I wonder what new the government is doing to reduce the public debt. Has it adopted new policies to overcome this dilemma? When will we reach zero debt? We will tell you all the details in this video, so follow us until the end.
In recent hours, Finance Minister Ahmed Kojak said that the ministry is now seeking in every way to take measures that will contribute to confronting the current economic challenges and reducing foreign debt.
He also stressed that reducing debt will be achieved through improving the management of the state’s public finances, which means increasing the efficiency of tax collection and increasing revenues for services provided to citizens.
In terms of numbers, Egypt’s external debt declined to 152.885 billion dollars at the end of last June, compared to 168.034 billion dollars at the end of last December, at a time when the external cash reserve increased to 46.6 billion dollars by the end of August 2024, an increase of more than 11.2 billion dollars during the last 6 months.
For this reason, the Ministry of Finance has identified 4 axes to achieve this goal, all of which are compatible with the government’s programme, the first of which is achieving successes and creating a real partnership between revenue departments such as taxes, the business community and financiers, and its goal is primarily to achieve a state of improvement and address the problems that will ultimately result in achieving success. It is in the interest of the economy and will contribute significantly to reducing debt.
This means that the government is now in the process of improving financial conditions through distinct financial policies, such as improving financial discipline, and the Planning and Budget Committee in the House of Representatives and the Ministry of Finance are also partners in the reform process undertaken by the Ministry, so that it can achieve the desired goal and implement the reform program in a proper manner. Complete and with a high success rate.
The second axis that the Ministry of Finance is working on is following balanced financial policies and achieving financial discipline, and this has a very big role in strengthening the economic sector and the production process and encouraging the local industry, which if it stands on its own two feet, we will be in a completely different place.
The third axis in the Ministry of Finance’s plan is to reduce debt, and this is the priority now, whether it is internal or external debt, so that the country’s economy smells itself again, and we start a new page.
The fourth axis is strengthening social protection and raising the citizen’s standard of living, which everyone is waiting for in the coming period, and the government is also working on it seriously and rapidly, so that we can see its results as soon as possible.
All of these axes, which were determined by the Ministry of Finance, are of course aimed at expanding the contributions of businessmen, strengthening the Egyptian economy and Egyptian productivity, and strengthening the sectors of industry, agriculture, and trade, and all the fields that we are working on now. All of this will also contribute to the strength of the economy, improve the living of the Egyptian citizen, and achieve all of our great ambitions. It is possible that in a very few years we will reach zero debt if we implement these policies.
