Egypt's external debt reaches $45 billion

Egypt's Minister of Planning Ashraf el-Araby Egypt's Minister of Planning Ashraf el-Araby announced on Monday that the country’s external debt has reached $ 45 billion, adding that the governments will re-asses the economic situation in Egypt.
El-Araby said in a press conference that the current interim government is working towards achieving social equality, noting that there will be no increase of taxes during the coming period.
He revealed that a committee tasked with developing the economic performance has already met to discuss a report on ways to improve Egypt’s economic and social situation.
He added that the prime minister has asked the ministers of planning, finance and investment to coordinate with other ministers to prepare a first draft of the report by the end of this month.
El-Araby said that the government has developed long-term strategies to improve the current situation, adding that they would initially focus on urgent plans adopted by the government during the transitional period.
El-Araby highlighted the need for confronting the issue of the budget deficit that reached 14 percent of the GDP on June 30. He said the government will work towards developing economic growth, adding that they are aiming to achieve a 3.5 percent growth during the current financial year.