Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) on Sunday said it will issue treasury bills worth EGP 9.5 billion in coordination with the Central Bank of Egypt (CBE) to finance the country’s budget deficit.
The offering will be divided in two, the first 91-day offering amounting to EGP 4.5 billion, while the second 273-day auction is worth EGP 5 billion, the ministry said on its official website.
The budget deficit for the draft general budget for the year 2016-2017 amounts to EGP 319 billion or around 9.8% of Egypt’s gross domestic product (GDP) against an expected deficit of EGP 251 billion, representing 8.9% of GDP, in the current fiscal year.
