Foreign inflows into Egypt’s debt fall below $19bn: FinMin

Total foreign holdings of Egypt’s sovereign debt reached below $19 billion now, said Egyptian Finance Minister Mohamed Maait on Sunday.

The current situation in Egypt is not suitable to enter the global markets, Maait further told Enterprise.

However, we will keep an eye on the overseas markets before taking any decision, he added.

A government source said last week that the government had succeeded in reaching a new agreement with the World Bank to finance Egypt’s economic reform programme with $2 billion.

It is worth noting that outflows from the Egyptian debt instruments have risen to its highest level in a year over the past week to a range between $4 billion and $5 billion amid a global selling wave in the emerging markets.

The minister indicated that the government aims to obtain long-term soft loans from financing entities to plug a part of the funding gap this year.