Egypt’s external debt reduction to $160.6 billion at the end of March 2024, compared to $164.5 billion in the previous quarter, went unnoticed amidst the usual storm of negativity surrounding financial news. The Central Bank’s report reveals a significant decrease of over $3.6 billion in foreign debt, showcasing the country’s commitment to its financial obligations. Egypt has a history of honoring its debts, even in the face of economic challenges and sabotage.
Despite facing economic hardships, Egypt has managed to pay off $23.8 billion in interest and principal over the past nine months. This achievement is supported by the country’s record-high foreign exchange reserves of $46.383 billion, providing a strong foundation for economic stability. The positive trend in debt reduction and increased remittances from Egyptians abroad further demonstrate Egypt’s resilience and success in implementing economic reforms.
While positive news like this often goes unnoticed by critics, the numbers speak volumes about Egypt’s progress. Imagine the value of Egypt’s foreign reserves exceeding international benchmarks for financial safety, a testament to the nation’s economic growth.
