Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, said that President Abdel Fattah El-Sisi has directed the government to improve the living standards of people in a sustainable way, enhance spending on health and education, and meet the developmental needs of citizens.
Despite the current challenges, the government targets to achieve economic growth of 5.6%, a primary surplus of 1.5%, and an overall budget deficit of 6.7% of the gross domestic product (GDP) in fiscal year (FY) 2021/2022, Maait revealed in a statement on Wednesday.
The country's GDP is expected to reach EGP 7.1 trillion in the year ending on 30 June 2022, the minister added.
Egypt was one of the top countries in reducing the debt-to-GDP ratio, slashing it by 20% during the three years prior to the pandemic. The debt-to-GDP ratio slid to 87.5% in FY19/20 from 108% in FY16/17.
These remarks came during a symposium organised by the National Press Authority.
