Kuwait extends $4 bln deposit at Egypt’s central bank

The deposit consists of two tranches of $2 billion, which were renewed to now be due in April and September 2024.

The CBE revealed a slight uptick in international reserves, which climbed to $35.1 billion in October from $34.97 billion in September.

Egypt is actively pursuing additional funding to bridge a projected $17 billion financing gap by 2026, from which $6-8 billion needs to be covered in FY2023/2024.

The country also aims to acquire more hard currency to fulfil its commitment to the IMF under a four-year $3 billion loan programme, which mandates a series of economic reforms, including the adoption of a flexible exchange rate.

With a total external debt of $165.3 billion, Egypt faces debt service payments totaling $71.6 billion over the next three years, including $29.23 billion due in 2024.

As of August, Egypt's foreign assets deficit stood at nearly $25.92 billion. The country targets an annual collection of $191 billion in US dollar revenues by 2026.