Egypt to cap foreign borrowing at USD 14.3 bn in next fiscal year -Reuters report

Egypt to cap foreign borrowing at USD 14.3 bn in the next fiscal year? The government is aiming to limit foreign borrowing to USD 14.326 bn in its next 2019-2020 fiscal year, according to a government document seen by Reuters on Thursday. Egypt expects total foreign debt to reach USD 102.863 bn and aims to repay USD 10.326 bn to foreign lenders in the FY2019-20, according to the documents. An unconfirmed report last week suggested the Madbouly government had set a foreign borrowing cap of USD 16.733 bn for the current 2018-19 fiscal year and expects total foreign debt to reach USD 98.863 bn. The government will have to borrow USD 10.51 bn this fiscal year to meet external debt payments. The projections, which come as the Madbouly Cabinet begins working on next fiscal year’s budget, comes as the government prepares to issue foreign currency-denominated bonds later in the year or early next year and announce the details of its debt control strategy.