PM: Debt Exceeded 100% of GDP About 19 Times from 1981 to 2011

Prime Minister Dr. Mostafa Madbouly on Sunday spoke about the debt and the economic situation in Egypt from 30 years to 2011.

"We hear a lot of talk about debt and its relationship to the gross domestic product (GDP)... From 1981 to 2011... We had a 19-year-size debt that exceeded the GDP by 100%," he noted.

The remarks came during his participation at the Egypt Economic Conference 2022 and in the presence of President Abdel Fattah El-Sisi.

The prime minister noted that the country's economic performance has been marked in 2011 by circumstances of the Egyptian state forcing it to adopt compromise solutions in light of the available capabilities to deal with problems in the short term.

"Most of the budget in this period was allocated to wages, pensions, support, weak production capacity, low investment spending, and the absence of sufficient employment opportunities," he added.

Madbouly continued: "Egypt's conditions forced us to use other alternatives.. Society's conditions are unacceptable for some difficult solutions. Like the state's attempt to restructure subsidies in 1977.. The goal was to maintain the stability and security of the state.. Was this enough to save a state?!".