Egypt denies swapping Suez Canal for debt

The article addressed the Egyptian government's denial of circulating rumors that involve offering the Suez Canal as part of any deals to settle the country's debt. This comes after controversy was stirred by businessman Hassan Heikal's proposal to transfer ownership of some public assets, including the Suez Canal, to the Central Bank in exchange for debt settlement. The government reaffirmed that the Suez Canal is not designated for any barter or pledge transactions, and such actions violate its policies. It clarified that Egypt's external debt has reached approximately $165 billion, while domestic debt is close to $233.2 billion. It is noteworthy that Heikal previously proposed, under the name "The Great Swap," transferring state assets—including the Suez Canal—in exchange for debt settlement. However, this proposal faced widespread criticism from politicians and economic experts and was strongly rejected as economically unfeasible and because it threatens national security. The government emphasized that such ideas have been ruled out and that managing the debt requires more effective measures. It also issued warnings about the dangers of promoting such proposals, highlighting their potential impact on economic stability and national security.

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