Egypt’s Q3-2022 external debt decreased by $720 million, following another decline of $2.1 billion in Q2-2022.
Egypt’s external debt stands at $154.9 billion as of September 2022.
Head of Research at Zilla Capital attributed the decline to the strengthening of the US dollar against other currencies.
That sounds counterintuitive
Egypt’s debt is denominated in several currencies & not just the USD; therefore when the USD increases against other currencies, a country’s debt could decline.
The International Monetary Fund stated that offering state-owned companies on the stock exchange could help decrease Egypt’s external debt even further.