Prime Minister Mostafa Madbouly affirmed that there is currently no increase in electricity prices.
During a government press conference on Wednesday, Madbouly stated that the government aims to reduce domestic debt to levels Egypt has not seen before.
He added that a plan has been put in place by the Ministry of Finance, in coordination with the Ministry of Planning and the Central Bank, and that “we will achieve this, God willing.”
“We aim to reduce debt to 80 percent this current year,” he continued. “Foreign debt is also under control, and we set a cap for Egypt’s foreign debt every year.”
He concluded, “I want to reassure Egyptians that the hardest part is over regarding foreign debt. Last year, we had very large obligations, and today, thank God, we know the figures and we know how to pay off Egypt’s commitments.”
For the past few years, Egypt has been grappling with a significant foreign debt burden that has led to a severe foreign currency shortage.
This has caused financial strain, pushed up inflation, and put pressure on the government to meet its international financial obligations. The situation created widespread public anxiety and concern about the country’s economic future.
However, recent large-scale deals and foreign investments—such as the $35 billion Ras El Hekma development project with the UAE—have provided a crucial influx of foreign currency, giving the country a financial buffer and a more stable outlook.
