Egypt Raises $4bn Bond, Posts $10.4bn 2H18 Deficit

Egypt raised $4bn in international bonds on 20 February, the country’s largest issue since a similar $4bn a year earlier ( MEES, 16 February 2018 ). Egypt raised a further €2bn ($2.5bn) last April.

The finance ministry says the bond will help plug the country’s budget deficit which was E£186.7bn ($10.4bn) for the first six months of the 2018-19 financial year (July-December 2018), more or less unchanged from the E£187.3bn ($10.6bn) for the first half of the previous 2017-18 financial year.

The 1H 2018-19 figures suggest that Egypt is likely to post a significantly lower deficit for 2018-19 as a whole than the E£438.6bn ($25.4bn, 8.4% of GDP) budget figure ( MEES, 20 April 2018 ). (CONTINUED - 487 WORDS)

DATA INSIDE THIS ARTICLE

chart Egypt's Foreign Reserves Bounce Back In January To Record $44.6bn After Dip In December ($Bn, End Period)