Egypt eyes 89% debt-to-GDP ratio in FY2020

By Amwal Al Ghad English On Mar 23, 2019

Egypt’s government is targeting a public debt/GDP ratio of 89 percent within the financial year 2019/2020, the president’s office said in a statement on Thursday.

The government is aiming at GDP growth of 6 percent in the financial year 2019/2020, according to a draft budget presented by Finance Minister Mohamed Maait during a Cabinet meeting with President Abdel Fattah al-Sisi on Thursday.

The government is aiming to cut the country’s budget deficit from 8.3 percent to 7.2 percent, the statement said.

The draft budget aims to create 800,000 to 900,000 new job opportunities “through supporting the industrial and export sectors,” the statement added.

Egypt’s financial year begins on 1 July.

Source: Ahram Online