Egyptian Finance Minister Ahmed Kouchouk confirmed during the latest parliamentary session that the government succeeded in reducing external debt this year by $3 billion compared to the previous year.

The Egyptian government reduces external debt by billions of dollars and signs a new loan with the European Union to support development.

  Sun , December 15 2024 / 05:24 PM Updated At: 2025-10-02 15:56:33

وزير المالية المصري أحمد كجوك خلال جلسة مجلس النواب

Egypt's Finance Minister, Ahmed Kouchouk, confirmed during the latest parliamentary session that the government successfully reduced the country's external debt by $3 billion compared to the previous year. He explained that this decline reflects the government’s balanced borrowing and repayment strategy, where repayments exceed new borrowing—contributing to a gradual reduction in external debt.

During the session, Presidential Decree No. 573 of 2024 was discussed, approving a loan facilitation agreement worth 1 billion euros between the Government of the Arab Republic of Egypt and the European Union. The Minister noted that this financing is part of a comprehensive financial package, including grants and concessional loans, intended for both the public budget and the private sector. He emphasized that the package aims to support essential economic reforms aligned with the Sustainable Development Strategy and Egypt’s Vision 2030.

This agreement is seen as an important step in strengthening economic cooperation between Egypt and the European Union, contributing to economic and social development and ensuring long-term financial stability.

 

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