PM: Egypt debt-to-GDP at safe levels

Egypt’s public debt is currently at the limit of the level that can be considered safe, Prime Minister Moustafa Madbouli said on Saturday.

“No need to worry about the debts while having an economic growth, employment, and net foreign reserves reaching $45 billion on the ground,” Madbouli told reporters.

Egypt’s ratio of debt to gross domestic product reached 108 percent in the past three years, and dropped to 90 percent in the 2018/2019 financial year, he added.

“We are targeting a debt-to-GDP ratio of 83 percent in this financial year, and 75 percent by next year …,” Madbouli said.