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Interim Egyptian government borrowing at record high

February 8, 2014 at 2:47 am

Egypt’s post-coup interim government is borrowing at record high levels according to figures revealed by the Ministry of Finance in Cairo. In July alone, treasury bills amounting to 81.5 billion Egyptian pounds were issued, the highest figure for three years. Year on year, the figure for July 2013 exceeds those for 2010 (45 billion Egyptian pounds), 2011 (35 billion) and 2012 (71 billion).

The government announced its intention to issue treasury bills throughout the fiscal year amounting to two hundred billion Egyptian pounds in order to cover the deficit in the state budget, which is expected to amount to 197.5 billion. Treasury bills are one of the main tools used by the Ministry of Finance for government borrowing.

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