Egypt’s external debt fell to $156bn in 2024.

Lower is better. Lower is better because every dollar owed abroad has to be serviced in foreign currency, so a smaller stock means smaller future claims on Egypt's dollar earnings. The latest figure, for 2024, is $156bn, down from $168.2bn a year earlier, a fall of 7.3%. Since 2015 the stock has ranged from a low of $49.9bn in 2015 to a high of $168.2bn in 2023. The 2024 reading therefore sits just below the top of that range, after the first annual fall in the stretch described here.

Why it matters. Interest and principal on this stock fall due in foreign currency, which Egypt must earn through exports and remittances or raise by borrowing again. At $156bn, a large share of those dollar inflows is committed to creditors before it can pay for imports. The drop of $12.2bn in 2024 eases that pressure somewhat, but the stock is still far above its 2015 level, so the repayment burden on the state and on firms that borrow abroad remains heavy.