Egypt is targeting a growth rate of 5.7 percent of gross domestic product in its 2022/23 fiscal year, the Minister of Finance Mohamed Maait, said. Maait noted that the growth rate will gradually rise to 6 percent in 2024/25, achieving a primary surplus of 2 percent on average. The growth rate targeted will reduce total deficit to 6.1 percent in the fiscal year 2022/23, which will decline to 5.1 percent in 2024/25. Egypt aims to bring the debt-to-GDP ratio down to less than 90 percent in the fiscal year 2022/23, and to 82.5 percent by June 2025, he added. This is to be done by expanding the issuance of various medium and long-term government bonds, and targeting new instruments such as sukuk, sustainable development bonds, and green bonds. “We also aim to raise the standard of living of 60 percent of Egyptians, in a way that enables citizens to benefit from the economic growth, in a fair, comprehensive and sustainable manner,” Maait said.