Egypt slashed its debt to gross domestic product (GDP) ratio to less than 93% by the end of June, compared to 108% in the same month in 2017, the country’s minister of finance said in a statement on Sunday.
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The North African nation’s debt-to-GDP ratio is expected to decrease to below 80% by the end of fiscal year 2020/2021, Mohamed Maait added on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting held in Fukuoka, Japan.
The government aims to achieve economic growth of 6% and reduce economic deficit to 7.2% in FY19/20.
In addition, Egypt achieved an initial surplus of 2% of GDP and plans to cut deficit to 8.4% of GDP and reduce the unemployment rate to 9.6%.
Meanwhile, Egypt’s foreign-currency reserves grew to $45 billion, while the country’s GDP rose by 5.6%.
