Friday, 20 September 2019 07:05 GMT
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Egypt to reduce gov't debt to GDP ratio to 77.5 percent




(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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Egypt to reduce gov't debt to GDP ratio to 77.5 percent

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