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.
The recommendations of the forum’s second edition were displayed Friday.
In Aswan Forum for Sustainable Peace and Development, Mohieldin warned that 50-60 million Africans are at risk of getting pushed into poverty.
Maait said in a statement Thursday that debt life expectancy is targeted to reach 3.8 years by the end of June 2021.
The official highlighted that debt swap is an effective measure to reduce the debt burden.
Egypt managed to repay $35 billion in debt despite the economic repercussion of the coronavirus crisis, and provided 5 million jobs over the past five years, said governor of the Central Bank of Egypt (CBE).
The duration can be prolonged, if needed.
Kouchouk said Egypt is also working on reducing its debts and budget deficit.
All the dues are being paid back on time, Abulnaga added, noting that the Egyptian economy has become capable of yielding resources that can secure foreign currency.
The estimated value of government debts that should be settled with exporters is LE 2 billion.
The Treasury Authority owes the National Social Insurance Authority LE 642 billion.
Public debts amounts to 11 percent of the Gross Domestic Product.
Pharos Holding expected Egypt to achieve a pickup in economic activity over the next five years.
The UAE-based Dana Gas (DANA) announced the receipt of $20 million from the Egyptian government as a part of the company’s receivables.
Egypt raised 2 billion euro in bonds in April, its first issue in the single currency, and is planning to sell more euro-denominated debt next year.
In preparation for this step, the government is taking measures to guarantee that Egypt’s debt is suitable for inclusion over the next year.