Cairo – Mubasher: Egypt is not seeking to obtain further financing from the International Monetary Fund (IMF) after the completion of the current $12 billion programme, the Egyptian finance minister said.
The North African nation is looking to be listed on JP Morgan Emerging Markets Bond Index by mid-2019 in a bid to boost foreign investments in debt instruments, Bloomberg reported, citing Mohamed Maait.
Maait noted that Egypt will be directed to the secondary bond market as it is looking forward to diversifying its sovereign debts, such as issuing Yuan-denominated bonds.
The government is expected to issue dollar-denominated bonds during fiscal year 2018/2019 to finance infrastructure projects, he added, pointing out that the Arab world's most populous country will not tend to sukuk until the next fiscal year.
The Ministry of Finance (MOF) is planning to launch a bid this month to pick up an investment bank to arrange the issuance of international bonds worth between $4 billion and $7 billion early 2019.
