PM chairs first meeting of Egypt’s new debt oversight committee

Egypt’s Prime Minister, Moustafa Madbouly chaired on Sunday the inaugural meeting of the External Debt Oversight and Borrowing Regulation Committee. The committee, comprised of senior government officials and experts, will play a crucial role in managing the country’s external debt and ensuring financial stability.

The meeting took place in the presence of Hassan Abdalla, Governor of the Central Bank of Egypt (CBE); Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation; Ahmed Kouchouk, Minister of Finance; Hassan El-Khatib, Minister of Investment and Foreign Trade; and high-ranking representatives from various ministries and agencies.

In his opening remarks, Prime Minister Madbouly emphasised the committee’s critical role in supporting the government’s ongoing efforts to manage Egypt’s external debt. He reaffirmed the committee’s dedication to achieving a downward trend in external debt, citing last fiscal year’s achievement of reducing the debt-to-GDP ratio as a significant success.

For her part, Minister Al-Mashat underscored the committee’s mandate to manage Egypt’s external debt comprehensively, including setting annual borrowing limits based on financial sustainability standards. She reiterated the government’s dual focus on reducing debt levels while encouraging new investments to bolster economic growth and development.

The meeting also reviewed the government’s current efforts to ensure a sustainable reduction in external debt, highlighting ongoing strategies and measures aimed at supporting financial stability. The committee’s focus remains on ensuring that Egypt’s borrowing and debt management align with the broader national objectives of fiscal discipline and sustainable economic growth.

Attribution: The Egyptian Cabinet