Egypt will await greater market stability before eurobond issue: El-Garhy

Mohamed Samir
1 Min Read

Egypt will wait for further stability in the global financial markets before deciding on a eurobond issue, Egyptian Finance Minister Amr El-Garhy said at the third Annual Arab Fiscal Forum in Dubai on Saturday.

“We want to find the right time and we hope to do this in the next few days,” El-Garhy told Reuters.

Earlier in January, the Finance Ministry announced that the government plans to issue new international bonds worth between $4bn and $5bn.

The government plan came after two earlier successful bond issuings in January 2017, where the ministry launched three packages of bonds through which it managed to attract $4bn. On 10 November 2016, the ministry also launched bonds worth $4bn in a special listing on the London Stock Exchange.

On a different note, the finance minister said that inflation is currently on a good path.

Inflation, which had skyrocketed to 33% in July 2017 following the currency floatation that took place in November 2016, has started to decline recently, to reach 17.1% in January 2018.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: LinkedIn:
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