The Egyptian government will seek to raise LE262 billion from the sale of domestic debt in the first quarter of 2015/16 fiscal year, up from LE 217 billion planned a year earlier, in an effort to finance the budget deficit, data posted by the Finance Ministry showed.
The plan calls for selling notes worth EGP190 billion (72 percent) that mature in one year or less, with the remainder in maturities that range from 18 months to 10 years, according to the data.
Egypt sold LE248.9 billion of T-bills and bonds fourth quarter of 2014/15, according to the Finance Ministry.
Egypt's gross domestic debt recorded at almost LE2 trillion (86.1 percent of GDP) by end of March 2015, compared to LE 1.6 trillion (80.3 percent of GDP) by end of March 2014 according to the Finance Ministry.
Egypt's budget deficit in ten months to April rose to LE230.9 (9.9 percent of gross GDP), compared with LE163.3 billion (8.2 percent of GDP) for the same period last year
