Egypt sets annual cap for government debt after doubling in recent years ...Egypt

The Egyptian Cabinet on its weekly meeting on Thursday approved the activation of the Unified Public Finance Law to set an annual limit for the general government’s debt, including the government’s 59 economic entities. According to a government statement, the law will be activated by establishing dedicated units in the Finance Ministry, and dedicated accounting units in all economic entities. The law, first issued in February 2022 and substantially amended in March two years after its issuance, aims to set a ceiling for the debt of budget agencies and economic entities in Egypt, which cannot be exceeded except with the approval of the President, the Cabinet, and the House of Representatives

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