Egypt’s external debt fell by 4.4% in the first quarter (Q1) of 2024, reaching around $160.6 billion by the end of March, according to a new report by the Central Bank of Egypt (CBE).

Down from $168.03 billion recorded in December 2023, this is the lowest level recorded in the past 18 months.

Egypt’s net international reserves were recorded at $46.125 billion at the end of May, bolstered by several large-scale deals, primarily the Ras El Hekma agreement, and financing from international partners.

Long-term debt declined to $135.25 billion in March, compared to $138.55 billion in 2023, while short-term debt decreased to $25.350 billion, down from $29.482 billion.

Outstanding governmental external debt, all of which is categorized as long-term, fell to 82.206 billion at the end of Q1 2024 from $84.849 billion in December 2023.

The CBE’s outstanding debt decreased from $45.314 billion to $41.119 billion, with $41.119 billion categorized as long-term debt, and $15.953 billion in short-term debt.

The banking sector’s outstanding debt reached $20.12 billion in Q1, reported as $15.548 billion in long-term debt, and $4.572 billion in short-term.

Other sectors had outstanding debt $12.33 billion by the end of March, dropping from $12.64 billion at the end of last year, according to the CBE’s data. This includes $12.337 billion in long-term debt and $4.824 billion in short-term debt.

Egypt repaid $25 billion of its domestic and external public debt during Q1 2024, according to a June report from the Institute of International Finance (IIF), representing 7% of the country’s GDP.