February 11, 2020 / 10:58 AM / 12 days ago

Egypt's net government debt issues increase 12% in first half of 2019-20

CAIRO, Feb 11 (Reuters) - Egypt’s net government debt issues increased by nearly 12% in the first half of the 2019-20 fiscal year to 513 billion Egyptian pounds ($32.74 billion) from 460.1 billion in the same period a year earlier, a finance ministry report showed.

The government expected to increase its domestic borrowing in the 2019-20 budget which started in July by 45% to 725.156 billion pounds. The first-half borrowing exceeded 70% of that target, said the semi-annual report issued on Monday.

Egypt issued bonds worth 422.6 billion pounds in the first half of the current fiscal year, up by 31% compared to 323.6 billion pounds in the same period a year ago, according to the report.

It also issued T-bills worth 90.4 billion pounds during the first half, down by 34% compared to 136.5 billion pounds in the same period a year ago. ($1 = 15.6700 Egyptian pounds) (Reporting by Ehab Farouk, Writing by Mahmoud Mourad, Editing by Ed Osmond)

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