March 21, 2019 / 3:49 PM / 9 months ago

Egypt targets debt-to-GDP of 89 pct - presidency

CAIRO, March 21 (Reuters) - Egypt is targeting a debt-to-GDP ratio of 89 percent in the 2019-2020 financial year, the presidency said in a statement on Thursday.

The 2019-2020 draft budget targets 6 percent GDP growth, the statement said. Finance Minister Mohamed Maait said on Tuesday that Egypt is targeting GDP growth of 6.1 percent.

The government targets cutting its budget deficit from 8.3 percent to 7.2 percent, the statement said. A preliminary finance ministry budget draft released in November had set the budget deficit target at 7 percent.

The draft budget aims to create 800,000 to 900,000 new work opportunities “through supporting the industrial and export sectors,” the statement said. (Reporting by Yousef Saba; Editing by Toby Chopra)

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