CAIRO — Over the past few weeks, Egypt's foreign debt reached record numbers, after obtaining loans worth about $7.9 billion from the International Monetary Fund (IMF) under two different agreements, in addition to selling $5 billion worth of Egyptian bonds abroad.
According to the latest World Bank report on Egyptian foreign debt released in May, Egypt accumulated debts amounting to about $112 billion in 2019, an increase of 16% compared to 2018. This figure does not, however, include new debts incurred by Egypt during 2020 as the annual report only covered 2019.