CAIRO – 2 August 2023: A number of participants at the Egyptian National Dialogue have suggested drafting a legislation to put a ceiling on public debt amid the global economic crisis and increased debt burden. According to an official statement by the National Dialogue on the public debt session on Tuesday, a number of speakers have also called for supporting small and medium-sized enterprises. They called for integrating informal economy into formal economy and reducing budget deficit by curbing expenditures and setting priorities. Assistant Rapporteur of the National Dialogue’s Public Debt Committee Abdel Fattah El-Gebaly noted that Egypt's public debt has risen to 113 percent of GDP. Despite demands for a legislation to put a ceiling on debt, National Dialogue Technical Secretariat Head Mahmoud Fawzy questioned the effectiveness of such law, noting that all countries borrow only when required.

Source: Egypt Today August 03, 2023 08:59 UTC