CAIRO (Reuters) -Egypt’s overseas debt fell by $7.4 billion within the first three months of 2024, in accordance with central financial institution knowledge launched on Tuesday.
The nation’s funds had been boosted in late February when it offered the event rights to prime Mediterranean land at Ras El-Hekma to the United Arab Emirates for $35 billion.
Complete overseas debt declined to $160.6 billion by the tip of March from $168.0 billion on the finish of December and $164.5 billion on the finish of September, the central financial institution knowledge confirmed.
Egypt had quadrupled its exterior debt since 2015 to assist finance a brand new capital, construct infrastructure, purchase weapons and assist an overvalued forex.
In March it signed an $8 billion monetary assist bundle with the Worldwide Financial Fund through which it dedicated itself to a free-floating forex. The IMF disbursed an preliminary $820 million in March, which the remainder to be drawn in semi-annual instalments till September 2026.
The overseas debt, of which 84.2% is long run, was equal to 39.8% of gross home product, down from 43% in December, the central financial institution mentioned.
