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Egypt : foreign debt increases by $3.5 billion

Egypt’s foreign debt rose to $168.0 billion by the end of December, up from $164.5 billion in September and $162.9 billion in December 2022. The country has quadrupled its external debt since 2015 to finance various projects. The surge follows a chronic shortage of foreign currency due to the Ukraine crisis, prompting IMF support with an $8 billion package. Egypt agreed to trim spending on large projects as part of the deal.

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