EXCLUSIVE- The government is planning to issue between USD 250-500 mn of Asian bonds during the current fiscal year, two government officials told Enterprise. The Finance Ministry was originally planning to issue between USD 500 mn and USD 1 bn of Asian bonds, the sources said. The government is still considering whether to issue the bonds in JPY, RMB, or KRW. Egypt will be required to insure the bonds prior to issuance and is currently in talks with Asian insurance companies, the officials said.

The government is trying to reduce its bond issuances: The government is looking to cut bond issuances this year to between USD 3-4 bn from USD 5 bn, the officials said. The Finance Ministry began earlier this year implementing a strategy to reduce debt to 80% of GDP by 2022.

Tags: