Egypt to issue international bonds and diversify currency to hedge against risks

Egyptian Finance Minister Mohamed Maait announced on Monday that his country intends to issue international bonds worth between US$3-7 billion during the current fiscal year 2019-2020.

Speaking on the sidelines of the Euromoney conference in Cairo, Maait stressed there is a tendency to diversify bond issuance currencies to achieve hedging. The finance minister denied speculations on the government’s tendency to impose new payroll taxes in amendments to the stamp tax law.

Maait also denied imposing new taxes (as part of amendments to the stamp tax law) on electricity consumption bills, whether for homes or factories.

Edited translation from Al-Masry Al-Youm

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