PM: Govt started to reduce external debts

Prime Minister Mostafa Madbouli said the government has already started to reduce external debts in the past months, and intends to proceed with and stick to this approach in the medium and long term. This comes in light of the Egyptian state's commitment to paying off all due debt installments on specified dates, Madbouli added. The prime minister made the remarks during a meeting he held on Wednesday with Minister of Finance Ahmed Kouchouk at the government headquarters in New Alamein City. During the meeting, Madbouli said he attaches special importance to the file of reducing public debt-to-GDP ratios, Cabinet Spokesman Mohamed el Homosani said. The premier also emphasized that the government is committed to achieving financial discipline in a way that contributes to moving the budget institutions' debt-to-GDP ratios on their planned downward path. Meanwhile, the finance minister said he is working according to an integrated program to reduce public debt in the medium term, cut the cost of debt, dive rsify the base of investors, currencies and markets, as well as to prolong debt in order to enhance confidence in the Egyptian economy. Source: State Information Service Egypt