Cairo – Mubasher: Egypt’s finance ministry is looking to issue debt instruments worth EGP 146.25 billion in March as the yield on treasury bills and bonds declined over the past period.
The ministry is planning to issue T-bonds worth EGP 6 billion this month, in addition to T-bills valued at EGP 140.25 billion.
In January, the finance ministry had issued $4 billion Eurobonds with five-year, ten-year, and 30-year maturities.
Egypt seeks to cut borrowing cost through counting on Eurobond issuance instead of the country’s domestic high-yield debts.
The most populous Arab state plans to slash its general debt to the gross domestic product (GDP) to 92% in 2019.
The government aims to finance the general budget deficit of EGP 511.2 billion in fiscal year 2018/2019.
Egypt aims to issue EGP 409.6 billion T-bills and EGP 101.6 billion bonds in FY18/19.
