Egypt aims to reduce debt ratio within 3 years

CAIRO - 17 January 2022: The Egyptian government aims to reduce the debt-to-GDP ratio over the next three years in coordination with international institutions, the Prime Minister Mostafa Madbouly said.

Madbouly added, in a TV interview, that the debt ratio was 108 percent four years ago, then it decreased to 87 percent before the coronavirus crisis, to reach 91 percent currently.

In July, Finance Minister Mohamed Maait said that Egypt was one of the best countries in reducing the debt-to-GDP ratio despite the Corona pandemic, which affected economic growth rates, revenues and expenditures and led many countries to increase debt rates.

Maait explained that the debt-to-GDP ratio fell to 90.6 percent during the last fiscal year 2020-2021, compared to 108 percent during the 2016-2017 fiscal year.