The Egyptian government recently approved, at its weekly meeting chaired by Prime Minister Mostafa Madbouly on October 30, 2024, a draft government decision to restructure a committee responsible for managing the external debt file and regulating foreign loans. This initiative aims to strengthen the management and monitoring of the country’s external borrowing, a crucial issue for the national economy.
According to the draft decision, this committee, under the authority of the Prime Minister, will include the governor of the Central Bank of Egypt, as well as the ministers of International Cooperation, Finance and Investment, in addition to a representative of the intelligence services and the Administrative Control Authority.
The main mission entrusted to this committee is to manage the external debt file in an integrated manner, taking into account all the tools available. It will also be responsible for examining financing alternatives to cover the foreign exchange deficit, by determining the level of external borrowing required through various sources of financing, while respecting the maximum limits set for such borrowing.
This decision reflects the Egyptian government’s commitment to strengthening the country’s financial management and ensuring prudent use of external financial resources, with the aim of supporting economic development and preserving national financial stability. This reform is part of a proactive approach aimed at ensuring transparent and effective management of external debt, which remains a strategic issue for Egypt in a complex international economic context.