🇪🇬EgyptNorth Africa
Egypt aims to reduce external debt service and complete three state asset offerings by June
via Egypt Today2 min read
Egypt's Finance Minister Ahmed Kouchouk announced plans to lower external debt service for budget entities to 14.5 percent of total expenditure in the 2026/2027 fiscal year, down from 17.8 percent. The government also aims to reduce the outstanding external debt balance to approximately $77.5 billion. Kouchouk stated that three new state asset offerings are expected to be completed by the end of June to advance the state privatization program and stimulate investment. The overall budget deficit is projected to reach about 6.1 percent of GDP in the current fiscal year, declining to 4.9 percent next year. Egypt achieved a primary surplus of LE 749 billion in the first nine months of the current year, representing 3.5 percent of GDP, driven by a 35 percent increase in total government revenues and a 29 percent rise in tax revenues. The 2026/2027 budget is based on an assumed oil price of $75 per barrel and targets a 27 percent increase in tax revenues, aiming for LE 745 billion, without imposing additional burdens on citizens or businesses. The budget emphasizes "security and protection" for vulnerable groups, with total allocations for subsidies and social protection programs reaching LE 832.3 billion, an annual increase of 12 percent. This includes LE 175.3 billion for food subsidies benefiting over 60 million citizens and LE 55.3 billion for programs like Takaful and Karama. Additionally, LE 104.2 billion is allocated to support the electricity sector, LE 13 billion for housi
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This summary was AI-generated from a story originally published by Egypt Today.
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