The Egyptian Finance Ministry issued timetable for issuing governmental securities within the fourth quarter of the current fiscal year of 2013/2014, so the total issues reach up EGP205 billion compared to EGP203 billion in the last quarter. The total issued value of treasury bonds reached around 30% and it is the same rate of the last quarter and this meets with the governmental debt strategy that adapted by the Ministry for the lifetime of debts in order to avoid any risks of refinancing. The Ministry commits with the issuing strategy which it adopted since 2009 and creating pilot points from issuing bonds for 3-and-5 year and 7-and-10 year in addition to, Zero Coupon treasury bonds for 15 years. The lifetime of governmental securities rose to 1.72 years in the current month against 1.55 in December 2013 and 1.33 in December 2012, due to the general debt policy in issuing highly rates of bonds against bills. It is expected that the debt will reach up 1.8 year by the end of the current fiscal year and this in case of proving all the other factors. The increasing of bonds rate is due to the Ministry's seeking to stimulate the liquidity of secondary market for the governmental bonds through boosting the offered bonds and thus decreasing the liquidity's premium thereby reducing the cost of such securities. The total borrow of government from local banks up EGP814.5 billion during the current fiscal year, which stresses on the indicators of public debt of EGP1.7 trillion by the end last December.
