Coronavirus cases in Egypt surpass 1,000 milestone    Japan ready to give coronavirus-hit nations anti-flu drug Avigan for free    Norway may slash oil output if top producers also cut: Minister    More than 600 dead in New York state in a day from coronavirus    5G coronavirus conspiracy theory is dangerous fake nonsense, UK says    Egypt's Sisi puts off inauguration of New Administrative Capital, Grand Egyptian Museum to 2021 due to coronavirus concerns    Ahly's coach Weiler refuses to leave Egypt despite coronavirus    Ex-Man Utd striker Berbatov says Liverpool fully deserve title    Arab League chief renews call to stop fighting in Libya    Egypt: gold prices today – April 4    Sawiris Foundation donates 100 million pounds to Egypt's coronavirus battle    Egypt-Sudan joint electricity grid starts operations – ministry    Britain unlikely to lift coronavirus lockdown until end of May: Government expert    Gulf Air says transit open again via Bahrain for international travellers    Egypt shuts main cancer centre after 15 medics test positive for coronavirus    Egypt's Sisi discusses Africa's anti-coronavirus efforts in virtual summit    Age limit could be raised for Olympic football tournament    Trump fires intelligence official involved in his impeachment probe    Amazon to postpone Prime Day sales event due to coronavirus    Egypt's Zamalek to extend Carteron's contract after end of coronavirus    Comedy puppet Abla Fahita returns to screens during Egypt's curfew    J.K. Rowling starts Harry Potter At Home for housebound families    Broadcaster predicts Spain's La Liga restart in July with no fans    Apple to stop taking cut of some Amazon video purchases on App Store    Filling GERD will begin this rainy season: Ethiopian PM    Messi praises Egyptian footballer Mohamed Salah's style    Egypt's Supreme Council of Culture launches three new competitions    Freed from detention    Stay at Home: Culture in Your Hands    Captain Khan    Huawei to explore the ultimate potential on its Huawei P40 series    Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF    Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news    Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince    Saudi Arabia intercepts missiles over Riyadh    CBE temporarily regulates cash deposits, withdrawals    Lagging COVID-19 response to shield frail economy: Rouhani    Farwell to Egyptian comedian George Sidhom    Weekend's virtual concerts, plays, and festivals people can stream at home    Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable    Brazilian football stadiums transformed into hospitals to treat coronavirus patients    Stay At Home: Ministry of Culture to publish free books online for public browsing    What to watch to kill time in quarantine?    Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation    Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD    Al-Sisi appreciates Kenya's support to Egypt's stance on GERD    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    

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

Government intends to borrow EGP 475.5bn from domestic market in Q1 2018/2019
Finance Ministry floated debt instruments worth EGP 1.614tn in FY 2017/2018
Published in Daily News Egypt on 01 - 07 - 2018

Figures obtained by Daily News Egypt indicated the government's intention to expand the process of borrowing from the domestic market, to fill the chronic deficit in the state's budget significantly, during the last quarter of fiscal year (FY) 2018/2019.
According to those figures, the Ministry of Finance intends to offer bids for treasury bills (T-bills) and bonds worth EGP 475.5bn between July and September this year, making it the largest borrowing rate through debt instruments in Egyptian history.
A plan by the Ministry of Finance, obtained by Daily News Egypt, revealed that the government is targeting issuing T-bills worth EGP 433bn and T-bonds worth EGP 42.5bn.
The Central Bank of Egypt (CBE), which is carrying out the task on behalf of the government, is offering bids for T-bonds and bills worth EGP 182bn in July, another tranche of EGP 147bn in August, and EGP 146.5bn in September.
The CBE will float 91-day T-bills worth EGP 108.25bn, 182-day bills of the same value, 273-day worth EGP 105bn, and 364-day bills worth EGP 111.5bn, according to the plan.
The government's plan also includes the issuance of three-year bonds due in July 2021, worth EGP 8bn, another set of three-year bonds due in September 2021, worth EGP 4bn, and five-year bonds due in July 2023, worth EGP 12.5bn.
Moreover, the government will offer seven-year bonds due in August 2025, worth EGP 6bn, eight-year bonds due in July 2026, worth EGP 3bn, and 10-year bonds due in May 2027, worth EGP 9bn.
The government had borrowed about EGP 1.61tn through debt instruments throughout FY 2017/2018.
Between the months of July and September 2017, the government borrowed EGP 371bn, aside from EGP 389.25bn between October and December 2017, EGP 415bn between January and March 2018, and EGP 438.75bn between April and June 2018.
Bonds and bills are issued through 15 banks participating in the primary dealers' system in the primary market, according to an agreement between the government and banks since 2004. Also, these banks sell a portion of these bonds and bills in the secondary market, to individual investors, as well as local and foreign institutions.

Clic here to read the story from its source.