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Elham AbolFateh

Business

Government borrows EGP 146.5 billion in June to fund budget deficit

Saturday 01/June/2019 - 06:37 PM
Sada El Balad
Ahmed Moamar
The government seeks to borrow EGP 146.5 billion from the local banks in June.
They plan to borrow EGP 478.5 billion within the last quarter of the standing fiscal year which includes months of April، May and June.
Government sources said that those loans will be consecrated to control the budget deficit.

A report issued by Department of Public Debt at the Ministry of Finance revealed that the government is seeking to borrow through financial debt instruments such as bonds and treasury bills.
The Finance Ministry aims to raise 91،182،273،364 " worth EGP 140 billion from a total of 456.75 billion pounds over the last financial quarter.

The ministry said it would sell 91 days of EGP 34 billion out of a total of EGP 110.75 billion to be sold over the period from April to June.

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