Egypt’s Deputy Finance Minister Ahmed Kojak revealed that the debt-to-GDP ratio for budgetary entities has dropped by more than 11 percent over two years, noting: “We aim to reduce the debt ratio to below 80 percent by next June.”
He explained that “Egypt has witnessed a positive move in debt management through an integrated strategy supported by all state institutions,” adding: “We continue to direct any exceptional revenues directly toward reducing the size and ratio of government debt to GDP.”
He confirmed that “Egypt’s economic growth is accelerating in the first quarter of the current fiscal year, exceeding 5.3 percent. A primary surplus of 3.6 percent of GDP was achieved last year, and we aim for 4 percent this year.”
