Egypt Planning to Lower lts Debt to GDP Ratio to 78% by 2026-2027

Egypt's Prime Minister Moustafa Madbouli said that his country is planning to lower its debt to GDP ratio to 78 percent by the 2026-2027 fiscal year.

In his address at the opening of the Annual MENA Investor Conference, Madbouli said the government will achieve this goal through the new economic reform program backed by the International Monetary Fund.

The Prime Minister also affirmed that the government is committed to all policies of the reform program.

He said the government seeks to expand social safety networks and structural reforms, stressing that the government is moving swiftly to deal with all challenges.

"Egypt managed to meet market needs and worked hard with the Central Bank of Egypt to release piling goods in ports since December 2022," he pointed out.

In the same connection, Madbouli noted that the State has already started to secure foreign currency availability along with luring more foreign investors, adding that the State is moving ahead with a comprehensive plan to provide foreign currency needs at the markets during 2023.

Moreover, Madbouli asserted that the empowerment of the private sector and attracting foreign investments top the priorities of the State's agenda. "It is not a five or ten-year plan, but it targets this year."

He said this general strategy has placed investment and growth depending on investment and the comprehensive investment models under the umbrella of the Finance Ministry to carry out.

Madbouli also said the State has announced a new lending initiative for the industry and agriculture sector along with expansion in the equipment and industrial production devices through the capital market as one of the key sources of funding.

He added the government was keen on propelling direct and indirect investment through the capital market and the Egyptian bourse (EGX) has again restored its gains from the capital market in 2022.

It's worth mentioning that Prime Minister Madbouli expressed happiness for attending the MENA Investor Conference, saying that such conferences represent an important platform for communication between the private sector companies and the government.