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Egypt would achieve a primary surplus of no less than 2.1 percent, adding that the country is still in the high bracket of public debt and the government aims to reduce it to 75 percent.
The Egyptian Government’s import bill for wheat and oil rose by US$6.2 billion after the Russia-Ukraine war. This was revealed by Egyptian Prime Minister Madbouli during a recent press conference he held in Cairo to explain the present state of the economy and the challenges the country is facing. He said that Egypt would achieve a primary surplus of no less than 2.1 percent, adding that the country is still in the high bracket of public debt and the government aims to reduce it to 75 percent.
As an achievement for the country, the prime minister pointed out that Egypt was the first country to issue green bonds and Islamic Sukuk is scheduled to be issued. These steps, he said, would bring more resources into the country. He also revealed that 21 measures were implemented to attract new investors to the Egyptian Stock Exchange including relaxation in investment norms and primacy granted to the private sector, which would be unveiled in the coming months and years.
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According to the prime minister, the government aimed to reduce the budget deficit to 6.2 percent in 2022-23. Companies affiliated with the Egyptian army will be listed on the stock exchange. Government hotels will be merged under the name of one company and listed on the stock exchange. Referring to the large-scale privatization that the country is contemplating to carry out, he said that national projects, such as the electric train will be privatized. Egypt aims to raise the participation of the private sector to 65 percent during the three years as against 30% or so, as of now.
