Egypt: Finance Ministry - Egypt Repaid $25 Bln of Its Overall Debt Since March As Per Iif's Recent Report

28 June 2024
Egypt State Information Service (Cairo)

The Finance Ministry said a recent report of the Institute of International Finance (IIF) asserted that Egypt has repaid $25 billion of its domestic and external public debts since March.

In a statement, the ministry added the IIF's report mentioned that Egypt targets a budget's primary surplus of 3.5 percent in the upcoming fiscal year (FY) 2024/2025, which starts 1 July, compared to the percentage estimated for the current FY2023/2024. The target for the coming fiscal year is the highest since the outbreak of the pandemic in 2020.

The IIF expected that the fiscal decisions adopted by Egypt under its loan deal with the International Monetary Fund (IMF) would further reduce public debt, as it would achieve larger primary surpluses.

Egypt also plans to use 50 percent of the government's Initial Public Offering (IPO) Program. IPO proceeds to lower its high debt level which hit 98 percent of GDP in the FY2022/2023, according to it.

Read the original article on Egypt Online.

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