(MENAFN) Egypt was unveiled to have decided to shrink its public debt to 92 percent of the GDP in this fiscal year's budget.
The decision has been announced by Egyptian Finance Minister Mohamed Ma'it, as reported state-run Ahram newspaper.
The report confirmed "the government has enforced package of procedures to reduce the public debt to 92 percent of the GDP compared with 98 percent in the previous year."
The Egyptian minister also explained that the move aims to boost the public revenues of the state along with putting the spending of the government under control.
Ma'it added that the financial performance is expected to see a boost once the new laws on tariffs and taxes become effective.