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Government aims to reduce public debt between 70 and 80% within 3 years, minister

Thursday 05 July 2018 02:14 PM

Minister of Finance
Minister of Finance

The  government aims to reduce the public debt to between 70 and 80% of GDP by the year 2020/2021,  Minister of Finance, Dr. Mohamed Moait  said in a televised statement aired on Egypt's MBC TV channel.

Moait stressed that he presented the results of the budget for the past fiscal year 2017/2018 to President Abdul Fattah al-Sisi, on Thursday, noting that the President instructed, during the meeting, the need to reduce the size of debt.

He pointed out that the government aims to gradually reduce the debt over the coming years, starting from decreasing it to 90% during the current fiscal year, down from about 98% during the past year, which the government succeeded in reducing it to this rate down from about 108% during 2016/2017.