months of the nation’s merchandise imports. The official supply famous an enormous development within the influx of international foreign money into the native market by about 200 %, together with a rise of greater than 100% in remittances from Egyptians overseas, in comparison with their ranges earlier than the unification of the trade price.
The rise in onerous foreign money inflows has helped shut the Central Financial institution’s international belongings deficit, which recorded a surplus of $10.3 billion in June 2024, in comparison with a deficit of $11.4 billion in January 2024, the official mentioned. He additionally pointed to an enchancment within the internet international belongings of banks working in Egypt, which stood at $4.6 billion in Could 2024, in comparison with a damaging $17.6 billion in the identical month final yr.
Which means the online international belongings of the Central Financial institution and the banks quantity to $14.9 billion.
Egypt’s international debt falls by $14 billion in 5 months
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