Egypt to raise 7B EGP in T-bills Thursday
Central Bank of Egypt -YOUM7 (Archive)

CAIRO: The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is scheduled to auction 7 billion EGP ($918.14 million) in treasury bills Thursday, according to the bank’s official website.

The T-bills are to be offered in two installments; the first valued at 3 billion EGP with a 182-day term, and the second worth 4 billion EGP with a 364-day term.

Egypt’s government had earlier stated that it would borrow 455 billion EGP during fiscal year FY2014/15 (to end June 30,) to fill a soaring budget deficit that amounted to 12.8 percent in FY 2013/2014, and forecasted to reach 10.8 percent of GDP by the end of  this fiscal year.

Last week, Egypt’s cabinet approved an initial draft of the state budget for the new fiscal year 2015/2016 (to start July 1) with a deficit projected to reach 281 billion EGP (9.9 percent of GDP.)

The draft has yet to be submitted to President Abdel Fattah al-Sisi for ratification.

Minister of Investment Ashraf Salman said earlier in April that the government is working on slashing the budget shortfall to eight percent of GDP in the coming four years, Youm7 reported.

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