Finance Min. to CNBC: Growth Rates Reflects Economic Progress

Egyptian Finance Minister Mohamed Maait said in an interview with CNBC Arabiya that the improvement in the economy was reflected on growth rates.

Maait added that Egypt is on the right track to achieve a primary surplus target of 2 percent of GDP from an unswerving deficit of 6 percent, pointing out that the cumulative deficit rates fell from 17 percent to 2.7 percent for the targeted budget 2019-2020.

He added that the country focuses on improving the living standards of citizens, pointing out that 2 million social housing facilities have been constructed from reducing subsidies on energy.

In the same context, he pointed out that Egypt started implementing a deficit reduction plan that resulted in the reduction of the debt level from 108 percent of GDP to 98 percent, expecting it to fall to 93 percent next June and 89 percent in the fiscal year 2019- 2020.

"Egypt continues to implement economic and fiscal reforms, raising the country's credit ratings 5 ​​times in a row," he said, adding that such progress could enable Egypt to persify its access to various sources of financing.

"Achieving an initial surplus would enable the country to reduce the total deficit and thus reduce the country's obligations over time," he added.

Meanwhile, the last tranche of the International Monetary Fund (IMF) loan, amounting to $ 2 billion will be received in next June.