Public Debt
Kouchouk emphasized that Egypt’s immediate goal is to reduce the country’s debt-to-GDP ratio to 85 percent by the end of the current fiscal year during an economic conference on Monday
The debt stood at LE 12.52 trillion at the end of June, down from LE 12.78 trillion recorded in March 2024.
El-Sisi also directed to continue and enhance efforts to alleviate burdens on citizens.
The National Dialogue will discuss next week top priority issues, including means to face price hike to alleviate its burden on citizens.
A number of participants at the Egyptian National Dialogue have suggested drafting a legislation to put a ceiling on public debt amid the global economic crisis and increased debt burden.
The Minister of Finance added that the ratio of public debt is expected to decline to 86.2% of GDP in June 2020, compared to 90.4% of GDP in June 2019, 108% of GDP in June 2017 and 95.1% in June 2014.
In 2016/2017, the domestic debt reached its highest rates, recording 94.5 percent of the GDP.
Domestic public debt represented 79 percent of gross domestic product (GDP) by the end of March, compared to 77.1 percent by the end of 2018.
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.
Sisi urged carrying out reforms in order to enhance confidence in the Egyptian economy.
The plan also aims at reducing the rate of total budget deficit to about 7 percent of GDP in the fiscal year 2019/2020.
the state’s fuel subsidies hit LE 30.17 billion during July to December 2018, compared to LE 26.65 billion during the same period of the prior year.
The Ministry of Finance, prepared an integrated strategy to reduce the government debt in the medium term, according to Minister Mohamed Ma’it.
The minister added that the government aims to achieve a primary surplus of 2 percent, and a total deficit of 8.4 percent of GDP by the end of the fiscal year.
Jordan's parliament approved a new IMF-backed tax law on Sunday after introducing some changes in a move to push ahead with crucial fiscal reforms.
Prime Minister Mostafa Madbouli led on Friday a ministerial economic committee meeting to discuss Egypt's public debt
This came during the “Inclusive Growth and Job Creation Conference” organized by IMF, in cooperation with the government and the Central Bank of Egypt.
The minister added that they target to achieve a taxation of LE 611 billion in the upcoming budget.
The Central Bank’s unpredicted decision will increase the public debt interest by LE 40 billion, said Parliamentarian Mohammed Desouki on Wednesday.
Egypt’s public debt has risen since the government expands in issuing bonds and treasury bills in addition to getting loans to fund a large part of the budget.
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