Egypt tasks 7.1% improve in debt financing wants in 2021/22 By Reuters

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© Reuters. FILE PHOTO: A view of town skyline and River Nile from Cairo tower constructing within the capital of Cairo

CAIRO (Reuters) – Egypt expects its debt financing must rise by 7.1% to 1.068 trillion Egyptian kilos ($68.1 billion) within the monetary 12 months that runs to June 2022, based on a replica of the draft finances seen by Reuters.

The federal government projected elevating 66 billion kilos of this by promoting worldwide bonds, down from 72 billion kilos this 12 months, the draft finances mentioned.

The cupboard authorised the draft, which targets a finances deficit of 6.6%, on March 24, however the doc nonetheless must be authorised in parliament.

“If they can obtain that it might be very constructive,” mentioned Allen Sandeep of Naeem Brokerage. “The deficit goal of 6.6% is a pointy discount from the goal of seven.8% this 12 months and the precise deficit of seven.9% in 2019/20.”

The federal government projected its gas subsidy invoice would drop by 35% to 18.4 billion kilos, whereas tax revenues have been projected to extend by 1.9% to 983 billion kilos.

Egypt, usually the world’s largest wheat purchaser, additionally projected it might present 8.6 million tonnes of the grain to the general public, of which it deliberate to import 5.1 million tonnes.

The draft finances tasks a median rate of interest of 13.2% on home treasury payments and bonds, down from 14% this 12 months.

($1 = 15.7000 Egyptian kilos)

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