In recent days, rumors have spread of Egypt’s bankruptcy, due to a lack of foreign exchange sources that the country relies on to pay off its debts
Common
Egypt is exposed to bankruptcy due to the large volume of debt
the truth
The Cabinet confirmed:
1. Egypt is busy paying its foreign debts
2. There are many economic indicators that enhance Egypt’s ability to repay its debts.
3. Many foreign exchange sources mainly improved during the 2021/2022 fiscal year:
• The growth rate of exports increased by 53.1% to a record $43.9 billion.
• Tourism revenues increased 121.1 percent to $10.7 billion.
• The significant increase in the revenues of the Suez Canal, which amounted to 7 billion dollars.
• Foreign direct investment flows increased to $9 billion.
Bloomberg expects Egypt to benefit from support from exchange rate liberalization policy to attract more foreign currency flows.
Be aware of Egypt’s failure
