Egypt’s external debt interest payments hit a record $9.47 billion in 2023 after six-fold rise since 2016

Key Takeaways

  • From 1970 through the early 2000s, Egypt’s debt interest payments hovered mostly under $1.5 billion, with fluctuations tied to global oil shocks and debt rescheduling.
  • Payments remained relatively moderate, ranging between $0.7–$1.0 billion annually.
  • Following Egypt’s 2016 IMF programme and rising external borrowing, payments jumped dramatically, climbing from $1.53 billion in 2016 to $6.13 billion in 2022.
  • Interest payments hit an all-time high of $9.47 billion in 2023, underscoring the heavy burden of Egypt’s rapid debt accumulation and exposure to global financing costs.

Egypt’s external debt interest payments reveal a dramatic shift in recent years. For decades, from 1970 through 2015, the country managed a relatively stable debt service profile, with annual payments generally under $1.5 billion. This stability reflected periods of debt rescheduling and careful borrowing, though spikes were visible during global financial stress.

However, the landscape changed sharply after 2016, when Egypt entered an IMF-supported programme, liberalised its currency, and turned heavily to external borrowing to support its economy. As a result, annual interest payments soared more than six-fold within just seven years, climbing from $1.53 billion in 2016 to $9.47 billion in 2023.

Source:

World Bank IDS

Period:

1970 - 2023
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