Egypt's foreign debt exceeds 165 bln USD by end of March: central bank

  • World
  • Friday, 28 Jul 2023

CAIRO, July 27 (Xinhua) -- Egypt's foreign debt reached 165.3 billion U.S. dollars by the end of March, registering a 4.8-percent increase compared to the same period in the previous year, according to the data released by the Central Bank of Egypt (CBE) on Thursday.

At the beginning of 2023, the foreign debt stood at 162.93 billion dollars, the bank data showed.

Egypt has faced economic hardships in recent years due to various crises, including the COVID-19 pandemic and the Russian-Ukrainian conflict. The CBE devalued the Egyptian pound twice in 2022, leading to a significant loss in its value.

To address economic challenges, Egypt sought financial support from the International Monetary Fund, which approved a 46-month, 3-billion-dollar loan in December 2022 to finance the country's economic and structural reforms.

The Egyptian government is now focusing on attracting foreign investments and boosting the tourism sector as the key source of hard currency to help with the country's economic challenges.

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