Egypt’s external debt dropped to $152.9 billion by the end of June 2024, according to the Central Bank of Egypt (CBE).

This marks a decline from $160.607 billion at the end of March and $168.034 billion in December 2023.

A recent report from the CBE detailed the breakdown of the debt figures. Long-term external debt fell to $126.8 billion by June, compared to $138.551 billion in December 2023.

Meanwhile, short-term debt declined to $26.24 billion, down from $29.482 billion.

The report also highlighted a drop in government debt, which stood at $80.178 billion by June, down from $84.849 billion at the end of 2023.

Additionally, the CBE’s own external debt decreased to $34.668 billion, compared to $45.314 billion in December 2023.

The external debt owed by banks reached $20.67 billion by the end of June, slightly higher than the $20.096 billion recorded at the end of 2023.

Earlier in September, The CBE announced that Egypt made payments totaling $23.8 billion towards its external debt between July 2023 and March 2024.

During FY 2023/2024, Egypt settled $8.168 billion in the first quarter, $7.384 billion in the second quarter, and $8.255 billion in the third quarter, according to the CBE.

The CBE’s report also highlighted a decrease in Egypt’s overall external debt, which fell to $160.6 billion by March 2024 from $164.5 billion in September 2023.