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Ma’it expected that the volume of Egypt’s public debt will increase by the end of the current fiscal year.
11.05.20 | Interesting article at Egypt Today

Coronavirus (COVID-19) crisis affected the Egyptian economic situation during the past two and a half months, according to Minister of Finance Mohamed Ma’it.

“The government was targeting an economic growth rate close to 6 percent, and we now estimate it by 4.2 percent, with a decrease of 1.8 percent or LE 175 billion,” he stated Thursday.

Meanwhile, Ma’it expected that the volume of Egypt’s public debt will increase by the end of the current fiscal year, due to the increase in the volume of spending in exchange for declining revenues, as a result of the negative repercussions of coronavirus's results.

According to Ma’it, the volume of the public debt of the state was expected to hit about LE 5.72 trillion, but that it would increase by about LE 44 billion, equivalent to 3 percent of the gross domestic product (GDP).