ISMAILIA, Egypt – Finance Minister Mohamed Maait said Egypt’s debt is within safe limits by all standards.
Speaking at the inauguration ceremony of the Suez Canal Authority’s Olympic Village and new naval units, Maait reviewed the State public budget for the fiscal year 2013/2014, noting that the budget deficit reduced to 12.5% after receiving grants from Gulf countries.
The finance minister went on to say that the outbreak of the coronavirus pandemic, caused a rise in the public debt to GDP ratio to record 87.2% in the current fiscal year.
He noted that Egypt’s economy registered a growth rate of 6.6%, which in turn contributed to providing jobs and carrying out development projects across the nation.
The finance minister stated that the coronavirus pandemic and the rise in inflation rates across the world led to a hike in global energy and food prices.
Maait asserted that Egypt’s strong economic situation before the emergence of coronavirus, helped the State
absorb the shocks arising from this global health crisis.
The finance minister pointed out that Egypt’s debt-service ratio declined to 30% in June 30, 2022, affirming the State’s determination to lower this ratio in the coming period.
Discussion about this post