Al-Sisi reaffirms Egypt's commitment to African security, development at AU Mid-Year Summit    Dozens of Palestinians killed by Israeli fire near Gaza aid site    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Contact insurance arms, Germany's GIZ partner on SMEs, gender equity    Egypt and Italy mark 50 years of science partnership, discuss future cooperation    Egypt establishes Real Estate Market Regulation Unit to oversee sector transparency    Sri Lanka's expat remittances up in June '25    CBE's Abdalla attends Arab central bank governors' meeting ahead of Sept summit    Egypt's gold prices grow on July 13th    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico discuss environmental cooperation, combating desertification    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Interview: Egypt targets non-financial IMF deal by October – FinMin
Published in Amwal Al Ghad on 26 - 06 - 2019

Egypt seeks to conclude a non-financial agreement with the International Monetary Fund (IMF) by October maximum to replace a three-year loan deal that expires this month, Egyptian finance minister said in an interview.
The new deal may help the country remain an attractive market for foreign investors.
Officials are exploring the various IMF programmes Egypt is eligible for, Egyptian Finance Minister Mohamed Maait said in London, where he is attending the Bloomberg Emerging & Frontier Forum.
"We understand that we have to choose from different options," Maait told Bloomberg TV in an interview broadcasted on Tuesday.
When Egypt signed its $12 billion deal with the IMF in 2016, it was suffering from a crippling dollar shortage. Since then, it is attracted billions of dollars into its debt markets. A new deal, even if it does not come with loans attached, may help reassure investors that economic policy will stay on the current course.
The new programme, which could last about two years, would "support Egypt's vision for the coming period of enhancing growth and structural reforms," he said. "Hopefully by October we will get it done."
Egypt was able to return to the global bond markets in 2017, lowering the country's borrowing costs overseas as domestic interest rates jumped. The government has since issued more debt, including its first euro-denominated securities.
Maait said his ministry plans to raise between $4 billion and $7 billion in the financial year that starts July 1. The sales could include green bonds and Islamic sukuk as well as issuance in Chinese and Japanese currencies.
"I'd love to see that," he said. "I still have the cabinet approval for the green bond and instructions from the prime minister to consider the sukuk and what we call infrastructure bonds, and I am in talks with some of our advisers about sukuk in particular."
The minister also said the sales of green bonds, a way for issuers to raise money for environmentally friendly projects, could raise between $250 million to $500 million. A similar amount could be issued in Samurai and Panda bonds, Maait added.
Foreign investments in local debt have jumped by 50 percent since January to $18.7 billion, the Egyptian minister said.
Moreover, he expects local debt to conform with the requirements of the Euroclear clearing house by the end of 2019. The Egyptian government hedged against oil-price fluctuations in the current financial year and plans to repeat the policy in 2019-2020 budget.
Egypt secured IMF support after devaluing its currency, sending inflation to more than 30 percent. While price gains have eased considerably, planned cuts to energy subsidies have prompted the central bank to keep its benchmark interest rate at 15.75 percent.
Maait said Egypt, which had to rely on short-term Treasury bills for 95 percent of its local borrowing in the last financial year, is seeking to extend the maturity of debt as interest rates decline.
The share of bonds in Egypt's domestic debt has already increased to as much as 30 percent in the current fiscal year from 5 percent last year, he further told Bloomberg.


Clic here to read the story from its source.