By: Heba Al-Kordi

Cairo – Mubasher: The Egyptian finance ministry has announced plans to increase government debt instruments by 28% year-on-year during the second quarter of fiscal year 2018/2019.

The ministry is looking to issue treasury bills (T-bills) at EGP 481 billion, as well as offer bond issues at a combined value of EGP 17.75 billion during the October-December period of this year, compared to EGP 389.25 billion in the same period a year earlier.

Egypt’s fiscal year begins in July and ends in June.

The North African nation is mulling over issuing debt instruments worth EGP 192 billion, EGP 153.5 billion, and 153.25 billion during October, November, and December, respectively.

The plan of the second-quarter debt offerings is considered the highest since the government started borrowing in 2005.

Egypt is planning to slash debt-to-gross domestic product  (GDP) by 92% this year, while the FY18/19 state budget aims to finance budget deficit with EGP 511.2 billion.

Translated by: Mohamed Hesham Azab