Egypt tasks 7.1% enhance in debt financing wants in 2021/22 By Reuters

© Reuters. FILE PHOTO: A view of town skyline and River Nile from Cairo tower constructing within the capital of Cairo CAIRO (Reuters) – Egypt expects its debt financing must rise by 7.1% to 1.068 trillion Egyptian kilos ($68.1 billion) within the monetary 12 months that runs to June 2022, in accordance with a replica



© Reuters. FILE PHOTO: A view of town skyline and River Nile from Cairo tower constructing within the capital of Cairo

CAIRO (Reuters) – Egypt expects its debt financing must rise by 7.1% to 1.068 trillion Egyptian kilos ($68.1 billion) within the monetary 12 months that runs to June 2022, in accordance with a replica of the draft finances seen by Reuters.

The federal government projected elevating 66 billion kilos of this by promoting worldwide bonds, down from 72 billion kilos this 12 months, the draft finances stated.

The cupboard authorized the draft, which targets a finances deficit of 6.6%, on March 24, however the doc nonetheless must be authorized in parliament.

“If they can obtain that it will be very optimistic,” stated Allen Sandeep of Naeem Brokerage. “The deficit goal of 6.6% is a pointy discount from the goal of seven.8% this 12 months and the precise deficit of seven.9% in 2019/20.”

The federal government projected its gas subsidy invoice would drop by 35% to 18.4 billion kilos, whereas tax revenues had been projected to extend by 1.9% to 983 billion kilos.

Egypt, typically the world’s largest wheat purchaser, additionally projected it will present 8.6 million tonnes of the grain to the general public, of which it deliberate to import 5.1 million tonnes.

The draft finances tasks a mean rate of interest of 13.2% on home treasury payments and bonds, down from 14% this 12 months.

($1 = 15.7000 Egyptian kilos)

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