Egypt targets debt-to-GDP ratio to drop to 75% by 2027, Finance Minister

Finance Minister Mohamed Maait shared that Egypt aims to lower the debt-to-GDP ratio to 75 percent by 2027 in a recent statement, noting that Egypt reported a drop to 95.7 percent in June 2023.

The finance minister expects that the Egyptian economy will have positive growth in the upcoming fiscal year, highlighting that it has been able to navigate global crises in the past few years and its adaptability to external and internal challenges.

Egypt set ambitious targets for the current fiscal year 2023/2024, aiming for the largest primary surplus in its history at 2.5 percent, he added. The country is also working towards reducing the budget deficit rate to 6 percent of the domestic product by June 2023, with expectations of it further decreasing to 5 percent by June 2027.

Maait attributed this optimistic outlook to the ongoing improvement of infrastructure and the continuation of structural reforms, which he believes will stimulate economic stability by creating broader opportunities for the private sector — a key driver of development, recovery, and economic growth – particularly in the year 2024.