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 central bank leaves overnight interest rates steady Egypt counts on foreign funds to buy gas as power crisis worsens Egypt’s net foreign assets positive for third straight month in July Egypt central bank expands lending to government, but inflation slows