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المصري اليوم
Another debt experience
The article discusses Egypt's experience in settling its debts with the Soviet Union, which was successfully completed in 1978. At that time, the debts had reached approximately 1.5 to 1.8 billion dollars, under favorable interest rates and long grace periods. The article notes that Egypt had depended on loans from Moscow since 1958, primarily to finance the construction of the High Dam and armament during the 1967 war, leading to accumulated debt due to those loans. After Egypt shifted its orientation toward the West following the October 1973 War, it negotiated to settle its debts with the Soviets and successfully repaid them in full. The piece highlights that this experience was a successful one and contains valuable lessons, even though it has not received enough attention. The article emphasizes the importance of studying this experience to avoid repeating mistakes related to old debts and considers it a model of successful handling of external debts through improved national and financial approaches.
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