9 December 2012

Egypt: Public Debt Exceeds Red Lines

A report released by the Ministry of Finance for November confirmed the rise in public debt in late September, saying it hit 69.7% of the GDP or EGP1.23 trillion compared to about EGP1.01 trillion in the same period of 2011.

The report attributed the rise in public debt to the growing number of bills and bonds issued to redress the deficit in the state's financial needs.

Meanwhile, the Financial and Economic Committee of the Shura Council, in its initial report, warned that the public debt increase to over 60% of the GDP could pose a threat to the economy in general.

The committee recommended setting up a higher council for managing the public debt to be affiliated to the cabinet.

Ads by Google

Copyright © 2012 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.