Egypt Repays $38.7 Billion in Debt, Says PM

Egyptian Prime Minister Mustafa Madbouly revealed on Wednesday that Egypt paid during 2024 about $38.7 billion, including $7 billion during November and December.

Madbouly pointed out in a statement issued after the end of the cabinet meeting that this was a major challenge to the state, stressing that the Egyptian state is committed to paying its obligations, and that it has never failed to pay those dues, noting in this regard that the amount due during the next year will be less than what was paid this year.

At the beginning of this month, the Central Bank of Egypt raised its estimates of the value of debt installments and interests due on Egypt during 2025 to $22.4 billion, an increase of $ 900 million compared to its previous estimate last August of about $21.523 billion, according to the report on the external situation of the Egyptian economy.

In a related context, the Egyptian Prime Minister pointed to the completion of the fourth review with IMF officials within the extended fund facility arrangement, under which Egypt will receive $1.2 billion.

A statement was previously issued by the head of the IMF mission to Egypt, Ivana Vladkova Holar confirming the reaching of an agreement at the expert level with the Egyptian authorities on the fourth review within the arrangement of the facility of the extended fund, and also stressed that the Egyptian authorities continued to implement major policies to maintain macroeconomic stability, despite the ongoing regional tensions that cause a sharp decline in Suez Canal revenues.

In a separate context, the Prime Minister stressed during his speech the continuation of the efforts of the various organs and entities concerned with regard to the governance and control of investment spending items, pointing out the contribution of these measures to controlling the financial performance of the general budget of the state.

Madbouly reiterated the continuation of the efforts of the various concerned bodies to secure the appropriate reserves of various strategic and basic goods, and to provide a safe stock of them, in order to ensure the stability of their price level.