Egyptian President Abdel Fattah El-Sisi issued directives to the government on the ratio of debt to GDP in the country and the rationalization of public spending.
The President of Egypt was briefed on the performance of the overall budget for the 2021/2022 financial year ended, with a revenue growth rate of around 20% and an expenditure growth rate of around 15%, in addition to achieving an initial surplus of around £97bn, which is 1.3 percent of GDP.
Thus, the state’s overall budget achieved a primary surplus for the fourth consecutive year, in addition to reducing the overall deficit from 6.8 percent in fiscal year 2020/2021 to 6.1 percent and reducing the cost of the debt service bill from 35.8 percent. state budget, in 2020/2021 to 32.8%.
In the same context, the President of Egypt continued the plan of the Ministry of Finance to reduce the public debt of public budgetary bodies in the coming period, as he instructed to lower the debt-to-GDP ratio in the future from the current level, in addition to streamlining public spending and maintaining continuity of discipline in the execution of public finances. state, and to focus in the coming period on supporting and strengthening social safety net programs and ongoing investment to maximize production and job creation, as well as continued spending on health and education programs.
Source: RT