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 Egypt’s United Bank to sell 30% stake via IPO on local bourse QatarEnergy acquires 23% of offshore Egypt block from Chevron Egypt’s Suez Canal Economic Zone set for rapid expansion, CEO says Shift to EVs will have far-reaching impact, IMF says