Egypt targets deficit below 6% in FY2022/23 – official

Egypt is targeting cutting its overall budget deficit to just below 6 percent in the coming financial year starting in July, Deputy Finance Minister Ahmed Kouchouk said on Tuesday.

Speaking at an economic conference in Cairo, Kouchouk said Egypt was among few countries to lower its debt-to-GDP ratio by a record 20 percent in just three years to 87.5 percent in the 2019/2020 from 108 percent in the 2016/2017.