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Egypt’s plan to borrow $4bn in 2018

MEMO

A source from the Ministry of Finance revealed Egypt’s plan for early 2018 to return to the international financial markets and borrow $4bn to cover a budget deficit.

The source told Bloomberg that the ministry may approach investment banks to choose advisers for the borrowing process. But he stressed that the ministry has not taken a final decision on this matter yet and pointed out that the timing and the amount depends on market conditions.

Finance Minister Amr Al-Jarhi said earlier this month that Egypt is planning to raise between $2bn and $4bn in the first quarter of 2018. Yet, given that borrowing costs exceed 15 per cent in the domestic market, the government plans to borrow from the international market.
Egypt faces a funding gap of $10bn in the current fiscal year, the source said.

The Egyptian budget deficit is about 11 per cent of the country’s GDP, and Egypt is classified at the “B3” level, according to the credit rating agency Moody’s. This rating is six degrees below the level of “investment,” according to the classification of the agency.
 

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