Egypt’s government debt narrows 20.5% in three years – Maait

Egyptian government debt declined by 20.5 percent of the country’s gross domestic product (GDP) over three years according to Minister of Finance, Mohamed Maait.

Public debt fell to 87.5 percent of GDP in June 2020 from 108 percent in June 2017, with expectations to reach 89 percent in June 2021, Maait added

In addition, the annual inflation rate retreated to 4.5 percent in March 2021, compared to 23.3 percent in 2016 and 22 percent in 2017.

The net international reserves exceeded $40 billion in April, enough to cover commodity and service imports for more than seven months.

Moreover, the inflation rate fell to 7.2 percent in December 2020, compared to 13.3 percent in 2013.