Dr. Mohamed Maait, Egyptian Minister of Finance, pointed out that "Egypt is implementing an economic reform program that includes reforming financial and tax policies." He pointed out that "through this reform policy, Egypt succeeded in reducing total deficit rates to about 9.8% of GDP until June 30 and is aiming to reduce it further to 8.4% during the current fiscal year.”
The Minister delivered his speech upon a meeting with a delegation from the Egyptian Taxation Association, and stated, “the size of Government's borrowings over the previous seven years has reached 2.5 trillion pounds, as debt has been putting pressure on the country’s Budget, and now we have reached the stage of payment." He added, “those rates of debt, if left unmanaged, will carry the future generations with great burdens", re-emphasizing the “Importance of reducing the deficit and debt rates appropriately.”
Source (e-economy website, Edited)
