ALEXANDRIA - 30 August 2020: Minister of Finance Mohamed Maait said Saturday that Egypt’s GDP is expected to jump 6.5 percent after the coronavirus crisis comes to an end according to estimates of international agencies.
Addressing the inauguration ceremony of a set of national projects in Alexandria, Maait said Egypt was the sole country in Africa and the Middle East which was capable of maintaining its stable-outlook international rating according to Fitch, Moody’s, and Standard and Poor’s.
The debt-to-GDP ratio was estimated at 108 percent on June 30, 2017, Maait said, adding that the government’s plan has targeted lowering the debt to the internationally-recognized safe limits, i.e. under 80 percent of GDP.
The government had targeted reducing the public debt to 79 percent by June 30, 2021, the minister said, adding that the coronavirus outbreak had badly affected some vital sectors, topped by tourism, which caused the public debt to hit 87 percent in June.