Egyptian debt is slowing down

The growth of the Egyptian economy slowed to 2.3% during the second quarter of the current fiscal year 2023-2024, compared to 2.63% during the first quarter, and 3.9% in the same quarter of the previous fiscal year, according to data issued by the Ministry of Planning.

This comes at a time when data revealed an increase in Egypt’s external debt by about $3.51 billion during the last quarter of 2023, bringing the total debt to $168.034 billion at the end of last December, compared to about $164.52 billion from the previous quarter ending in September 2023, according to the ministry’s report.

This increase came after external debt decreased by about $840 million during the previous two quarters of the current fiscal year, according to data from the Ministry of Planning and the Central Bank of Egypt. (Bloomberg)