{"id":601746,"date":"2019-03-10T03:56:31","date_gmt":"2019-03-10T03:56:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/"},"modified":"2019-03-10T03:56:31","modified_gmt":"2019-03-10T03:56:31","slug":"egypt-begins-implementing-debt-reduction-strategy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/","title":{"rendered":"Egypt begins implementing debt reduction strategy"},"content":{"rendered":"

<\/a> The Finance Ministry has begun implementing its comprehensive debt reduction <\/b>strategy<\/b><\/a>, which aims to reduce debt to 80% of GDP by 2022, according to a ministry statement<\/a>. During a meeting with a delegation from the European Bank for Reconstruction and Development (EBRD), headed by first vice president Jurgen Rigterink, ministry officials reiterated the government\u2019s plans toprolong debt maturities<\/a>, outlined targets for growth and deficits<\/a>, and recapped status of the state privatization program, which kicked off earlier this month with Eastern Tobacco\u2019s secondary offering<\/a>.<\/p>\n

(An aside worth noting: The EBRD is looking to invest more in Egypt this year<\/b> after having provided EUR 1.2 bn-worth of financing for about 50 projects in 2018, Rigterink said, according to a ministry statement.)<\/p>\n

EXCLUSIVE- Egypt will issue 10- and 30-year bonds to cover interest due on 3- and 9-month treasury bills<\/b> in the fiscal year starting in July, a senior government official told Enterprise. The mechanism is part of the government\u2019s bid to reduce pressure on the budget, he said. \u201cWe have spoken to our international partners and found very high interest from foreign investors, domestically and internationally, in long-term securities,\u201d the source said, adding that the government is now targeting a budget deficit of 7% and GDP growth of 6.1% for the coming fiscal year.<\/p>\n

Background:<\/b> The ministry has been drafting the strategy<\/a> since last year. An initial draft of the FY2019-20 state budget that Finance Minister Mohamed Maait had presented to President Abdel Fattah El Sisi in January<\/a> set a revised debt target of 80-85% of GDP by the end of FY2021-22. Previously-issued guidelines for FY2019-20 had set a public debt target of 79.3% of GDP for that fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Finance Ministry has begun implementing its comprehensive debt reduction strategy, which aims to reduce debt to 80% of GDP by 2022, according to a ministry statement. During a meeting with a delegation from the European Bank for Reconstruction and Development (EBRD), headed by first vice president Jurgen Rigterink, ministry officials reiterated the government\u2019s plans […]<\/p>\n","protected":false},"author":1,"featured_media":601747,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[7106,104,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-economy","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"68c39a61-6ca7-47df-bbaa-a7819e8352aa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/292.jpg","photo_position":"above","related_issue":[601741],"teaser":"","voice_url":""},"yoast_head":"\nEgypt begins implementing debt reduction strategy - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt begins implementing debt reduction strategy\" \/>\n<meta property=\"og:description\" content=\"The Finance Ministry has begun implementing its comprehensive debt reduction strategy, which aims to reduce debt to 80% of GDP by 2022, according to a ministry statement. 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According to Kouchouk, the ministry\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604406,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/03\/egypts-debt-control-strategy-looks-to-reduce-public-debt-to-72-75-of-gdp-in-2021-22\/","url_meta":{"origin":601746,"position":2},"title":"Egypt\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP in 2021-22","author":"enterpriseam admin","date":"3 December 2018","format":false,"excerpt":"EXCLUSIVE- FinMin\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP by 2021-22: The Finance Ministry\u2019s comprehensive debt control strategy, which has been in the works since August, will aim to reduce Egypt\u2019s public debt to 72-75% of GDP by 2021-22 from 98% today, a senior government\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604459,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/finmin-looks-to-raise-egypts-average-borrowing-tenor-to-3-5-years\/","url_meta":{"origin":601746,"position":3},"title":"FinMin looks to raise Egypt\u2019s average borrowing tenor to 3.5 years","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"FinMin looks to raise average borrowing tenor to 3.5 years: The Finance Ministry is looking to extend the average tenor of the state\u2019s debt to 3.5 years from a current average of two or fewer by the end of FY2018-19, Vice Minister of Finance Ahmed Kouchouk said, according to Reuters\u2019\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597728,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/government-sets-usd-110-bn-cap-on-foreign-debt\/","url_meta":{"origin":601746,"position":4},"title":"Government sets USD 110 bn cap on foreign debt","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"EXCLUSIVE- The finance and planning ministries have agreed to set a USD 110 bn cap on foreign debt, a figure the government expects to reach within two to three years, a senior government official told Enterprise. Once we reach that mark, the government will move to cut its foreign borrowing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":625062,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/26\/well-call-off-bond-sales-until-yields-stabilize-maait\/","url_meta":{"origin":601746,"position":5},"title":"We\u2019ll call off bond sales until yields stabilize \u2013Maait","author":"enterpriseam admin","date":"26 September 2018","format":false,"excerpt":"**#2 We\u2019ll call off bond sales anytime yields get out of hand \u2013Maait: The Finance Ministry will continue to cancel auctions of domestic bonds so long as yields remain high, Finance Minister Mohamed Maait said on Tuesday. 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