Sunday 16 January 2022
Books – Youssef Afifi:
Dr. Mostafa Madbouly explained the government’s philosophy and vision for dealing with the volume of internal and external debt, after she asked broadcaster Nouran Salam, on BBC Arabic, about how the government deals with the internal debt, which has reached 6 trillion and the external is 137 billion dollars.
Madbouly said in his interview with the “Without Chains” program on the “BBC Arabic” satellite channel today, Sunday: Any country whose economy is growing in the beginning, its sources of financing come from more than one party, part of which may be from internal or external borrowing; Until the economy gets stronger and is able to return these sums, saying: “All the Asian tigers started like this.”
And he added, that the largest economies in the world are the largest indebted economies, such as America and other countries in which the amount of debt is large, saying: “What concerns me is not the number of debt as a number, but its percentage of the GDP. We have studied almost all economic experiences.”
He explained, that with regard to the external debt, we are still within the safe limits, which is 32% of the GDP or less, and we are targeting lower numbers during the next 3 years, stressing: “Despite the enormous challenges, but our eyes are on the targets and how to achieve the path and economic growth by 6 and 7 percentages. % in the next 3 years and controlling the external and internal debt.