minister of Finance, Mohamed Maait, stated that President El Sisi directed to increase public spending and improve the conditions of citizens, and sustainable work to raise their standard of living
Minister of Finance, Mohamed Maait, stated that President El Sisi directed to increase public spending and improve the conditions of citizens, and sustainable work to raise their standard of living. Maait said that the state budget’s priority is health, education and social protection.
Finance minister also said that he aims for the debt-to-GDP ratio to reach less than 85% by the end of June 2028, and extending the life of the budget agencies’ debt to reach 4 years in the medium term instead of 3 years.
Maait explained that during the fiscal year 2023/2024, the ministry will maximize efforts to maintain macroeconomic stability and achieve positive financial indicators. The ministry aims to record a primary surplus of no less than 2.5% of the gross domestic product annually in the medium term, and set deficit and debt rates on a downward path, according to the press statement.
To reduce the need for quick financing, he pointed out that there is a strategy that is subject to annual updates to reduce the ratio and debt service to the gross domestic product, and to continue developing the government securities market to attract more investors by continuing to work on diversifying sources of financing such as green bonds and sustainable development bonds.
