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Egypt may tap int’l bond market to raise $1.5 bln - FinMin

Egypt may tap int’l bond market to raise $1.5 bln - FinMin
Egypt could tap international bond markets to raise up to $1.5 billion next year to shore up its finances and is open to agreeing an International Monetary Fund loan package if needed, Finance Minister Hany Kadry Dimian said on Thursday.
"We are bringing the economy to the point of a strong take off and we are starting to see the signals," said Dimian in an interview for the Reuters Middle East economic summit.
"It's a very difficult situation and our starting point is not an easy one but our main mission in this government is to rebuild the confidence in the Egyptian economy."
Dimian said initial economic reforms had gone smoothly but acknowledged that Egypt may need to seek foreign borrowing.
"We are open to all different sources of financing with the magnitude that we choose and with the assessment to the appropriate timing that we can get into the market or to have access with the IMF," said Dimian.
"I think we will go first to the international markets before tapping IMF resources. That would depend again on whether we have a guarantee or we just go on our own. So if we go on our own I expect that we will be ranging between $1 to $1.5 billion as a first batch and this is to test the markets."
Moody's raised Egypt's credit ratings outlook to stable from negative on Monday, citing a more stable political and security situation and signs of economic recovery.