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In the five months leading up to the end of May, Egypt has successfully decreased its foreign debt by $14 billion, marking the most substantial reduction in the country's history.
A statement released on Monday by the press centre of Egypt revealed that the country's external debt had dropped from $168 billion at the end of December to $154 billion at the end of May.
This information was provided by an unnamed senior official at the central bank.
Over the past nine years, Egypt had increased its debt fourfold to finance various projects including the development of a new capital, infrastructure, and to maintain an overvalued currency.
