Egypt to raise $36bn in treasury bills, bonds

Egypt’s government intends to borrow 281.5 billion EGP ($36 billion) in treasury bills and bonds during the second quarter of fiscal year 2015/2016, Finance Ministry data showed.The figure marks an increase of 67 billion EGP, from 214.5 billion EGP planned a year earlier.

In the first quarter of FY 2015/2016, the Central Bank of Egypt raised around 263 billion EGP from the domestic market to cover the state budget deficit, which is projected to reach 8.9 percent of GDP in the revised budget for this fiscal year.

Egypt’s public debt is forecast to hit 2.55 trillion EGP in the current fiscal year, comprising 90 percent of the country’s gross domestic product (GDP,) data posted on the ministry’s website showed.