Egypt’s external debt shrinks by $15B in 6 months: Madbouly
Updated 10/3/2024 8:39:00 AM
Arab Finance: Egypt’s external debt dropped by more than $15 billion in six months, reflecting the government’s reform efforts, Prime Minister Mostafa Madbouly announced.
In his meeting with several prominent intellectuals to discuss pressing national and global issues, Madbouly noted that Egypt’s external debt hit $168 billion in December 2023 and reached $152.8 billion last June.
He also highlighted that the government is working on controlling inflation, targeting rates below 10% by the end of 2025.
Moreover, he said that the geopolitical tensions in the region have weighed on the Suez Canal revenues, as the canal incurred monthly losses ranging between $550 and $600 million in six months.
The meeting also tackled the water desalination file in Egypt, with Madbouly clarifying that the volume of desalinated water produced by the country is now at 1.5 million cubic meters a day, compared to 80,000 cubic meters a day in fiscal year (FY) 2015/2016.
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