Cairo- Mubasher: The Central Bank of Egypt (CBE) will issue EGP 19 billion worth of treasury bills (T-bills) on Thursday in collaboration with the Ministry of Finance (MoF) to finance the country’s budget deficit.

The first tranche of the T-bills will be offered through 182-day notes at a value of EGP 9.25 billion, while the second tranche will be offered through 364-day notes at EGP 9.75 billion, the CBE announced on its website.

Foreign investments in government debt instruments have exceeded $17 billion as registered in May 2019, the CBE’s board member Fakhry El Fiky previously told Mubasher in a phone interview.

Net foreign investments in government debt instruments recorded $19.2 billion until mid-June 2019, Egypt’s vice-minister of finance for fiscal policies and institutional reforms Ahmed Kouchouk stated.

Furthermore, Egypt plans to cut the public debt of the Gross Domestic Product (GDP) to 92% in 2019, as the government budget for the fiscal year 2018-2019 targets a local financing of EGP 511.2 billion for the budget deficit.