Debt
Those were put forward during the public discussions held within the economic axis.
The Ministry of Finance predicts a further positive surge in the primary surplus during FY2023/2024, estimating it to reach 2.5 percent of the GDP
EGP-denominated debt could become “Eurocleared” before the end of 2023, Finance Minister, Mohamed Maait, told local media yesterday
Egypt and Italy have signed exchange letters to extend the agreement of the debt swap program for developemt for a third phase, lasting until December 2024.
Minister Nevine al-Qabaj pointed out that the ministry's intervention is aimed at protecting the children of those women who would be left without care, if their mothers go to jail.
Maait elaborated that Egypt’s budget deficit recorded its highest rate during the period between 1980 to 1985, reaching 13.8 percent, before it started to decline to range from 4.4 percent to 6 percent.
Minister of Transport Kamel al-Wazir stated Monday that the ticket price of trains and metro will be raised by 25 percent by the end of August.
The IDSC added that the next year's budget targets LE 2 trillion in expenditures.
The minister presented some features of Egypt’s policies to face global economic crisis.
The government is working to extend the life of the debt to reach 3.6 years by the end of June 2023 instead of 3.5 years expected by the end of next June and about 1.3 years in June 2013.
The minister noted that the selection was restricted to those who got loans to pay for essentials.
“Over the past eight years, Egypt’s budget balance has significantly improved with the deficit narrowing from nearly 13 percent of GDP at the end of FY2012/13 to 7.4 percent by the start of FY21/22m” he noted.
Egypt 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.
Madbouly added, in a TV interview, that the debt ratio was 108 percent four years ago, then it decreased to 87 percent before the coronavirus crisis, to reach 91 percent currently.
“The value of the debt was LE 44 billion in 2018, including electricity, petroleum, solidarity and other parties. A settlement has been made with all parties, and only taxes remain,” Tawfik added.
Egypt’s President Abdel Fattah El-Sisi urged maintaining performance regarding the general budget indicators, leading to achieve an initial surplus of 1.5 percent.
This comes as Egypt enjoys the highest differential between nominal interest rates and inflation among more than 50 economies followed by Bloomberg, making Egyptian bonds and treasury bills among the preferred instruments among international investors hungry for yield.
Maait said in a statement that the debt-to-GDP ratio fell to 90.6 percent during the last fiscal year 2020-2021, compared to 108 percent during the 2016-2017 fiscal year.
The Media Center of the Cabinet released Saturday the figures.
The Egyptian Minister of Finance Mohamed Maait, confirmed Tuesday, that the reduction of debt is greatly reflected on citizens in improving their daily lives, increasing investments, creating job opportunities and improving the services provided to them at the level of the Republic.
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