Egypt's external debt rose to $161.2bn in June 2025, marking an increase of around $8.3bn, or 5.5%, compared with the end of June 2024, according to data released by the Central Bank of Egypt (CBE). The rise mainly reflected higher disbursements of external loans and credit facilities amounting to $5.4bn, in addition to valuation effects of about $2.9bn stemming from the depreciation of the US dollar against other currencies in which Egypt's external debt is denominated. Breakdown by Maturity By original maturity, Egypt's external debt structure continued to be dominated by long-term borrowing in June 2025. Long-term external debt stood at $130.3bn, while short-term debt by original maturity amounted to $30.9bn. Measured by residual maturity, short-term external debt reached approximately $54.6bn at the same date. Breakdown by Type The stock of long-term external debt increased by about $3.4bn year-on-year to reach $130.3bn in June 2025. This increase reflected mixed developments across debt instruments. Other bilateral debt rose to $18.6bn, up by $4.6bn, while repurchase agreements reached around $6.7bn. Bonds, notes and sukuk issued abroad and held by non-residents climbed to $28.7bn, representing an increase of about $1bn. During FY 2024/2025, Egypt returned to international debt markets with two new issuances. The first was a $2bn Eurobond issued in US dollars, followed by a $1bn sukuk through a private placement with Kuwait Finance House. As of the end of June 2025, the outstanding stock of Egypt's external bonds comprised approximately $20.3bn of US dollar-denominated Eurobonds, the equivalent of $3.5bn of euro-denominated Eurobonds, around $2.4bn of US dollar sukuk, the equivalent of $936.2m in Samurai bonds issued in Japanese yen, about $663.0m in US dollar green bonds, the equivalent of $488.5m in Panda bonds denominated in Chinese yuan, and roughly $345.5m in sovereign notes issued in US dollars. Non-guaranteed private sector external debt increased by $0.7bn to reach $2.5bn, including $100m in green bonds and $499m in sustainability bonds. Meanwhile, rescheduled bilateral debt declined slightly by $0.2bn to $0.5bn. Long-term deposits, represented by Arab countries' deposits at the CBE, remained unchanged at $9.3bn, comprising $5.3bn from Saudi Arabia and $4bn from Kuwait. Buyers' and suppliers' credit declined by $0.9bn to about $19.2bn, while debt owed to multilateral institutions fell by $4.1bn to reach approximately $44.8bn in June 2025. Short-term external debt by original maturity rose by $4.9bn year-on-year to reach $30.9bn in June 2025. Deposits from Arab countries at the CBE accounted for around 35.9% of this stock, equivalent to $11.1bn. Breakdown by Currency An assessment of the currency composition of Egypt's external debt shows that the US dollar remained the dominant borrowing currency in June 2025. US dollar-denominated debt amounted to $109.7bn, representing 68.0% of total external debt. The euro followed with $20bn, while other currencies collectively totalled $31.5bn. These included Special Drawing Rights valued at $15bn, the Chinese yuan at $5.9bn, the Kuwaiti dinar and the Japanese yen at $3.8bn each, and other currencies amounting to $3bn. Breakdown by Creditor By creditor type, Egypt's external debt to multilateral institutions stood at $47.2bn in June 2025. The International Monetary Fund accounted for 30.1% of this total, equivalent to $14.2bn. This comprised $5.8bn under the Extended Fund Facility, $3.9bn related to Egypt's IMF Special Drawing Rights allocation, $3.3bn under the New Extended Fund Facility, and $1.2bn under the Stand-By Arrangement. Other major multilateral creditors included the International Bank for Reconstruction and Development with claims of $12.6bn, the European Investment Bank at $3.6bn, the African Development Bank at $2.6bn, and the Arab Fund for Economic and Social Development at $2.2bn. In addition, Egypt owed $37.7bn to Arab countries, led by Saudi Arabia with $13.5bn, followed by the UAE with $11.7bn and Kuwait with $6bn. Furthermore, $18.8bn was owed to six Paris Club countries—Russia, the United States, Japan, France, Germany and the United Kingdom—while debt owed to China stood at $9.6bn. Breakdown by Debtor Sector By debtor sector, the Central Bank of Egypt's external debt increased by about $2.7bn year-on-year to reach $37.3bn, accounting for 23.1% of total external debt, mainly due to a rise in long-term liabilities. External debt owed by other sectors rose by around $2.3bn to $19.7bn, reflecting higher short-term trade credits and long-term loans. The government remained the largest obligor, with its external debt increasing by about $1.8bn to reach $82bn and accounting for roughly 50.8% of total external debt, largely as a result of increased bond issuance. Banks' external debt rose by around $1.5bn to $22.2bn, representing 13.9% of the total, driven by higher short-term borrowing despite a decline in long-term debt. External Debt Service External debt service payments increased by $5.8bn to reach $38.7bn during FY 2024/2025, compared with FY 2023/2024. This increase was largely due to a rise of about $6.5bn in principal repayments, which totalled $30.2bn, while interest payments declined modestly by around $0.7bn to $8.5bn. External Debt Indicators Key external debt indicators showed that the ratio of external debt stock to GDP rose to 44.2% in June 2025, compared with 38.8% a year earlier. Short-term external debt by original maturity accounted for 19.2% of total external debt, up from 17.0% in June 2024, while its ratio to net international reserves increased to 63.5% from 56.1%. Short-term external debt by residual maturity represented 33.8% of total external debt, slightly lower than the 34.5% recorded a year earlier, and its ratio to net international reserves declined to 112.0% from 113.8%. Meanwhile, the ratio of external debt stock to exports of goods and services improved to 223.0%, down from 243.4%. The annual debt service ratio rose to 53.6% from 52.4%, while the debt service ratio to current receipts declined to 34.5%, compared with 37.8% in June 2024.
