The Egyptian government aims during the current fiscal year to achieve a primary surplus of 1.5 percent of GDP, reduce the total deficit to 6.7 percent, and reach growth rates of 5.4 percent, according to Finance Minister Mohamed Maait
The minister explained that Egypt seeks to sustain the downward path of debt rates to GDP by adopting the implementation of a public debt management strategy based on diversifying sources of financing and issuing “dollar” bonds, “Eurobond” bonds, “green” bonds, and “sustainable development” bonds and sukuk.
In his meeting with representatives of the Bank of America Symposium on the sidelines of the fall meetings of the Bank and the International Fund, the minister added that the government is adopting, during the current fiscal year’s budget, a rational fiscal policy based on achieving a balance between financial stability and support for economic activities based on manufacturing and export, and support for the social protection network, and investing in the human element by improving the quality of health and education services.
He pointed out that about LE 109 billion were allocated to spending on the health sector, LE 358 billion pounds to finance government investments, national projects and infrastructure, LE 80 billion to develop Egyptian rural villages, and LE 19 billion to finance the “Takaful and Karama” program.
