Egypt to reduce gov't debt to GDP ratio to 77.5 percent
Date
8/18/2019 5:34:52 AM
(MENAFN) Egypt decided to make cuts in its government debt to GDP ratio, pushing it to stand at 77.5 percent by the end of June 2022.
Dedicating such a target in the Finance Ministry's 2019-20 budget is a way of tackling the growing Egyptian debt service.
In a statement, the Egyptian Finance Ministry confirmed that the government is in efforts to reach 6 percent as a minimum average GDP growth.
The government is also looking to stand at 2 percent in the sustainable primary annual surplus until the 2021-22 fiscal year, the ministry affirmed.
The ministry also expected to witness during the 2021-22 fiscal year a decrease in the government debt-to-GDP ratio to reach a figure that is less than the one registered in 2011.
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