This came during the weekly meeting of the Egyptian Cabinet headed by Mostafa Madbouly, where he discussed many important files and issues.
According to Bloomberg, Societe Generale SA forecasts that the currency will gain another 4.5 percent to 15.35 per dollar in 2020.
The volume of international bond issuance put up by Egypt amounted to about $20 billion, in light of the developments recently witnessed by the economy, Amer said.
This comes in the framework of the company’s endeavor to diversify the sources of financing by entering the bond and sukuk market.
Premium International for Credit Services announced Sunday the closing of Egypt’s first short-term securitization transaction, worth LE 167 million backed by a portfolio of consumer card receivables in the total value of LE 184 million.
For the current fiscal year, the budget deficit is estimated to record LE 445.1 billionplanned to be financed through treasury bills and bonds and through international and Arab loans.
Egypt postponed the bond offering in 2018 after the emerging markets' crisis.
Sterling was also hit by a bout of Brexit blues after a round of votes in the U.K. parliament failed to produce any new plan to manage its divorce from the European Union.
The source added that the issuance is expected to be widely subscribed in light of global interest in Egyptian bonds.
Ma’it clarified that the upcoming issuance will be in currencies other than dollar or through new products.
We used to borrow to repay both maturing debt as well as to finance new debt,” Kojak said.
Egypt Today reviews the most significant indicators that Egypt achieved during July to December period of fiscal year 2018/2019.
Egypt has decided that Goldman Sachs, JP Morgan, HSBC and Citi Bank will manage the dollar-denominated bond issue, the ministry said in a statement.
He pointed out that the budget for the next fiscal year 2019/2020 aims to achieve a total deficit of 7 percent of GDP, to fall to 5 percent in fiscal year 20/21 and 21/22.
The authority determined, through the decision, which companies are entitled to issue and offer short-term bonds.
The board also set the key rules for any company or authority seeking to issue short-term bonds.
Egypt also takes into consideration issuing Samurai and Panda bonds during the upcoming 12 months.
In preparation for this step, the government is taking measures to guarantee that Egypt’s debt is suitable for inclusion over the next year.
The supply will fall short of a record week of $294 billion set in March but continues a trend higher since February.
"The outcome of the summit tells us something about the severity of the situation," said Jan von Gerich, chief analyst at Nordea in Helsinki.