Government Denies Issuing Dollar Bonds This Month

Egypt’s Ministry of Finance has denied a report published by CNBC Arabia on intending to issue dollar bonds soon.

The report quoted banking sources as saying that officials of the Ministry of Finance negotiated investors to raise $ 2-3 billion before the end of the current fiscal year that comes at June 30.

The sources indicated that that the issuance is expected to be in two slices, the first will be medium-range and the second one will be long-range.

They indicated that issuing of the bonds may be within the two coming weeks or before the end of June.

Dr. Mohamed Maiet, Minister of Finance, said yesterday afternoon that what is mentioned by CNBC Arabia is an unreal matter at all as his ministry doesn’t intend to issue international bonds before the end of the standing fiscal year.

Last February, Dr. Maiet excluded issuing new international bonds until the end of the current fiscal year at June 30.

The state’s public budget allows the government to borrow up to $ 7 billion through the instruments of the international channels.

The Ministry of Finance did not issue any bonds except little more than half of the amount of $ 3.75 throughout the current fiscal year last February to bridge the gap in the public budget.