Egyptian finance minister announces plan to cut external debt servicing to 27%

Egyptian Finance Minister Mohamed Maait announced that external debt rose from 79.7% during 2009-2010, and after 2011 it rose to 103%, after which the country was able to reduce it to 80.5% during 2020.

He explained that part of the external debt of budgetary bodies is 83 billion dollars, and a change in the exchange rate by one pound increases the debt by 83 billion pounds, and after the coronavirus crisis, the debt rose to 87.6%, stressing that this is a plan to reduce debt servicing to 27 % of the total state budget.

He stated that in the current year, the growth rate has reached 6.6%, which is represented in the services provided to citizens, such as exchange, roads, hospitals and job creation, which is difficult, especially after the rise in oil prices.

He added: “Egypt is importing about 12 million tons of wheat worth $6 billion, double the price it imported before the Ukrainian crisis,” stressing that “Egypt is working to protect the classes negatively affected by this difficult period that the world and our people are worried and there are some opportunities.” Looking at rising prices is far from the availability of goods and services, emphasizing that government agencies are working to secure all the goods it imports from abroad.

Source: “Cairo 24”

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