CAIRO, Dec 24 (MENA) – Prime Minister Mostafa Madbouly said Egypt had begun a downward path in its debt indicators, noting that public debt had fallen to about 84 percent of GDP from 96 percent two years ago, and that the government was working to reduce it to levels not seen in five decades.
Madbouly said the economy was expanding and the state’s ability to manage debt was improving, adding that lower interest rates would gradually reduce debt-servicing costs and free up fiscal space for investment in priority projects such as universal health insurance and the “Haya Karima” rural development program.
Responding to questions from reporters at a press conference following the weekly Cabinet meeting, Madbouly said debt management was a top priority for the government and the economic team, and that the aim was to preserve positive economic indicators while avoiding, as much as possible, passing additional burdens onto citizens.
He said the government closely followed public debate and expert commentary on debt, including concerns about its impact on future generations, and reiterated that debt money had financed essential investments in electricity, housing, sanitation, transport, healthcare and education to rebuild the state after years of underinvestment.
Madbouly also said about 50,000 government employees were now working in the New Administrative Capital, helping streamline coordination between ministries, and that demand for housing units for relocated staff in the city had risen markedly, with more than 23,000 applicants requesting units.
He added that investor interest in redeveloping vacated government buildings in Cairo’s downtown area was high, with projects to be offered under usufruct partnerships via Egypt’s sovereign fund rather than through asset sales.
On the “Golden Triangle” development zone in Upper Egypt, Madbouly said the area’s rich mining and quarry resources — particularly phosphates — made it suitable for industrial and mining activity alongside tourism, adding that the government was considering investment proposals, including models in which investors help finance core infrastructure.
He also said amendments under discussion to the electricity law related only to penalties for power theft and had nothing to do with consumer tariffs, noting that electricity theft had cost the state more than 23 billion Egyptian pounds. (MENA)
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