Minister: Egypt to issue Eurobonds by end of May

The Minister of Finance, Hany Kadry Dimian said Egypt intends to issue Eurobonds by the end of May 2015.

Egypt is currently revising the Sukuk Law to provide a new funding tool for the state budget, the minister added on the sidelines of the IMF and World Bank spring meetings in Washington on Sunday.

It is worth mentioning that Egypt aims to reduce the budget deficit to 10.5 percent in the 2014-2015 fiscal year and public debt to 80-85 percent in the coming three years.

Egypt's budget deficit increased by 50.5 percent to reach LE186 billion (8 percent of the Gross Domestic Product GDP) from July-February 2014/2015, compared to LE123.6 billion (6.2 percent of GDP) from July-February 2013/2014, according to the Finance Ministry.

Moreover, total government debt (domestic and external) reached LE2.1 trillion (89.3 percent of GDP) by the end of December 2014, compared to LE1.7 trillion (87.4 percent of GDP) at end of September 2013.

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