Egypt’s Ministry of Finance will issue Sunday two treasury bonds totalling 3 billion Egyptian pounds ($340 million) to support the country’s state budget deficit.
On behalf of the central bank, the ministry will raise the first treasury bonds worth 2.5 billion pounds, to mature in five years. The second is valued at 500 million pounds, to mature 10 years.
Egypt’s total budget deficit rose by 18 percent in the first ten months of the current fiscal year 2015/16 compared to the same period of last year, to register 9.8 percent of the country’s gross domestic product (GDP), the finance ministry’s May bulletin showed Tuesday on its website.
From July to April the budget deficit amounted to 273 billion Egyptian Pounds with the country’s debt service (191.1 billion) significantly rose by 36 percent compared to the same period a year before making up more than third of the total expenditures.
