The International Monetary Fund head of delegation for Egypt, Chris Jarvis (L), Egypts Minister of Finance Amr al-Garhy (C) and Central Bank of Egypt chief Tarek AmeR (R) attend a joint press conference in Cairo on August 11, 2016.
IMF has reached an initial agreement with Egypt for $12 billion in funding over three years, the fund said. The Egyptian government hopes the deal will provide a lifeline amid a dollar shortage, dwindling foreign reserves and an economy battered by years of unrest.
/ AFP PHOTO / STR
Egypt aims to issue dollar-denominated Eurobonds worth $6 to $7 billion in the 2018/19 fiscal year that begins in July, finance minister Amr El Garhy said on Wednesday.
Egypt this week raised $2.46 billion in a euro-denominated bond sale with maturities of eight and 12 years at rates of 4.75 and 5.625 percent respectively.
As part of a drive to plug its budget deficit and boost dollar holdings, Egypt also sold $4 billion in dollar-denominated bonds in February.