Egypt’s Cabinet approved a plan to commence selling US$1.5 billion in international bonds with the aim of attracting new foreign capital, it said in statement on Tuesday.
The Ministerial Economic Committee that was held on Sunday based its approval on the desire to improve international ratings for the Egyptian economy, increase liquidity in international markets, and invest in Egyptian securities, according to Bloomberg.
Egypt's budget deficit rose by 63.7 percent to reach LE107.9 billion in 2014/15, compared to LE65.9 billion during the same five-month period of 2013/14.
Meanwhile, Gulf countries' aid to Egypt has declined by 98 percent during the July-November period in 2014/2015, recording LE700 million compared to LE36.8 billion over the same period last year, according to the latest report by the Finance Ministry.
Moreover, total government debt (domestic and external) reached LE1.9 trillion (95.5 percent of GDP) at end of June 2014, compared to LE1.64 trillion (93.8 percent of GDP) at end of June 2013.
