The Finance Ministry completed drafting a comprehensive debt-control strategy spanning the next four years, in which it targets bringing down Egypt’s public debt to 80-85% of GDP by the end of FY21-22, a senior government official told Enterprise. According to the source, the strategy has been “significantly amended” to be more realistic and set a more comprehensive vision for how to achieve the targets it set out. Amongst the details, the strategy now includes the planned inclusion of the informal economy into the formal economy, which is expected to eventually raise GDP growth by more than 10%. The Ministry has referred the strategy to Cabinet for review and approval and will officially unveil details once it receives Cabinet sign-off. The new strategy caps Egypt’s Eurobond issuances at USD22bn until the end of FY21-22. The authorities would be allowed to take to market USD12bn of USD-denominated Eurobonds and another USD10bn-worth of bonds in currencies other than USD. A key component of the strategy is a shift to longer-tenor debt, which hopes to reduce Egypt’s annual debt servicing bill to 20% of GDP. Long-term debt should account for around 52% of Egypt’s borrowing by Jun 2022, according to the source.