EGYPT AIMS TO REDUCE PUBLIC DEBT TO 70 PERCENT OF GDP IN FOUR YEARS: MINISTER

CAIRO, Egypt- Egypt aims to reduce public debt to 70 percent of the GDP, in four years, Finance Minister, Mohamed Maait, said, Wednesday.

Maait’s remarks came, during his meeting with members of the French Chamber of Commerce and Industry, in Egypt, where he pledged that the Egyptian government will not increase taxes or impose new ones, according to a statement from the Egyptian Ministry of Finance.

The finance minister said in Aug that, the government aims to reduce its public debt to 92 percent of GDP, in the budget of the current fiscal year, 2018-2019. Egypt’s government debt totalled 108 percent of the GDP, in the fiscal year 2016-2017, according to a statement from former Finance Minister, Amr el-Garhy, in May, where he said, the government aims to reduce it to 80 percent of GDP by 2020.

Earlier in Sept, Egyptian Prime Minister, Mostafa Madbouly, said, the country’s foreign debt rose 17.2 percent, to 92.64 billion U.S. dollars by the end of Jun, compared with 79.02 billion dollars last year.

Egypt is implementing an economic reform programme, which started with the flotation of local currency, in late 2016, to deal with the dollar shortage, reduce budget deficit and boost the economy, which has been in recession after years of political instability.

The Egyptian reform programme is being supported by a 12-billion-dollar loan, from the International Monetary Fund, two-thirds of which has been delivered, to the most populous Arab state.

Source: NAM NEWS NETWORK