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Friday, 10 April 2020

Egypt's domestic debt hits 10-year low

Ahram Online , Sunday 23 Feb 2020
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Egypt's public domestic debt plunged to 66.7 percent during the first quarter of 2019/2020, registering its lowest level in 10 years, an info-graph prepared by the cabinet's media centre showed on Sunday.

The domestic debt was 94.5 percent of Egypt's gross domestic product (GDP) during 2016/2017, before falling to 82.2 percent and 71.9 percent in 2017/2018 and 2018/2019 respectively.

According to the info-graph, the domestic debt hit its lowest level of 68 percent in 2010/2011.

"The remarkable decline is attributed to the implementation the economic reform programme that was launched in 2016 and led to the decrease of interest rates, inflation ratio, and the GDP," the cabinet said in a separate statement.

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