A file photo of Egypt s finance minister Mohamed Maait
Maait added that the ratio reached its lowest at 80.8 percent in June 2020, down from 102.8 percent in 2013.
He was speaking on the sidelines of the fourth annual Egyptian Abroad conference held under the auspices of Prime Minister Mostafa Madbouly.
Maait stated that Egypt has, for three years, achieved a primary budget surplus, which reached 1.7 percent at the end of the fiscal year 2022/2023, after more than 20 years of incurring primary deficits ranging from 3 to 5 percent.
According to the International Monetary Fund’s (IMF) Fiscal Monitor report, issued in April, Egypt's general government gross debt is projected to reach 92.9 percent of GDP in 2023.
Although the IMF’s report indicated that Egypt's projected gross debt ratio is higher than in other emerging markets and developing economies, it expected this ratio to decline to 87 percent in 2024 and 78 percent in 2028.
It is worth noting that Egypt's external debt increased by 4.8 percent to $165.3 billion in Q3 of FY 2022/23, up from $157.8 billion in Q3 of the previous year.
Egypt seeks to obtain hard currency to bridge an estimated $17 billion financing gap until 2026.
The country has been increasing its efforts to fulfil its commitments to the IMF under the Extended Fund Facility (EFF) loan programme, approved in December 2022.
Egypt received the first tranche of the loan, worth $347 million, and expects to receive the second following the IMF’s first review of Egypt’s economic reform programme.
The review was initially to be held on 15 March before postponing it to 30 June.