This is part of a decade-long trend of increasing external debt for state projects.

Egypt recently secured an $8 billion IMF economic support package.

The Finance Minister projects a 2.8% GDP growth in FY2023-24, with expectations of 4.2% in FY2024-25.

Egypt's economy is expected to grow by 3% in 2024 according to IMF's forecast, which is an optimistic sign despite the country's increasing debt burden.

Finance Minister Maait reported that Egypt's financial indicators have exceeded budget estimates and targets in the past nine months of the fiscal year 2023-2024.

This success is due to international recognition of Egypt's economy for its better-than-expected performance metrics.

Non-tax revenues increased by 122.9% and tax revenues surpassed 1 trillion Egyptian pounds ($20.6 billion), marking a growth of 41.2% annually.

Egypt's Finance Minister, Maait, reported gains in the economy without adding new burdens on citizens or investors.

This success was attributed to increased mechanization to broaden the tax base and integrate the informal sector.

The Ministry of Finance engages with over 2,000 investment institutions yearly, with the Investor Relations Unit maintaining open dialogue and providing monthly performance data.

These documents offer precise economic data and a simplified guide to incentives, including tax advantages, to reassure foreign investors and address potential risks.

Egypt's urban consumer price inflation rate decreased to 33.1% in March from 36% in February.

Month-on-month prices rose by 10% in March, down from an 11.4% increase in February.

This comes after the central bank raised interest rates by 600 basis points and shifted to an inflation-targeting regime, allowing the exchange rate to be determined by market forces.