Egypt external debt hits $168 bln in 2023

The report shows that external debt has steadily risen over the past decade, climbing from $46.5 billion in 2013 to more than triple that level by 2023.

Long-term debt dominates, short-term debt eases
 

Long-term external debt reached $119.26 billion in 2023, compared to $111.09 billion in 2022. The public and publicly guaranteed sector accounted for most of this debt, standing at $117.38 billion in 2023.

Of this, debt to official creditors, including multilateral and bilateral lenders, rose to $67.86 billion, while liabilities to private creditors increased to $49.52 billion.

Bondholders represented $29.80 billion of private-sector exposure, with commercial banks and other private lenders holding $19.73 billion.

Short-term external debt recorded $29.48 billion in 2023, down from $30.25 billion in 2022.

IMF credit and SDR allocations decline
 

According to the report, Egypt’s use of International Monetary Fund (IMF) credit and Special Drawing Rights (SDRs) fell to $19.32 billion in 2023 from $21.75 billion in 2022.

IMF-related obligations have grown steadily since 2016, when they stood at $3.86 billion, following major lending arrangements with the fund.

The total IMF loans approved for Egypt since 2016 amount to approximately $30 billion.

Debt ratios show rising pressure
 

The report indicates that Egypt’s external debt-to-gross national income (GNI) ratio climbed to 44.4 percent in 2023, up from 35.4 percent in 2022, indicating rising external debt relative to the size of the economy.

The debt-service-to-exports ratio also increased to 30.4 pecent in 2023, compared to 23.2 percent in 2022.