Cairo – Mubasher: Egypt has slashed its debt by 20% in three years, which was reflected in increasing investments, creating jobs, and improving services provided to citizens, the Minister of Finance, Mohamed Maait, was cited by the Middle East News Agency (MENA) as saying.
The country’s debt was reduced to 88% of GDP on 30 June 2020 and would have become 82% without the restrictions of COVID-19, compared to 108% on 30 June 2017, Maait added.
He noted that the debt service cost is expected to stand at 31% of the budget for fiscal year (FY) 2020/2021, compared to 41% in FY19/20.
