Only foreign investment can reduce the burden of public debt because Egyptian investment will not be able to raise growth in the meantime, said former Mubarak-era Finance Minister Youssef Boutros Ghaly, pointing out that the general budget deficit has prompted central banks to print currency that has no equivalent amount in gold reserves. He pointed out that the increase in the US dollar exchange rate forced Egyptians to depend on national products and to raise export rates. Rapid exchange rate developments indicate a greater risk, he added. He reiterated that the solution lies in attracting foreign investment to pump foreign currency on market. Economic growth rate in Egypt decreased from 120 percent to 65 percent over the past six years, the former finance minister said.

Source: Egypt Independent March 02, 2017 12:38 UTC