Minister of Finance Youssef Boutros Ghali said the government internal debt as a percentage of Gross National Product is still in a safe area.
In a statement released Monday, the minister emphasized that budget deficit was under control and could be eliminated, but this would increase the burden on low-income families.
He explained that the deficit was stable as a percentage of national income. “Risks can be eliminated when the budget deficit increases at nearly the same ratio of growth in national income, the minister argued, “But it will be dangerous to allow deficit to grow at higher ratio.
Chairman of the Egyptian Central Accounting Agency Gawdat Al-Malt had earlier noted that budget deficit in Egypt was growing at an accelerated pace which posed threats on the national economy.
The minister of finance, however, said he would submit to parliament proposals to amend regulations in a way that would simplify taxation procedures for tax-payers and eliminate the backlog of fines to encourage evaders to adhere to laws.