we aim to continue reducing external debt of budget bodies by around USD 1bn to USD 2bn annually

• we work on finalizing an integrated strategy for minimizing burdens of public debt on medium term
• Diversifying sources of local and external finance to cut the cost of debt as well as to elongate debt life
• Providing new diverse range of finance instruments and targeting to issue retail bonds and sukuk in local markets

 

 

Ahmed Kouchouk, Minister of Finance, affirmed that, in the new budget project for the next fiscal year 2025-2026, our target is to keep reducing debt rate of domestic product to 81% by end of June 2026, as well as to continue reducing external debt of budget bodies by around USD 1bn to USD 2bn on a yearly basis.

 

During his presentation of the financial statements for the next year budget 2025-2026 before People's Assembly, under the slogan " Budget for Growth, Stability and Partnership with Business Community", Kouchouk said: "we work on finalizing an integrated strategy for minimizing burdens of public debt on the medium term. We are keen on diversifying sources of local and external finance to cut the cost of debt as well as to elongate debt life, with a special focus on providing a new diverse range of finance instruments and targeting to issue retail bonds and sukuk in local markets.