Egypt’s debt-to-GDP ratio to reach 97% in FY22/23: Finance Minister

CAIRO - 1 August 2023: Minister of Finance Mohamed Maait said that the performance of the Egyptian economy is balanced, in light of the unprecedented global challenges.

The finance minister stated that Egypt's government debt-to-GDP ratio is expected to reach 97 percent in Fiscal Year (FY) 2022/2023. Maait also indicated that Egypt achieved positive growth rates over the course of 7 years, reaching 6.6 percent of the gross domestic product in FY21/22, and is expected to reach 4.1 percent in FY22/23.

Maait stated that Egypt, over three years, achieved a primary budget surplus recording 1.3 percent at the end of FY22/23, after more than 20 years of incurring primary deficits ranging from 3 to 5 percent.

“In the current fiscal year’s budget, we were keen to mitigate the inflationary effects on citizens, by expanding the social protection network as much as possible, as allocations for support and social protection amounted to LE 529.7 billion, with an increase of about 48.8% over the last fiscal year. This  contributes to improving the standard of living of citizens and improving the services provided to them,” the finance minister said.

"The total deficit hit 6.2 percent during FY22/23, up from 6.1 percent in the previous year," Maait said, noting that the increasing inflation rates and interests combined with the change in the dollar exchange rate contributed to such an increase in the deficit.

This came during the 4th edition of the "Egyptians Abroad" conference, which was kicked off on Monday, July 31. Minister of Immigration Suha El-Gendy said that the Egyptians Abroad conference, in its fourth edition, will discuss a number of main axes; the economic axis, the political and educational axis, the social and service axis.

In his virtual remarks at the conference, Prime Minister Mostafa Madbouly asserted the Egyptian State with its different bodies and institutions is sparing no effort to support the Egyptians living abroad and solve any problems they are facing abroad or at home.

The Prime Minister also added that efforts are focused on helping the Egyptian expats get acquainted with development efforts and achievements made by the Egyptian State to build the New Republic.