Egypt's total foreign debt accounts for 19.2 pct of GDP: minister

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Egypt's total foreign debt accounts for 19.2 pct of GDP: minister

STORY: Egypt's total foreign debt accounts for 19.2 pct of GDP: minister DATELINE: Aug. 30, 2022 LENGTH: 00:01:20 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of the Egyptian Ministry of Finance 2. various of the conference STORYLINE: Egyptian Finance Minister Mohamed Maait held a press conference on Monday to introduce the economic situation in Egypt. The minister explained that the debt-to-GDP ratio decreased from 103 percent in June 2017 to 87.2 percent in June 2022. According to the minister, 77 percent of the government's debt is domestic to institutions and individuals in Egypt, and only 23 percent is external in hard currency, and the external debt of the budgetary organs accounted for 19.2 percent of the GDP in June 2022. The minister said that the size of the Egyptian economy has tripled during the past six years, at rates that exceed the government's indebtedness, in a way that reflects the government's success in directing development funds to real investments.

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