Minister of Finance, Ahmed Kouchouk, affirmed that people's concerns about debts are "taken into consideration" and everyone should be assured, as the Ministry started to reduce the debt of domestic product to 85.6% last June.

 

In a press conference, the Minister said that the Ministry will continue to reduce the external debt of budget bodies from USD 1bn to USD 2bn annually, pointing out that a strategy has been adopted to improve the indices of government debts as well as to maintain investors' confidence. 

 

Kouchouk added that we are committed to diversify the sources, tools and markets of finance to meet the needs of budget at the lowest cost, to extend the maturity dates and reduce dependency on short term finance tools, to deal in a resilient manner to reduce the risk of finance and expand in inventive instruments, in addition to converting part of debts into investments in order to achieve the highest economic developmental return. 

 

The Ministry stated that there is an annual ceiling for public government debt and government collaterals to enhance economic governance, pointing out that any exceptional revenues are directed to lower the rates of debts of domestic products.