Egypt's domestic debt hit its lowest in 10 years: cabinet

CAIRO - 23 February 2020: The cabinet's media center said Egypt's domestic debt went down to its lowest rate in 10 years thanks to the successful economic reforms the government carried out over the past years.

According to the infograph released by the center, Egypt's domestic debt represented 66.7 percent of the county's Gross Domestic Product from 2019 to the first quarter of 2020, according to state news agency, MENA.

In 2016/2017, the domestic debt reached its highest rates, recording 94.5 percent of the GDP.

It began to go down with the application of economic reforms to hit 82.2 percent in 2017/2018 and 71.9 percent in 2018/2019.

Among the fruits of the economic reforms, the GDP rose to LE 5.2 trillion pounds in 2018/2019 from LE 4.3 trillion in 2017/2018 and the budget deficit dropped from 9.7 percent in 2017/2018 to 8.2 percent in 2018/2019.