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Egypt Excludes Suez Canal from Government Debt Plans
(MENAFN) Egypt’s government rejects suggestions that the Suez Canal or other state-owned assets could be used to address government debt, stressing that the strategic waterway is not included in any debt-settlement plans.
The Cabinet issues the clarification after a proposal circulates calling for certain state assets to be transferred to the Central Bank of Egypt in return for reducing part of the government’s domestic debt.
Officials describe the proposal as a “purely personal view” rather than an official government position and make clear that the idea is “unacceptable and will not happen.”
The government specifically rules out any possibility of exchanging, pledging or transferring ownership of the Suez Canal to settle debt.
It emphasizes that the canal is closely connected to Egypt’s national security and sovereignty, while also serving as a major source of economic activity for the country and an important route for international trade.
The Cabinet also rejects the broader proposal to move state assets to the Central Bank, arguing that transferring assets and liabilities between government institutions would not actually lower Egypt’s overall debt burden.
Instead, authorities say public debt needs to be managed by addressing its composition, financing and servicing costs, domestic liquidity conditions, and its wider effects on fiscal and monetary policies.
The Cabinet issues the clarification after a proposal circulates calling for certain state assets to be transferred to the Central Bank of Egypt in return for reducing part of the government’s domestic debt.
Officials describe the proposal as a “purely personal view” rather than an official government position and make clear that the idea is “unacceptable and will not happen.”
The government specifically rules out any possibility of exchanging, pledging or transferring ownership of the Suez Canal to settle debt.
It emphasizes that the canal is closely connected to Egypt’s national security and sovereignty, while also serving as a major source of economic activity for the country and an important route for international trade.
The Cabinet also rejects the broader proposal to move state assets to the Central Bank, arguing that transferring assets and liabilities between government institutions would not actually lower Egypt’s overall debt burden.
Instead, authorities say public debt needs to be managed by addressing its composition, financing and servicing costs, domestic liquidity conditions, and its wider effects on fiscal and monetary policies.
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