On October 24, the World Bank has outlined Egypt’s external debt repayment obligations for the current fiscal year, totaling $60.8 billion scheduled between July 2024 and June 2025. Payments began with $14.7 billion due in the first quarter, now completed, followed by an estimated $15 billion for the ongoing quarter.
The repayment burden will peak in the third quarter, starting in January 2025, with a substantial $20.59 billion due, then decreasing to $10.5 billion in the final quarter. These payments include $52.8 billion in principal and approximately $8.1 billion in interest.
The Central Bank of Egypt is expected to repay $20.8 billion in deposits this fiscal year, with many of these deposits typically being renewed. The government also faces a $3.3 billion bond repayment, while various other entities have loans due totaling $31.04 billion. This includes $13.6 billion owed by the government, $2.5 billion by the central bank, and about $13.3 billion by banks. Other sectors owe around $1.7 billion, along with $4.9 billion in trade-related foreign facilities.
Looking forward, the World Bank anticipates a drop in Egypt’s debt obligations for the next fiscal year, reducing to $21.7 billion. The Egyptian government is currently in discussions with Saudi Arabia to secure investments that may convert $10 billion of Saudi deposits, most of which are due in this fiscal year, into investments.
Egypt’s external debt has decreased to $152.9 billion in the first half of this year, down from $168 billion at the end of 2023. This reduction has been aided by the Ras El-Hekma deal, bringing in $24 billion, along with the conversion of UAE dollar deposits into Egyptian pounds.