FILE PHOTO: Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019. REUTERS/Amr Abdallah Dalsh/File Photo
CAIRO - 1 February 2022: Egypt succeeded in extending the life of the debt from less than 1.3 years in June 2013 to 3.3 years in June 2021, the Egyptian Minister of Finance, Mohamed Maait, said Tuesday.
In the semi-annual report on performance and the budget for the current fiscal year, the Egyptian minister stated that his country is targeting 3.7 years in next June, pointing out that it targets to reduce the debt rate to GDP in June 2022 to less than 90 percent, and less than 85 percent during the next three years, down from 108 percent in June 2017.
He pointed out that this is done by maintaining financial sustainability, improving the effectiveness and efficiency of expenditures and revenues, supporting job-rich growth opportunities, and diversifying sources of funding for investment and development projects included in the economic plan of the state's general budget, between dollar and green bonds, eurobonds and sovereign sukuks.