Egypt cuts foreign debt by $14b in five months

The Egyptian government has said it cut foreign debt by up to $14 billion in the first five months of 2024. Egypt reduced its external debt by $14 billion in the five months to end-May, the sharpest such decline in the country's history, a statement released on Monday by Egypt's press centre said. The country's external debt fell to $154 billion as of the end of May from $168 billion at the end of December, according to the statement which quoted an unnamed high-level source at the central bank. Egypt quadrupled its debt over the last nine years to help fund a new capital, build infrastructure, buy weapons and support an overvalued currency. The government agreed on an $8 billion financial support package with the International Monetary Fund in March. It also sold a large tract of prime Mediterranean coastline to Abu Dhabi for $35 billion in February. ➤ Click here to follow our WhatsApp channel for more stories.