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Egypt’s Ministry of Finance is issuing Monday treasury bonds worth 2.25 billion Egyptian pounds ($253.4 million), to fill the country’s budget deficit.
The ministry further said in a statement that it would raise three treasury bonds; the first is worth 1.5 billion pounds, to mature in 3 years. The second is at value of 500 million pounds, to mature in 7 years. The third auction will be zero-coupon bonds worth 250 million pounds, to mature in 18 months.
Ministry of Finance has estimated the country’s budget deficit at 319.46 billion pounds for the financial year 2016-2017.
