Egypt attempts to deal with budget deficit with the selling of sukuk

Egypt attempts to deal with budget deficit with the selling of sukuk
2.5 5

Published September 10th, 2012 - 11:37 GMT via SyndiGate.info

Rate Article:

 
PRINT Send Mail
comment (0)
Egypt is trying to reduce its deficit by the sale of sukuk and a loan agreement with the IMF
Egypt is trying to reduce its deficit by the sale of sukuk and a loan agreement with the IMF
More >
Cairo
,
Hisham Qandil
,
International Monetary Fund

Prime Minister Hisham Qandil said Egypt plans to sell sukuk, or Islamic bonds, after new legislation on the debt instrument is passed within three months, a step aimed at meeting the budget deficit.

Qandil, speaking in an interview in Cairo, said he had no further details on the possible issuance, which would be used along with sales of traditional domestic debt and international aid to meet the fiscal year's budget deficit of 135 billion Egyptian pounds ($22 billion), or 7.6 per cent of economic output.

A loan agreement of as much as $4.8 billion with the International Monetary Fund is expected to be completed by the end of November, he said. 

Advertisement

© Muscat Press and Publishing House SAOC 2012

Post new comment

The content of this field is kept private and will not be shown publicly.