The Egyptian government plans to achieve a 5.7% economic growth rate of the gross domestic product (GDP) during fiscal year (FY) 2022/2023, Minister of Finance, Mohamed Maait said
The growth rate is expected to increase gradually to 6% in FY24/25, the minister added.
Maait noted that Egypt would achieve a primary surplus of 2% on the average level in FY22/23, while decreasing the overall deficit to 6.1%, with a further decline to 5.1% in FY24/25.
The government works on lowering the debt-to-GDP ratio to less than 90% in FY22/23 and to 82.5% by June 2025.
Egypt hopes to raise the medium-term debt duration to approach five years, instead of the current 3.4 years, by offering diversified medium- and long-term government bonds.
Maait noted that the finance ministry plans to offer new debt instruments, such as Sukuk, sustainable development bonds, and green bonds.
