The International Monetary Fund (IMF) has revised its forecast for Egyptian debt, lowering its forecast for the debt-to-GDP ratio for the years 2022 and 2023.
The fund raised its forecast for the size of the Egyptian economy’s GDP during 2022, from $435.6 billion to $469.1 billion. It also raised the expected growth rate from 5.9 percent to 6.6 percent for the current year.
The International Monetary Fund lowered its forecasts for the gross debt-to-GDP ratio from 94 percent and 89.6 percent for 2022 and 2023, respectively, to 89.2 percent and 85.6 percent, respectively. While the IMF expected an increase in the volume of Egypt’s external debt as a percentage of GDP, as it estimated that the volume of external debt during 2022 and 2023 would represent about 36.7 percent and 34.7 percent, respectively, up from previous expectations of 32.6 percent and 31.4 percent for the same period.
The fund’s 2023 expectations indicate a decline in the volume of debt in 2023 to 163.5 billion dollars, and this compares with its expectations issued in April with foreign debts on Egypt of 141.4 billion dollars next year.
Source (Al-Arabiya.net Website, Edited)
