Egypt's Sisi orders government to decrease debt-to-GDP ratio in coming period

Egypt's Sisi orders government to decrease debt-to-GDP ratio in coming period Tue, Jul. 5, 2022
CAIRO – 5 July 2022: In a meeting with the Ministerial Economic Group on Monday, President Abdel Fattah El Sisi directed to reduce the debt-to-GDP ratio in the coming period in comparison to the current one, said Presidential Spokesperson Bassam Rady in a statement.

The Ministerial Economic Group includes Prime Minister Dr. Moustafa Madbouly, , Governor of the Central Bank of Egypt Mr.Tarek Amer, Minister of Planning and Economic Development Dr. Hala Elsaid, Minister of International Cooperation Dr. Rania Al-Mashat, Minister of Finance Mohamed Maait, Minister of Public Business Sector Hisham Tawfiq, Minister of Trade and Industry Ms. Nevin Gamea and Chief of the General Intelligence Major General AbbasKamel.

The Spokesman for the Presidency stated that the meeting followed-up on the state's financial performance indicators during the fiscal year 2021/2022, Rady said.

Revenue growth rate reached about 20% and the expenditure growth rate reached about 15%, in addition an initial surplus worth about 97 billion Egyptian pounds was achieved, 1.3% of the GDP, Rady said.

The state general budget therefore achieved a primary surplus for the fourth consecutive year, in addition to reducing the total deficit to 6.1% from 6.8% in the fiscal year 2020/2021, as well as reducing the value of the debt service bill to 32.8% from 35.8 % of the state's general budget in the year 2020/2021, he added.

The President followed up on the Ministry of Finance’s plan to reduce the public debt of the state’s general budget agencies in the coming period.

This is in addition to rationalizing government expenditure and maintaining a disciplined public financial performance, while focusing in the coming period on supporting and enhancing social protection programs and continuing investments to maximize production and provide jobs, as well as continuing spending on health and education programs, Rady said.