Cairo – Mubasher: Egypt’s financing needs for fiscal year 2020/2021 amount to EGP 987.66 billion, compared to EGP 820.7 billion in FY19/20, according to a report released by the Ministry of Finance.
The overall budget deficit is seen at EGP 432.09 billion for the coming fiscal year, the report showed.
In addition, the most populous Arab nation will need EGP 519.29 billion and EGP 36.27 billion to meet local and external debt payment obligations, respectively.
The new budget will be financed through foreign borrowing by the issuance of USD-denominated bonds valued at EGP 66 billion and local borrowing of EGP 921.6 billion.
The finance ministry works on diversifying financing instruments and expanding into long-term borrowing.
