Home Industry Economy Egypt says it cut foreign debt by $14bn The country’s external debt fell to $154 billion as of the end of May from $168bn at the end of December by Reuters July 28, 2024 Image credit: Getty Images Egypt reduced its external debt by $14bn 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 $154bn as of the end of May from $168bn 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 $35bn in February. Read: Suez Canal revenue drops as some shipping firms shun Red Sea Tags Debt Egypt IMF You might also like Saudi minister asserts economic resilience to investors at FII conference Modon Holding, LuLu Retail to build retail facilities in UAE and Egypt IMF forecast: Global growth holds steady at 3.2% as inflation eases Egypt’s sovereign dollar bonds fall, reversing gains on Saudi visit