Finance Minister outlines plan to reduce Egypt’s public debt, boost economic growth

Finance Minister outlines plan to reduce Egypt’s public debt, boost economic growth

Egypt’s Minister of Finance, Mohamed Maait, announced on Tuesday a plan to reduce the public debt to 75% of the GDP by 2027, down from 159% in 1980/1981. He also highlighted the government’s efforts to create a conducive environment for private investments, support green initiatives, and improve social spending.

In a statement from the Ministry of Finance, Maait said that the Egyptian economy has shown resilience in the face of global crises, such as the COVID-19 pandemic and geopolitical tensions, over the past years. He attributed this to the positive and flexible handling of these challenges, the advanced infrastructure, and the continued implementation of robust structural reforms that stimulate the path to economic stability.

Maait said that the government focuses on creating a favourable environment for both local and foreign private investments, aiming to capitalize on Egypt’s competitive advantages. He added that the private sector is pivotal in driving development, recovery, and economic growth, making it a major focus in 2024.

He also said that the government has adopted national programs supporting green investments, offering cash incentives, tax breaks, and customs benefits. These measures align with efforts to combat climate change, contribute to enhancing the development process, and establish the foundations of a