Egypt plans to announce a new public debt management strategy in December as it seeks to curb borrowing costs, extend maturities, and attract more foreign investment, Finance Minister Ahmed Kouchouk said on Thursday. Speaking at three back-to-back investor meetings in Washington hosted by J.P. Morgan, Morgan Stanley and Goldman Sachs, Kouchouk said the government aims to reduce public debt to below 75 per cent of GDP within three years, while extending average maturities to five years and cutting debt-service costs to about 7 per cent of GDP. He said Cairo is also working on debt-for-investment swaps, building on the success of the Ras El Hekma deal earlier this year, and on converting a large share of Arab and Western deposits into direct investments to ease the country's debt burden. Part of the government's exceptional revenues, he added, will be directed towards debt reduction, human development, and social protection programmes. The minister's remarks come as Egypt steps up engagement with international investors amid its broader economic reform efforts and continuing coordination with the International Monetary Fund (IMF). Attribution: Amwal Al Ghad English
