CAIRO – 24 May 2021: Gross domestic product (GDP) of the Egyptian economy in the current fiscal year 2020/2021 is expected to reach LE 6.4 trillion, according to Minister of Finance Mohamed Maait. He confirmed that the economic gains achieved by Egypt pushed the government to complete the development march, and to proceed with the implementation of structural reforms to strengthen the structure of the national economy. Capital Intelligence recently maintained Egypt's credit rating at the level of “B +” with a stable outlook. Fitch has praised the state budget project for the new fiscal year for adopting widely credible goals that enhance the government's fiscal and economic reform agenda, and reduce the debt burden in the medium term. He pointed out that the Fitch report expected a decrease in the total deficit to 6.7 percent of GDP by the end of June 2022, compared to 7.9 percent at the end of June 2021.

Source: Egypt Today May 24, 2021 11:13 UTC