Egypt’s debt to GDP to reach 80% in 4yrs

Big 5

The Egyptian government is planning to reduce the ratio of public debt to the gross domestic product (GDP) to the level of 80 percent within 2022.

The ministry of finance also plans to maintain deficit at five percent until financial year 2021/2022, deputy Finance Minister Ahmed Kojak said in a statement on Thursday.

The International Monetary Fund (IMF) recently praised on Wednesday the progress of economic reforms in Egypt after the fourth review for extended fund facility, citing policies that led to high GDP growth, as well as lowered unemployment and government debt levels.

The IMF and the Egyptian government have reached an agreement on the fourth review of Egypt’s economic reform program, which is supported by the IMF’s $12 billion loan.