Egypt local markets to cover 90% of budget deficit, deputy finance minister says

Arab News
An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt. (Reuters)
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  • Egypt favors long term instruments this year
  • Bonds issued with maturities of 3 to 15 years

RIYADH: Egypt’s Ministry of Finance plans to cover as much as 90 percent of the upcoming budgetary requirement from local debt sales.
Cairo will also look to extend existing debt maturity dates, Asharq Business reported, citing Ahmed Kujok, deputy finance minister.
Since early 2021, all of the country’s domestic debt sales have been long-term instruments.
The country issued local bonds with maturities of between 3 and 15 years, said Kujok.
The discovery of vast gas reserves off the Egyptian coast has revived the country’s economic fortunes and made it less reliant on foreign aid.