Egypt’s debt to reach 83% of GDP in FY2019/20

Egypt’s public debt is expected to decline this financial year at 83 percent from 90.5 percent at the end of last June, a finance ministry report showed on Monday.

The country’s economic reform programme has focused on increasing the efficiency of public spending and expenditures as well as creating effective social safety net targeting the most vulnerable, the report said.

It has also worked “on strengthening the spending on health and education sectors to 210 billion Egyptian pounds ($13.1 billion) in 2019 from 115 billion pounds in 2014.” the report added.

Egypt is targeting a budget deficit of 7.2 percent this financial year, down from a deficit of 8.2 percent in 2018/2019.

The government is also targeting a primary surplus of 124 billion pounds in the 2019/2020 financial year. The North African had a primary surplus of 104 billion pounds last financial year, equivalent to 2 percent of GDP.