Egypt- Government increases borrowing from domestic market to highest level ever during Q2 2017/18

Figures obtained by Daily News Egypt revealed the government's intention to expand the process of borrowing from the domestic market to fill the chronic deficit in the state budget significantly during the second quarter (Q2) of fiscal year 2017/2018.
According to the figures, the Ministry of Finance plans to issue treasury bills and bonds worth EGP 389.25bn between 1 October until the end of December, the largest borrowing rate for the government by means of debt instruments since the launch of these instruments on the market at all.

The country suffers from a deficit in the general budget estimated at EGP 379.6bn during the fiscal year (FY) 2016/2017, according to Minister of Finance Amr El-Garhy.

The Ministry of Finance's plan reveals that the government intends to issue treasury bills worth EGP 357.5bn and issue treasury bonds worth EGP 31.75bn.