Cairo – Mubasher: The Egyptian government plans to achieve a 5.7% economic growth rate of the gross domestic product (GDP) during fiscal year (FY) 2022/2023, Minister of Finance, Mohamed Maait, stated on Wednesday.
The growth rate is expected to increase gradually to 6% in FY24/25, the minister added.
Maait noted that Egypt would achieve a primary surplus of 2% on the average level in FY22/23, while decreasing the overall deficit to 6.1%, with a further decline to 5.1% in FY24/25.
The government works on lowering the debt-to-GDP ratio to less than 90% in FY22/23 and to 82.5% by June 2025.
Egypt hopes to raise the medium-term debt duration to approach five years, instead of the current 3.4 years, by offering diversified medium- and long-term government bonds.
Maait noted that the finance ministry plans to offer new debt instruments, such as Sukuk, sustainable development bonds, and green bonds.
The minister has recently remarked that Egypt’s budget deficit went up to 3.7% of the GDP during the first five months (5M) of FY21/22, compared to 3.2% in the corresponding period in FY20/21.
