Egypt Daily News – Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), stated that Egypt urgently needs to reduce its debt-to-GDP ratio and improve debt management, which would broaden the economy and enhance its ability to bear financial burdens.
Azour noted that improving the primary budget surplus encourages Egypt to continue deepening and increasing it. In the past fiscal year, Egypt achieved a primary surplus of approximately 6.3%, supported by inflows from the Ras El Hekma deal, valued at $35 billion.
Azour explained that reducing Egypt’s debt will require encouraging both local and foreign investment in development projects, which would in turn lower borrowing costs, a crucial and essential goal given the current global uncertainty.
He also emphasized that global shifts could represent an opportunity for Egypt, especially with the potential reduction of U.S. tariffs on Egyptian imports. This could help reposition Egypt’s global role, taking advantage of its strategic location linking East and West.
