Egypt’s Finance Minister Mohamed Maiit, on Wednesday, said the country’s debt will decline below 90% of its gross domestic product by the end of the fiscal year on June 30, exceeding government expectations.
The country’s Prime Minister, Mostafa Madbouly, told the news conference that export revenue reached an all-time high of $45.2 billion in 2021.
Last month, Maiit said Egypt’s draft budget for the fiscal year 2022/23 aims for 5.7% economic growth.
While Egypt relies heavily on tourism, it has managed to maintain growth despite global COVID-19 travel restrictions. The country’s economy is forecast to grow 5.6% in the fiscal year ending in June 2022, Planning Minister Hala al-Saeed said last November.
According to the International Monetary Fund (IMF), Egypt was one of the few emerging markets to experience growth in 2020 due to government incentives and support for sectors hardest hit by the pandemic.
The statement added that the draft budget aims to shrink the deficit to 6.1% and reduce the debt to less than 90% of GDP.
