Egypt signs oil deals with global banks

CAIRO, SEPT 5 (SEE): Egypt signed contracts with two global banks to avoid fluctuating global oil prices, Reuters reported on Tuesday.

The Finance Ministry estimated that a rise of $1 per barrel would have a negative impact of about EGP 4 billion, or 0.08 %of GDP.

Egypt has estimated an average oil price of $67 per barrel in its full-year 2018-2019 budget while the current price of Brent crude is $79.

The total target deficit is 8.4 % in 2018-2019 at EGP 438.594 billion, compared with 9.8 % at EGP 431.081 billion in 2017-2018.