Egypt Cuts Its Debt to GDP Ratio 93 Percent by the End of June

Published June 10th, 2019 - 11:30 GMT
The government aims to achieve economic growth of 6% and reduce economic deficit to 7.2% in FY19/20.
The government aims to achieve economic growth of 6% and reduce economic deficit to 7.2% in FY19/20. (Shutterstock)
Highlights
The North African nation’s debt-to-GDP ratio is expected to decrease to below 80% by the end of fiscal year 2020/2021

Egypt slashed its debt to gross domestic product (GDP) ratio to less than 93% by the end of June, compared to 108% in the same month in 2017, the country’s minister of finance said in a statement on Sunday. 


The North African nation’s debt-to-GDP ratio is expected to decrease to below 80% by the end of fiscal year 2020/2021, Mohamed Maait added on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting held in Fukuoka, Japan.

The government aims to achieve economic growth of 6% and reduce economic deficit to 7.2% in FY19/20.

In addition, Egypt achieved an initial surplus of 2% of GDP and plans to cut deficit to 8.4% of GDP and reduce the unemployment rate to 9.6%.

Meanwhile, Egypt’s foreign-currency reserves grew to $45 billion, while the country’s GDP rose by 5.6%. 


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