The Egyptian Finance Minister, Mohamed Maait, indicated that "Egypt aims to reduce the debt-to-GDP ratio from 90 percent by the end of the current fiscal year, to reach 85 percent by 2025. We also aim to achieve a primary surplus of 1.3 percent and reduce the deficit budget to 6.2 percent.
Minister Maait explained that “Egypt achieved a strong growth of 9 percent in the first half of the year and is targeting 5.7 percent by the end of June.” Noting that “the economic situation that we have worked to fix during the past period has made us more able to flexibly deal with internal and external crises, and absorb the largest possible amount of the current severe and severe global shocks that the world is going through; this will help improve financial and economic indicators, and create an attractive environment for investment, which contributes to stimulating the private sector to expand its activities and participation in the development process.”
He said: "We are keen to continue the development processes that the various sectors of the ministry are witnessing to modernize the state's public financial management systems, and to enhance the governance of the expenditure and revenue system, in a way that contributes to raising the efficiency of tax collection, expanding the tax base, improving public spending and maximizing the use of state resources."
Source (Al-Sharq al-Awsat Newspaper, Edited)
