CAIRO – 27 June 2024: Egypt repaid a substantial portion of its domestic and external public debt, amounting to $25 billion since March 2024, according to the Institute of International Finance (IIF). This debt repayment represents a noteworthy 7% of Egypt's GDP, highlighting the country's commitment to fiscal consolidation. Emirati deposits at the Central Bank of Egypt (CBE) worth $11 billion were converted into local currency investments, reducing Egypt's external debt burden. Egypt has set ambitious targets for its upcoming fiscal year (FY 2024/2025), aiming for a primary surplus of 3.5% of GDP. This strategy, coupled with the recent $25 billion debt repayment, demonstrates Egypt's commitment to long-term financial stability.

Source: Egypt Today June 27, 2024 14:12 UTC