Egypt Weighs Shift to Long-Term Borrowing to Finance Deficit
- Next foreign borrowing likely January-to-March next year
- Egypt’s finance minister speaks in interview in Washington
Photographer: Shawn Baldwin/Bloomberg
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Egypt is considering shifting away from costly short-term domestic debt toward longer-term borrowing, as falling interest rates provide cheaper options to finance the fiscal deficit, its finance minister said.
The government will increasingly rely on five- to seven-year bonds instead of Treasury bills that have shorter maturities and currently make up the bulk of local-currency borrowing, Amr El-Garhy said in an interview in Washington, where was attending spring meetings of the International Monetary Fund and World Bank.