6 February 2016

Egypt: PM - National Debt in Safe Position

Prime Minister Sherif Ismail said his government will fulfill its promises to achieve a breakthrough in the Egyptians' standard of living in a year and half.

In press statements, he said the volume of foreign debt is in a safe position and that the State is capable of handling it without any negative impacts on development and services projects.

He voiced hope that the current national mega projects will contribute to increasing revenues generated from hard currencies.

"Indicators of external and internal debts should be a driving force for us to speed up taking the necessary steps to decrease the budget deficit and increase the State's resources," said Ismail.

He added that we should work hard on reducing the import of goods that have local manufactured alternatives, noting that total amount of Egyptian imports hit USD 80bn against USD 30bn for exports.

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