Cairo: Finance Minister Ahmed Kouchouk announced a reduction in the budget sector's debt as a percentage of GDP, dropping from 89.4% in June 2024 to 85.6% last June. Speaking at a press conference to present the 2024/2025 financial performance, Kouchouk emphasized that the government is working on a comprehensive strategy to further reduce budget debt indicators.

According to State Information Service Egypt, Kouchouk stated that Egypt's external debt had decreased by $4 billion over the past two years, signaling that the country has repaid more than it borrowed. Additionally, the average maturity of domestic debt extended from 1.2 years in June 2024 to 1.6 years by the end of the past fiscal year.

Kouchouk highlighted the achievement of a primary surplus of 3.6%, which allowed for increased spending in key sectors affecting citizens' lives. He also pointed out that the diversity and improvement in economic activity, along with stronger partnerships with the private sector, played a crucial role in managing revenue declines from the Suez Canal and the energy sector.

During the fiscal year, Egypt allocated EGP 642 billion for social support programs, marking a 12% annual growth. Of this, EGP 165.4 billion were spent on subsidizing food, a 24% increase, and EGP 43.2 billion were directed to social security and welfare initiatives, marking an 8-22% growth. Kouchouk also noted EGP 142.7 billion were directed to pension funds, alongside support for passenger transport and green transition efforts, which included EGP 3.1 billion for vehicle replacement and EGP 2.5 billion for public transport subsidies.