Egypt’s foreign debt falls from $155.7 bln to $154.9 bln in 1Q 2022/2023: CBE

Egypt’s short-term debt rose to $27.4 billion in the 1Q of FY2022/23, up from $26.6 in the same quarter of FY2021/2022, according to CBE.

The total debt services during the 1Q of FY2022/2023 inched down to $4.7 billion, compared to $6.2 billion registered in the 1Q of FY2021/2022, the CBE added.

The figures show that Egypt’s total external debt to GDP ratio receded slightly in the 1Q of FY2022/2023 to 32.4 percent, down from 32.6 percent in the corresponding quarter of FY2021/2022.

Arab direct investment inflows into the Egyptian market jumped in the 1Q of FY2022/2023 to over $2.6 billion, up from about $1 billion in the corresponding quarter of FY2021/2022.

Saudi Arabia topped the countries that invested during the 1Q of FY2022/2023 with total investments valued at $1.3 billion, followed by the UAE with $837.6 million, according to the CBE.