CAIRO, Nov. 15 (SEE)- The Ministry of Finance said on Thursday that the 2019-2020 state budget targets the reduction of the total deficit to 7 percent of the gross domestic product (GDP), compared with 8.4% in the current fiscal year.
GDP is expected to reach approximately EGP 6.2 trillion with a growth rate of 6.5% in the fiscal year 2019/2020.
The state attempts to reduce the debt of public sector from 108 percent of the GDP in 2017 to 98 percent in 2018, and 79.4 percent in 2022.
"Reducing debt will enhance the competitiveness of the economy, resulting in the decline of inflation, interest rates," the ministry said, adding that the aimed target will create sustainable job opportunities, and increase the flow of foreign direct investments (FDI).
The government requires high levels of growth rates, a 2 percent budget balance, as well as a reduction of spending to be able to reach the targeted draft budget.
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