Skip to content Skip to Search
Skip navigation

Egypt to restructure debt in 2024, says Morgan Stanley

Egypt has sufficient reserves to meet the upcoming external debt obligations in 2024, said Morgan Stanley Reuters/Amr Abdallah Dalsh
Egypt has sufficient reserves to meet the upcoming external debt obligations in 2024, said Morgan Stanley

Egypt is expected to begin a debt restructuring plan next year, because of rising borrowing costs, Morgan Stanley said in a research note.

The country has sufficient reserves to meet its upcoming external debt obligations in 2024, with any potential restructuring efforts expected to be “proactive”, Egypt Today newspaper reported, citing the US investment bank.

Authorities will take a pre-emptive approach to address the issue after the country’s presidential elections, the results of which are due on Monday, as the interest expense relative to revenue is projected to remain high and will rise until 2025.

Egypt has to pay $29.23 billion in external debt in 2024, followed by $19.43 billion in 2025 and $22.94 billion in 2026, according to data released by the Central Bank of Egypt.

The country’s net international reserves rose $72 million to $35.17 billion, the central bank said last month.

The International Monetary Fund (IMF) has indicated that it may expand Egypt’s existing $3 billion loan programme.

The IMF’s communications director, Julie Kozack, has confirmed ongoing discussions. She stressed the need for additional funds because of the continuing conflict in Gaza.

Latest articles

Groupshot, Person, People

Aramco invests $6bn to bolster local supply chain

Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation, and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […]

Sabic said better conditions in its agriculture and automotive businesses are supporting its margins

Sabic reports loss of $747m as product prices tumble

Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […]

Masdar starts work on two UK battery storage projects

Masdar Arlington Energy, a subsidiary of UAE’s Masdar, has started construction on two battery energy storage system (BESS) projects in the UK. The Royle Barn Road plant in Rochdale and Welkin Road plant in Stockport will have a combined capacity of 55 MW and provide enough energy to power 25,700 homes.  Masdar acquired UK-based Arlington Energy in […]

An employee at Aramco's Fadhili gas plant. The upgraded master gas system is intended to meet Saudi Arabia's growing domestic demand

Aramco embarks on $10bn expansion of gas network

Saudi Arabia’s master gas system, one of the world’s largest hydrocarbon networks, is getting a $10 billion upgrade as the kingdom bolsters its energy infrastructure to support growing domestic gas demand. State oil and gas company Saudi Aramco has selected contractors for engineering, procurement and construction works on 16 of 17 programme packages. The project […]