Egypt’s external debt jumped to $129.2bn in 2020, compared to $112.6bn in 2019, an increase of 14.7%, according to the Central Bank of Egypt (CBE).
The country’s external debt recorded $125.3bn in September 2020.
In its report on the external situation of the Egyptian economy, the CBE clarified that the share of short-term debt decreased to 9.2% of the total external debt in 2020, compared to 10% in 2019.
Long-term external debt recorded about $117.2bn in December 2020, up from about $113bn in September 2020, an increase of $4.2bn.
In contrast, short-term foreign debt decreased to about $12bn in December 2020, compared to about $12.3bn in September 2020, down by about $365.1m.
The CBE indicated that most of the increase in external debt was driven by the increase in loans on the government to reach $77.2bn in 2020. This compared to the $73.1bn recorded in September 2020, and $61.4bn in 2019.
Meanwhile, the CBE’s external debt declined to $26bn by the end of 2020, compared to $27.85bn by the end of 2019, but it increased marginally compared to September, when it recorded $25.93bn.
In the same context, the CBE announced an extension of the maturity of $2bn in Kuwaiti deposits, which were to be paid during the second half of 2020, to September 2021.
Total Kuwaiti deposits outstanding until July 2020 reached about $4.09bn, including interest, of which $2bn was due for payment during the first half (H1) of 2021, with $2bn due in September 2021.
The CBE also revealed that Saudi Arabia has extended a $3bn deposit to mature in July 2021, instead of July 2020.
Saudi deposits with the CBE amount to $7.85bn. Egypt must pay $2.36m in H2 of 2020 according to the payment schedule, in addition to $1.65bn in H1 and $3.15bn in H2 of 2021, and $681m in H1 of 2022.