Egyptian Finance Minister Mohamed Ma’it said the country will reduce its public debt to 92 per cent of the GDP in the budget of the current fiscal year 2018-2019, state-run Ahram newspaper reported on Saturday, reports Xinhua from Cairo.

“The government has enforced package of procedures to reduce the public debt to 92 per cent of the GDP compared with 98 per cent in the previous year,” the report said.

The new financial measures intended to increase the state’s public revenues and control the government’s expenditures, the minister said.