Cairo – Mubasher: Egypt’s Minister of Finance, Mohamed Maait, announced that the government debt declined by 20.5% of the country’s gross domestic product (GDP) over three years.
Public debt fell to 87.5% of GDP in June 2020 from 108% in June 2017, with expectations to reach 89% in June 2021, Maait said in a statement on Wednesday.
In addition, the annual inflation rate retreated to 4.5% in March 2021, compared to 23.3% in 2016 and 22% in 2017.
The net international reserves exceeded $40 billion in April, enough to cover commodity and service imports for more than seven months.
Moreover, the inflation rate fell to 7.2% in December 2020, compared to 13.3% in 2013.
