Maait: No intention to issue bonds in int’l markets till end of current fiscal year

Minister of Finance Mohammed Maait announced that there are no intentions to issue bonds in the international markets until the end of the current fiscal year. During a press conference held Sunday, the minister added that the first tranche of the International Monetary Fund (IMF) loan will be disbursed after the IMF Board meeting. He pointed out that an agreement has been reached at the experts level regarding the necessary economic policies to successfully conclude the first and second reviews of the "Extended Fund Facility (EFF)" within the framework of the Egyptian economic reform program. He clarified that there will be an increase in the available financing from the IMF for the Egyptian program to reach 8 billion dollars instead of 3 billion dollars, over the duration of the program, and this amended agreement will be presented to the IMF Board of Directors before the end of the current month. He also noted that comprehensive reforms supported by the IMF program are expected to attract foreign direc t investment and enhance Egypt's export potential by increasing the competitiveness of the Egyptian economy. Source: State Information Service Egypt