Egypt to reduce public debt in FY 2018-19

Added On August 13, 2018

 According to the state-run Ahram newspaper, the Egyptian Finance Minister says the country will reduce its public debt in the budget of the current fiscal year 2018-2019.

Egyptian Finance Minister Mohamed Ma'it said the government has enforced package of procedures to reduce the public debt to 92 percent of the GDP compared with 98 percent in the previous year.
He said the new financial measures intend to increase the state's public revenues and control the government's expenditures, and financial performance should see improvement after new tariffs and tax law come into effect.
The government's plans for diversifying state revenue resources will add about 56 million U.S. dollars to the country's treasury.
The Central Bank of Egypt (CBE) said that Egypt's foreign debt rose to 88.2 billion dollars by the end of March, with total public debt accounting for 86 percent of GDP.
Egypt has been facing difficult economic conditions due to political instability and relevant security challenges over the past few years.
To boost the economy, the Egyptian government started a strict three-year economic reform program in late 2016. 
This program is centered on austerity measures, fuel and energy subsidy cuts, and tax hikes.