Egypt paid $52 billion in external debt over the past two years

These payments were made despite severe global economic challenges in both years, Maait said, in reference to the repercussions of the coronavirus pandemic and the Russian-Ukrainian war.

Maait's remarks came while speaking at a symposium organized by Egypt's Supreme Council for Media Regulation in Cairo.

Egypt spent in the first half of this year and until 30 June $25.5 billion to fulfill its financial obligations; including debt payments, the minister added.

According to the latest data released by the Central Bank of Egypt, the country's external debt rose by 4.8 percent to $165.3 billion in the third quarter (Q3) of FY 2022/2023, compared to $157.8 billion in the same quarter the previous year.

Egypt is struggling with a shortage of US dollar liquidity in the local market and a financing gap estimated at $17 billion through 2026.

To narrow that gap, the government is working on a program to sell state-owned assets, which has collected about $5 billion so far.

Egypt, Maait said, lost revenues of about EGP 400 billion during the pandemic's two years as a result of the closure of airports and maritime ports.

However, the country's rejection of a full shutdown during that time helped it continue on its development path, he noted.

He also assured listeners that Egypt would overcome the economic consequences of the Russian-Ukrainian war.