Madbouly and Kouchouk review efforts to lower debt levels

On Wednesday, Prime Minister Mostafa Madbouly met with Finance Minister Ahmed Kouchouk to review the country’s ongoing efforts to reduce public debt, emphasizing the government's commitment to decreasing public debt while ensuring fiscal sustainability.

According to Mohamed El-Homsani, the Cabinet spokesperson, Madbouly highlighted recent progress in lowering external debt and affirmed the government's resolve to maintain this approach over the medium and long term.

The meeting also addressed the government’s strategies for maintaining fiscal discipline and ensuring that the debt-to-GDP ratio continues to decline.

As reported in the July fiscal monthly report by the Ministry of Finance, Egypt’s overall debt fell to 89 percent of GDP by the end of the fiscal year 2023/2024, down from 95.7 percent at the end of fiscal year 2022/2023.

Finance Minister Kouchouk presented a comprehensive medium-term plan to further reduce government debt, with proposals including lowering debt costs, diversifying investor bases and currencies, and extending debt maturities to strengthen confidence in Egypt’s economy.