Italian Agency highlights Egypt’s target to reduce public debt to 77.5%

CAIRO – 18 August 2019: The Italian agency NOVA highlighted the Egyptian government's target to reduce the debt rate of gross domestic product (GDP) to 77.5 percent in 2022.

The Agency referred to the Egyptian Ministry of Finance’s announcement about the continuation of work to achieve this goal, which is one of the strategic objectives of the economic reform program and achieving the goals of sustainable development in its various economic pillars.

According to the Agency, the fiscal year 2021/2022 will witness a decline in the public debt ratio of GDP to less than before 2011.

It noted on its website that the government succeeded in reducing the debt ratio of GDP from 108 percent at the end of June 2017, to 98 percent at the end of June 2018.

Nova also expected that the Egyptian government debt will reach 82.5 percent at the end of June 2020 and to record 77.5 percent at the end of June 2022.

In July, Egypt's President Abdel Fatah al-Sisi called on officials to continue working on reducing the public debt and budget deficit, by completing the implementation of the institutional and legislative reforms as well as financial and monetary reforms.