Egypt announces payment of $38.7 billion of its debts

Baghdad-INA

Egyptian Prime Minister Mostafa Madbouly announced today, Wednesday, that the Egyptian government will pay $38.7 billion of its debts in 2024. 

Madbouly said in a statement reported by the media that "his country paid about $7 billion of its debts during the months of last November and this December, bringing the total amount paid during 2024 to $38.7 billion."

Madbouly explained that "the Egyptian state is committed to paying its obligations and that it has never failed to pay those dues," noting that "the amount due during the coming year will be less than what was paid this year."

He explained during his chairmanship of the weekly meeting of the Egyptian government on Wednesday at the new government headquarters in the New Administrative Capital, that "paying these amounts represented a major challenge for the state."

The Prime Minister stressed, "the continuation of the efforts of the relevant state agencies and bodies regarding the governance and control of investment spending items, in a way that contributes to providing a greater opportunity for private sector institutions to increase their participation rates in many economic activities, in addition to the contribution of these measures to controlling the financial performance of the state's general budget."