Egypt Daily News – The Minister of Finance, Ahmed Kouchouk, stressed the government’s approach in moving forward towards controlling external debt, noting: “The success in reducing the external debt this year by $3 billion compared to the previous year, which means that we are borrowing, but we are repaying more than we borrow, which leads to In turn, it reduces the debt.
This came during the plenary session of the House of Representatives, chaired by Counselor Dr. Hanafi Jabali, which witnessed the discussion of Presidential Resolution No. 573 of 2024 regarding the approval of the loan facility agreement for the macroeconomic support mechanism and the budget deficit worth one billion euros as a first stage between the government and the European Union.
A wide package of financing
Kojok said that the funding granted under the agreement is part of a broad package of funding, divided between grants, loans, and concessional financing for the private sector and the budget over a time frame linked to achieving a number of reforms, which is a continuation of the previous agreement with the European Union.
The agreement represents one of the most important stages of strengthening cooperation between Egypt and the European Union to support the sustainable development strategy – Egypt Vision 2030, and this partnership includes supporting economic and social development.
