Saturday, 25 May 2019 07:00 GMT
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Egypt to cut public debt, budget deficit




(MENAFN) Egyptian Minister of Finance Mohamed Maait revealed the country to be considering a decision to cut public debt over the next three years to hit 80 percent of the GDP.

Another move Egypt is mulling over, the finance minister unveiled, is witnessing a decline on total budget deficit rate to stand at 7 percent of the GDP by next year.

It comes as the finance ministry was able to lessen the debt ration to local product and help it stand at 97 percent of GDP last year, compared to 108 percent of GDP in 2017.

Maait added "the new plan also benefits from the government's success in raising the economic growth rate to 5.5 percent in the fourth quarter of last fiscal year, and aims to increase it to 5.8 percent this year, while achieving economic stability that ensures continued progress."

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Egypt to cut public debt, budget deficit

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