Egypt plans to borrow $ 47.9 billion in the next fiscal year

Egypt's finance ministry has estimated the financing needs (borrowing) in the next fiscal year 2019-2020 at 820.7 billion pounds (47.9 billion dollars), compared to 650.6 billion pounds (38 billion dollars) this year.

The financial year begins in Egypt in early July and will continue until the end of June of the following year, in accordance with the General Budget Law.

The ministry said in a report that it needs the funds to cover the total deficit and pay off domestic and foreign loans.

Egypt, which has been borrowing heavily from abroad since agreeing on an economic reform program with the International Monetary Fund in 2016, faces tough foreign commitments due over the next two years, as well as an increase in its oil import bill.

Egypt has commitments of about $ 24 billion worth of repayments over the next two years, according to central bank data, but analysts say a large part of this debt consists of low-cost loans from Gulf countries, and almost certainly will extend their time.

Borrowing plan
The ministry said it was borrowing 95.5 billion pounds ($ 5.5 billion) from abroad through the International Monetary Fund and issuing international bonds.

It will also borrow 725.1 billion pounds ($ 42.3 billion) domestically through issuing treasury bills and bonds.

Egypt's foreign debt rose to $ 93.130 billion as of September 2018, up 15.2 percent from $ 80.831 billion in the same month in 2017, according to central bank data.

The draft budget estimates total revenue at 1.134 trillion pounds ($ 66.2 billion) and expenditures at 1.574 trillion pounds ($ 91.9 billion) in the next fiscal year.

In the coming fiscal year, the Egyptian budget project estimates the price of a barrel of oil at $ 68, wheat home for $ 250.