Prime Minister: The government makes reducing debt and reducing the burden of servicing it a primary goal
Dr. Mostafa Madbouly, Prime Minister, chaired this evening, at the government headquarters in the new capital, the meeting of the Ministerial Committee for Managing External Public Debt and Regulating Borrowing, in the presence of Hassan Abdullah, Governor of the Central Bank, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Ahmed Kouchouk, Minister of Finance, Yasser Sobhi, Deputy Minister of Finance for Financial Policies, Rami Abu Al-Naga, Deputy Governor of the Central Bank, and a number of government officials. Consultant Muhammad al-Homsani, the official spokesman for the Presidency of the Council of Ministers, said that the Prime Minister reiterated during the meeting his confirmation that the government places reducing public and external debt and reducing the burden of servicing it as a primary goal during this stage.
Advisor Muhammad al-Homsani added that Dr. Mustafa Madbouly confirmed that the government is working on an integrated strategy to enhance financial discipline and improve the debt structure, ensuring that greater resources are directed to the sectors. Service.
The official spokesman for the Presidency of the Council of Ministers indicated that the meeting witnessed a review of the government’s plan to govern external debt and regulate borrowing, by setting a general framework for external debt that ensures its movements within safe limits as a percentage of gross domestic product, adding that the plan also includes restructuring external debt through exchanging debt for investments, and exchanging debt for development, as happened with a number of Arab and European countries. And the Asian.
The official spokesman for the Presidency of the Council of Ministers continued that the meeting of the Ministerial Committee for Managing External Public Debt and Organizing Borrowing dealt with explaining the role of the National Program for Structural Reforms as an entry point for improving macroeconomic indicators and enhancing the sustainability of external debt, as it was noted in this context that the Structural Reforms Program aims to increase the gross domestic product at rates that exceed the growth of debt, and enhance the ability to repay external debt.
Advisor Muhammad Al-Homsani explained. Today’s meeting reviewed developments in external debt and indicators of its sustainability during the fiscal year 2024/2025, where it was confirmed that the ratio of external debt to GDP during this period remained within safe limits, and it was also confirmed that the debt stock did not exceed the specified ceiling as a percentage of GDP.
