Egypt aims to cut public debt to the lowest level in its modern history and sustain annual economic growth of 5–7 per cent under a new long-term development strategy unveiled on Sunday, Prime Minister Moustafa Madbouly said. Speaking at the launch of the National Narrative for Economic Development, Madbouly said recent reforms had helped bring inflation down sharply to 13.9 per cent in July 2025 from 25.7 per cent a year earlier, while unemployment has fallen to its lowest in four years. Remittances from Egyptians abroad exceeded $36.5 billion in the last fiscal year, he added. The plan seeks to position the private sector as the main driver of growth, with government support focusing on paving the way for investment and competitiveness. Growth reached 4.2 per cent in the first nine months of the current fiscal year, up from 2.4 per cent a year earlier, driven by industry, tourism, ICT and agriculture. Egypt also posted a primary budget surplus of 3.6 per cent and targets 4 per cent next year, among the highest globally, Madbouly said. Exports are expected to grow 20 per cent this year, with the government seeking to maintain similar annual increases over the next five years, he added. The strategy consolidates reforms and sectoral plans into a single roadmap through 2030, with projections extending to 2050. It will be put to public and expert dialogue over the next two months, ahead of a final version to be announced in December. "Our goal is not only strong numbers, but sustainable growth that improves Egyptians' quality of life," Madbouly said. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
