Egypt's Finance Minister Forecasts $2 Bn Revenue from Samurai and Panda Bonds by Year End 2023

Mohamed Maait, the Minister of Finance, revealed his expectation that Samurai and Panda bonds will attract financing worth $2 bn by the end of this year.

 He stated this during an interview with CNBC, explaining that Egypt follows 2 approaches to support its finances through issuance programs and financing schemes.

The Minister emphasized that Egypt has paid off $52 bn of its obligations and dues over the past 2 fiscal years, mentioning that the Egyptian Central Bank officially announced the commitments on Egypt.

Maait pointed out that Egypt's commitments during the first quarter of the current fiscal year have been fully paid, confirming that the strict policies adopted by central banks globally pose a challenge in terms of their impact on the state's general budget.

The Minister of Finance also highlighted Egypt's success in converting the general budget deficit into a continuous surplus over the past 2 fiscal years, mentioning that the expected growth rate for the new general budget is around 4.1%.