The Egyptian government has announced the implementation of a strategy to reduce the public debt to 80% of GDP by 2022.
"The main features of the new fiscal year budget are deficit reduction, human development and growth of more than 6 percent," said Dr. Mohamed Maait, the Egyptian Finance Minister. Adding "we are targeting 6.1 percent growth and deficit reduction from 17 percent to 7 percent.
Maait pointed out that "the Egyptian government intends to expand spending on health and education in the budget next year," explaining that "the total deficit is close to 17 percent and we are targeting a deficit of 7 percent, which is a major achievement, because reducing the deficit is very important to improve the services, pensions and wages, and it is a budget that will focus on the human development, and then we will enter the infrastructure field."
"Achieving growth rates of more than 6 percent was a big dream," he said. "Citizens will feel better by providing jobs and supporting the purchasing power of the pound, and the we will direct our efforts to support the real economy, such as agriculture and industry."
Source: (Al-Arabiya.net, Edited)
