The US investment bank Goldman Sachs revealed that Egypt's need for borrowing will decline significantly in the second quarter of this year, due to the collection of record financing in the first quarter, and the proceeds of the capital wisdom investment deal with the UAE, expecting continued downward pressure on yields.
The Egyptian Ministry of Finance issued EGP 1.8 trillion worth of domestic debt in the first quarter of 2024, almost half of which was in March after the devaluation of the currency on the sixth of the same month.
The ministry received about EGP 240 billion in proceeds from the first installment of the Ras El Hikma deal from the UAE. In contrast, estimates of total financing needs of EGP 1.1 trillion, including the budget deficit as well as the extension of domestic debt, represent a large amount of surplus financing in the first quarter.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
