By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
    Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
    June 1, 2023
    Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
    Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
    June 1, 2023
    Egypt hosts InnoXera Summit on education in artificial intelligenceage
    Egypt hosts InnoXera Summit on education in artificial intelligenceage
    June 1, 2023
    Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman
    Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman
    June 1, 2023
    Egypt's new membership in New Development Bank enhances South-South cooperation: Al-Mashat
    Egypt’s new membership in New Development Bank enhances South-South cooperation: Al-Mashat
    June 1, 2023
  • Politics
    PoliticsShow More
    Madbouly reaffirms Egypt’s unwavering assistance for Palestine
    Madbouly reaffirms Egypt’s unwavering assistance for Palestine
    June 1, 2023
    Egypt reiterates firm position in support of Palestinian cause: Shoukry
    Egypt reiterates firm position in support of Palestinian cause: Shoukry
    June 1, 2023
    Egypt and France discuss joint cooperation in the health sector
    Egypt and France discuss joint cooperation in the health sector 
    June 1, 2023
    AU praises Egypt's role in achieving sustainable peace in Africa despite challenges
    AU praises Egypt’s role in achieving sustainable peace in Africa despite challenges
    May 31, 2023
    Opinion| Russia and China promote stability in the Middle East after the US withdrawal from the region
    Opinion| Russia and China promote stability in the Middle East after the US withdrawal from the region
    May 31, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Government targets reducing public debt to 70% within four years: Mohamed Moeit
Share
Notification
Latest News
Adding flavour of innovation to F&B industry in Africa
Adding flavour of innovation to F&B industry in Africa 
Women
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Women
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Banking
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Business
Egypt hosts InnoXera Summit on education in artificial intelligenceage
Egypt hosts InnoXera Summit on education in artificial intelligenceage
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Government targets reducing public debt to 70% within four years: Mohamed Moeit
Business

Government targets reducing public debt to 70% within four years: Mohamed Moeit

Mohamed Samir
Last updated: 2018/09/26 at 6:06 PM
By Mohamed Samir 3 Min Read
Share
SHARE

Egypt targets to decrease the GDP to debt rations to 92% in the fiscal year (FY) 2018/19, reduce public debt to 70% within a four-year period, achieving 14% inflation rate, and lowering the unemployment rate below the 10% mark, said Minister of Finance Mohamed Moeit on Wednesday.

Moeit’s remarks came during his meeting with the French Chamber of Commerce and Industry in Egypt headed by Mahmoud El Kaissy.

The minister stressed that the economic reform programme, helped the Egyptian economy to be able to absorb all foreign crises. Adding that since 2016 the net foreign reserve rose from $13bn to reach $44.4bn now, while the budget deficit fell to 9.8% in June down from 16.7% in FY 2013/14. 

Moreover, Moeit said that in FY 2017/18 the country achieved 5.4% GDP growth and that 5.8% is expected this year. Explaining that to Egypt needs a growth rate of between 7-8% to maintain its standard of living taking into consideration the high population growth rate.

In regards to debt instruments, the minister explained that Egypt is facing challenges, in terms of high interest rates, foreigners’ liquidation and market exit, whether in government financial instruments or the stock market. Adding that, “local debt instruments – including T-bonds – auctions will be cancelled as long as interest rates remain high, stressing that Egypt has other alternatives to get liquidity.”

Moreover, the IMF mission to arrive in mid-October to conduct a periodic review of the economic reform programme, he announced, additionally a technical team from the IMF is expected to arrive in Egypt during the coming period to provide technical support in the formulation of an integrated tax strategy in the country.

“The government had no intention of increasing taxes over the next four years,” Moeit stressed.

The minister revealed that amendments are being made to the current income tax law and that a new real estate tax law is being prepared, to eliminate the differences in the value of the tax, reduce the real estate tax burden on the manufacturing sector.

He pointed out that the ministry has completed the preparation of a simplified draft tax treatment for small and micro enterprises, to ease the process of integrating the informal economy.

You Might Also Like

Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone

Egypt, GIZ sign agreement of €8m to support e-government, innovation in management

Egypt hosts InnoXera Summit on education in artificial intelligenceage

Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman

Egypt’s new membership in New Development Bank enhances South-South cooperation: Al-Mashat

TAGGED: Mohamed Moeit, public debt
Share this Article
Facebook Twitter Email Print
By Mohamed Samir
Mohamed Samir Khedr is an economic and political journalist, and analyst specialising in geopolitical conflicts in the Middle East, Africa and the Eastern Mediterranean. Over the past decade, he covered Egypt's and the MENA region's financial, business, and geopolitical updates. He is currently the Executive Editor of the Daily News Egypt. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
Previous Article ‘There is a need to develop a global system to combat terrorism’: Al-Sisi
Next Article US Fed hikes interest rates for a third time this year
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Adding flavour of innovation to F&B industry in Africa
Adding flavour of innovation to F&B industry in Africa 
Women
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Women
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Banking
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?