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Egypt’s external debt to remain high in FY23/24 due to EGP depreciation

Egypt’s external debt is projected to rise during the current FY2023/2024 due to the depreciation in the exchange rate, Era Dabla-Norris.
18.04.24 | Source: Ahram Online

Norris made her statement during the press briefing the fund held on Wednesday to release its flagship Fiscal Monitor Report.

She was responding to a question by Ahram Online about the projected level of external debt in Egypt in light of the challenging economic situation in the country and the IMF’s loan programme with Egypt.

In March, the CBE hiked the key interest rates by six percent and allowed the value of the local currency to be determined by the forces of supply and demand.

Consequently, the Egyptian pound lost over 60 percent of its value against the US dollar since March.

Norris told Ahram Online that Egypt’s external and overall debt is projected to decline beginning FY2024/2025 and onwards.