Egypt's debt service bill fell to LE 246B in 6 months

BY

-

Thu, 14 Jan 2021 - 03:58 GMT

BY

Thu, 14 Jan 2021 - 03:58 GMT

FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany/File Photo

FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany/File Photo

CAIRO – 14 January 2021: Minister of Finance, Mohamed Maait, revealed Thursday that the debt service bill of the budget decreased by 8 percent during the first half of the current fiscal year, to LE 246 billion during the period from July to December last, compared to about LE 267 billion in the previous year.

 

He stressed that the decline indicates the success of the Ministry of Finance's efforts in reducing the cost of financing due to financial discipline, diversifying funding sources, extending the borrowing life, reducing the risks of refinancing the existing debt due to the recent low interest rates on government borrowing tools, and the accelerated payment of high-cost debt instruments.

 

Maait pointed out that the Ministry of Finance succeeded in achieving the target commitment within the economic reform program with the International Monetary Fund to expand the issuance of long-term government bonds, to achieve a rate of approximately 85 percent of all government issuances by the end of the first half of the current fiscal year compared to a target of only 60 percent.

 

He said that this confirms the success of the Ministry of Finance in pursuing policies that would contribute to achieving the main objective of the economic reform program, which is the sustainability of the financial situation and the sustainability of low rates of debt reduction and service.

Comments

0

Leave a Comment

Be Social