Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Egypt projects borrowing needs will climb 7.1% in 2021/22

Economic IndicatorsApr 25, 2021 12:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo

CAIRO (Reuters) -Egypt expects its borrowing needs to rise by 7.1% to 1.068 trillion Egyptian pounds ($68.1 billion) in the financial year that will begin in July, according to a copy of the draft budget.

The government projected raising 66 billion pounds of this by selling international bonds, down from 72 billion pounds this year, said the draft seen by Reuters.

Finance Minister Mohamed Maait told parliament on Sunday that 2021/22 expenditure would be 2.46 trillion pounds. The budget was based on economic growth forecast at 5.4% - up from an estimated 2.8% this year - and inflation of 7%.

The budget forecast an overall deficit equivalent to 6.8% of gross domestic product, down from 7.7% this year, and a primary surplus of 5.1%.

"If they are able to achieve that, it would be very positive," said Allen Sandeep of Naeem Brokerage.

The government projected its fuel subsidy bill would drop by 35% to 18.4 billion pounds and its tax revenues would increase by 1.9% to 983 billion pounds.

Often the world's largest wheat buyer, Egypt also projected it would provide 8.6 million tonnes of the grain to the public, of which it planned to import 5.1 million tonnes.

The draft budget projects an average interest rate of 13.2% on domestic treasury bills and bonds, down from 14% this year.

($1 = 15.7000 Egyptian pounds)

Egypt projects borrowing needs will climb 7.1% in 2021/22
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Casino Crypt
CasinoCrypt Apr 25, 2021 1:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How will spiking German 10 year bond yields affect this ?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email