PM holds 1st External Debt Management, Borrowing Regulation Committee’s meeting

CAIRO – 17 November 2024: Prime Minister, Mostafa Madbouly, confirmed that the External Debt Management and Borrowing Regulation Committee remains committed to achieving the government’s objective of a sustainable decline in external debt.

Chairing the committee’s inaugural meeting in its restructured form, Madbouly was joined by Central Bank Governor Hassan Abdalla, Minister of Planning and International Cooperation Rania Al-Mashat, Minister of Finance Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan El-Khatib.

He reaffirmed the committee’s dedication to continuing the downward trend in external debt after successfully reducing debt-to-GDP levels in the last fiscal year.

Minister Al-Mashat outlined the committee’s role in overseeing external debt comprehensively and setting an annual ceiling on foreign borrowing based on financial sustainability benchmarks.

She also emphasized the government’s strategy to simultaneously lower debt levels relative to GDP while channeling new investments to drive economic growth.

The meeting reviewed the government’s ongoing efforts to maintain the steady reduction of external debt and ensure the alignment of borrowing with Egypt’s broader economic goals.