Egypt’s foreign debt continues to rise, reaching $USD 168 billion at the end of December 2022, according to newly released central bank data, reported Reuters. This represents a $USD 3.5 billion increase in just three months and underscores the country’s continued reliance on external financing. The debt, which has quadrupled since 2015, funds major infrastructure projects and supports Egypt’s currency. However, a shortage of foreign currency following the COVID-19 pandemic and the Ukraine crisis, along with an investor exodus, led Egypt to seek an additional $USD 8 billion package from the International Monetary Fund (IMF) in March of this year. As part of this deal, Egypt agreed to reduce
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