What is Egypt external debt?

External debt declined to $137.4 billion during that period, down from $137.8 billion in the previous quarter. The trade balance deficit declined by 22 percent during September 2021, compared to the same month last year, reaching $2.39 billion, down from $3 billion.

How much debt does Egypt owe?

Egypt’s external debt increased by about $14.4bn to $137.9bn in June 2021, compared to $123.5bn in June 2020.

Which country has the highest external debt?

List

Rank Country/Region External debt US dollars
1 United States 3×1013
2 United Kingdom 9.019×1012
3 France 7.3239×1012
4 Germany 5.7358032×1012

What is the national debt of Egypt for 2020 and 2021?

Egypt: National debt from 2016 to 2026 in relation to gross domestic product (GDP)

Characteristic National debt in relation to GDP
2022* 89.49%
2021* 91.36%
2020 89.84%
2019 84.21%

What is external debt of country?

External debt is the portion of a country’s debt that is borrowed from foreign lenders, including commercial banks, governments, or international financial institutions. These loans, including interest, must usually be paid in the currency in which the loan was made.

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Why is Egypt in debt?

Key to Egypt’s position is the foreign investment that’s piled into the debt market since a 2016 currency devaluation. Overseas holdings in local bonds and bills tumbled in early 2020 due to the pandemic, before rebounding to reach about $33 billion in August.

Is Egypt a developed country?

But despite the size and growth of its economy, many characteristics of a developing country still apply to Egypt. … Egypt’s GDP ranks quite high, but its GDP per capita is below the world average, and using the World Bank’s categories, Egypt is a “lower middle income” country [6].

Is there a country with no debt?

Not always. There is only one “debt-free” country as per the IMF database. For many countries, the unusually low national debt could be due to failing to report actual figures to the IMF.

Is external debt good?

Excessive levels of foreign debt can hamper countries’ ability to invest in their economic future—whether it be via infrastructure, education, or health care—as their limited revenue goes to servicing their loans. This thwarts long-term economic growth.

Which country has lowest external debt?

In 2020, Russia’s estimated level of national debt reached about 19.28 percent of the GDP, ranking 14th of the countries with the lowest national debt.

The 20 countries with the lowest national debt in 2020 in relation to gross domestic product (GDP)

Characteristic National debt in relation to GDP
Tuvalu 7.29%

How much money does Egypt owe to China?

In addition, $6.5bn of the total debt was owed to China. The structure of Egypt’s external debt by debtor revealed the government was still the main debtor, with a share of 52.7% of external debt in FY 2018/19, up $9.6bn compared to FY 2017/18, reaching $57.3bn.

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What is Ethiopia’s debt?

In 2020, the national debt of Ethiopia amounted to around 42.79 billion U.S. dollars.

How much money does Egypt have?

$438.3 billion (nominal, 2022 est.) $1.493 trillion (PPP, 2022 est.)

What causes external debt?

The major factors include the rapid growth of public expenditure, particularly that on capital projects, borrowing from the international community at non-concessional interest rates, decline in oil earnings from the late 1970s and the dependence on imports, which contributed to the emergence of trade arrears.

Why is external debt a problem?

One of the main problems with external debt is how it directly damages capital inflow. … Many creditors are unwilling to loan funds if they know that a large portion of their investment will simply flow back to the investing country through capital flight.

How is external debt paid?

External debt has to be paid back in the currency in which it is borrowed. Description: External debt can be obtained from foreign commercial banks, international financial institutions like IMF, World Bank, ADB etc and from the government of foreign nations.