The Egyptian finance minister responded to "conflicting opinions": we have reached "Excellent performance" Despite the problems

Egyptian Finance Minister Mohamed Maait said his government has achieved “excellent performance” despite the challenges and that external debt was unchanged from the previous year, except for the exchange rate.

It came at a press conference held by the minister about the current debt situation and the challenges the government is facing to keep Egypt’s economy positive in 2022, according to the Ministry of Finance.

The ministry said on Facebook that the conference was held to respond to what the ministry called conflicting and inaccurate views about Egypt’s economy and debt levels.

Maite said “debt is under control” and explained that the external debt of the state budget until the first half of this year is estimated at $83 billion, and that this figure is the same as in the same period of 2021 and has not changed. but the difference was, according to the minister, in the exchange rate converting the amount into pounds sterling.

Maite spoke about inflation, the rise in oil and wheat prices in the world, in addition to interest rates, which have risen by 300 points inside the country, and externally they have grown at least 3 times.

He said the Egyptian government has contained all these challenges, reflected them in the budget and achieved “excellent performance”, adding that the situation would be better if these “uncontrollable” upheavals did not occur.

The Egyptian minister spoke about the talks with the International Monetary Fund, saying they are ongoing and “going in a positive direction.” any conditions associated with social protection programs.

The finance minister said the cost of the loan Egypt is seeking has not yet been determined.

Maite said Egypt’s economy grew by 6.6 percent during the 2021-2022 financial year.

Source: RT

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