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A report released by the Ministry of Finance for November confirmed the rise in public debt in late September, saying it hit 69.7% of the GDP or EGP1.23 trillion compared to about EGP1.01 trillion in the same period of 2011. The report attributed the rise in public debt to the growing number of bills and bonds issued to redress the deficit in the state's financial needs. Meanwhile, the Financial and Economic Committee of the Shura Council, in its initial report, warned that the public debt increase to over 60% of the GDP could pose a threat to the economy in general. The committee recommended setting up a higher council for managing the public debt to be affiliated to the cabinet.
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