Egypt’s net government debt issuances 12% up in H1-2019/20

Egypt’s net government debt issuances rose by around 12 percent year-on-year in the first half of the 2019-20 financial year to 513 billion Egyptian pounds ($32.74 billion), a finance ministry report showed.

Last year, issuances stood 460.1 billion pounds.

The government expected to boost its domestic borrowing by 45 percent to 725.156 billion pounds in the 2019-20 budget which started in July. The first-half borrowing surpassed 70 percent of that target, said the semi-annual report released on Monday.

Egypt issued bonds worth 422.6 billion pounds in the first half of the current financial year, around 31 percent higher compared to 323.6 billion pounds in the same period a year ago, according to the report.

It also issued treasury bills worth 90.4 billion pounds during the first half, down by 34 percent compared to 136.5 billion pounds in the same period a year ago.

Source: Reuters