He added that the debt of budgetary entities has already been reduced by around 10% of GDP over the past two years, despite the average debt level among emerging economies rising by 7% during the same period.
Additionally, more than 450,000 new or revised tax returns have been filed, declaring additional taxes worth EGP 54.76 billion.
According to the decision, published in the Official Gazette on Tuesday, the land will be used to help reduce the country’s public debt and to issue sovereign sukuk (Islamic bonds).
Between October and December 2024, the external debt service was split into around $1.86 billion in interest payments and approximately $11.49 billion in principal repayments.
The agency expects Egypt’s public debt to decline to 50.2% of GDP by FY 2033/2034, down by 12.5 percentage points from current levels, signaling improved fiscal sustainability and the effectiveness of ongoing reforms.
