The first general report of the Planning and Budget Committee of the House of Representatives in Egypt revealed that the government’s public debt exceeded 6.3 trillion pounds, an increase of 13.7% over the previous year.
The document revealed the value of government public debt after clarifying the internal public debt and the external public debt, as the net final debt on 6/30/2022 amounted to about 6,308,555.7 million pounds, compared to about 5,547,453.8 million pounds, an increase of about 761,101.9 million pounds, an increase of 13.7%, compared to about 3,974,970.8 million pounds in the previous year. 6/30/2018, an increase over the five years amounted to 2333584.9 million pounds, an increase of 58.7%. Despite the large increase over the five years, it is necessary to look at the development of the gross domestic product over the five years and compare the debt.
The document includes the report of the Plan and Budget Committee, the final account of the public treasury budget, the final accounts of the budgets of public economic bodies, and the final account of the budget of the National Authority for Military Production for the fiscal year 2021/2022.
Regarding the Egyptian public debt, the report highlighted that the government’s external public debt exceeded 1.5 trillion pounds, an increase of 20% over last year.
The document revealed that the government’s external public debt on 6/30/2022 amounted to about 1526623.6 million pounds, compared to about 1267637.2 million pounds, an increase of about 258986.4 million pounds, an increase of 20.4%, and compared to about 844502.5 million pounds on 30-6-2018, an increase of 682121.1 million over the five years. EGP 808, and despite the significant increase over the five years, one must look at the development of the gross domestic product over the five years.
This article was originally published by RT.