Egypt plans international bond issue next October: PM

Egypt is planning an international bond issuance worth $3 billion next October, Prime Minister Sherif Ismail announced on Wednesday.

The issue is to help reduce the state budget deficit which stood at 240 billion pounds in the current financial year budget.

Egyptian Prime Minister further said Wednesday that his country would negotiate with a delegation coming from the International Monetary Fund (IMF) getting a 7 billion U.S. dollars loan per year for three years.

Egypt has already started negotiations some time ago with the IMF, which will send a mission to the country next week, Ismail added.