Egypt to guarantee funding for national carrier Egyptair    Should we worry about the Afghan deal?    Lebanese prime minister resigns    Why create new viruses?    The colours of the tabla    Nile blessings in disguise    Fighting for a seat    Why is Nasser still popular?    Promoting ecotourism    Land use and environmental impacts    The facts about Mostorod    Edward Said    Editorial: Time to rebuild    Edward Said: A legacy for today    Crown prince becomes oil-rich Kuwait's new ruling emir    Tennis: Egypt's Mayar Sherif exits French Open knowing she belongs at Slams    Mali call up Doucoure and Adama Traore for friendly internationals    Liverpool coach Klopp bristles at Keane's 'sloppy' criticism after Arsenal win    Egyptian insurance companies' premiums 9.6% up in five months    Egypt's President Sisi names new head of anti-corruption watchdog    Egypt's offers 18 bln pounds T-bills on Sunday    EgyptAir offering discounts for some international flights    Egypt records 212 new coronavirus cases, 14 deaths on Saturday    Egypt to require PCR coronavirus tests for airport travelers    Egypt sends 125 tonnes of glass by sea to Beirut    Legend Messi officially wants to leave Barcelona, hands transfer request    Global smartphone sales drop 20% in Q2, yet Apple's iPhone sales steady    Sisi: Egypt keen on establishing development projects with Iraq, Jordan    Egyptian megastar Amr Diab releases new hit music video    Making of Harry Potter will be available for fans at new park in Tokyo    Egypt's Senate elections official results to be announced Wednesday    Netflix Egypt is bringing megastar Amr Diab back with a new original    Egypt reopens Rafah border crossing for first time since April    Egypt's senate elections 2020 trending on social media in few days    African Champions League final will be played on Oct. 16-17, CAF says    No room to delay Egyptian Premier League games – EFA's board member    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt targets to reduce public debt-to-GDP to pre-2011 level by end of FY2021/22
Ratio aimed to reach 77.5% by end-June 2022
Published in Daily News Egypt on 17 - 08 - 2019

The Ministry of Finance announced that the government aims to decrease the public debt-to-GDP ratio gradually over the next three years, to reach less than its level in 2011 by the end of the fiscal year (FY) 2021/22, the ministry stated in a press statement.
It added that the government targets to reduce the public debt-to-GDP to record 77.5% by the end of June 2022, which will subsequently ease the burden on the country's debt service bill.
"The reduction in Egypt's debt will help the government to allocate more funds to human development requirements, including education and health sectors," the ministry stated.
It continued that the reduction of Egypt's debt will also help the country in achieving higher growth rates, in addition to creating more jobs, which will subsequently improve the living standards for the citizens.
The ministry mentioned that the government succeeded in reducing the public debt-to-GDP ratio from 108% in June 2017 to 98% in June 2018, then to 90.5% a year later.
It continued that the government target to reduce this ratio to 82.5% in June 2020, and to decline further to 77.5% in June 2022.
The ministry assured that the government is working on achieving annual growth rates of at least 6% on average, along with 2% sustainable primary annual surplus until FY 2021/22.
A few days ago, the World Bank unveiled that Egypt's external debt hiked year-over-year recording
$106.2bn during the first quarter of 2019, up from $88.16bn, an increase of 20.4%.

Clic here to read the story from its source.