Thursday May 30th, 2024
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Egyptian Public Debt Planned to Drop to 80% of GDP by June 2027

The Ministry of Finance also hopes to achieve a 3.5% GDP surplus as well as a 6% reduction in the total deficit.

Cairo Scene

Egyptian Public Debt Planned to Drop to 80% of GDP by June 2027

According to the Ministry of Finance, the Egyptian government revealed its new targets for dropping public debt. By 2027, the government aims for the Egyptian public debt to be reduced to 80% of the GDP.

In 2023, the IMF reported that Egypt’s debt ratio was 92.7%, making it the highest among emerging markets and middle-income economies in that year. The Ministry of Finance has set additional fiscal targets to strengthen the Egyptian economy, which include achieving a 3.5% GDP surplus and reducing the total deficit to 6% in the medium term.

Several measures have been implemented in service of these goals, including setting maximum limits for all of the government’s economic, service, and administrative bodies. These limits will not be surpassed except in cases of national emergency, in which case additional funds must be approved by the President, the Cabinet, and the Parliament.

Egypt’s budget for fiscal year 2024/2025, which was approved on March 27th, 2024, includes a total expenditures of EGP 6.4 trillion and revenues of EGP 5.05 trillion. In this budget, the government plans to increase health and education spending by more than 30%, and to increase social protection allocations to reduce the effects of inflation in citizens.

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