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Egypt domestic lending to finance deficit
- Egypt: Sunday, July 05 - 2009 at 10:26
Egypt's Finance Minister Youssef Boutros-Ghali has said his country expects to finance its mounting budget deficit through domestic borrowing rather than issuing foreign bonds. 'At present the foreign bond market is not suitable,' he has said. According to central bank figures, Egypt's total domestic debt at the end of March was $134bn and foreign debt stood at $30.88bn, putting total debt at the equivalent of almost 90% of the country's gross domestic product.
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StaffSunday, July 05 - 2009 at 10:26 UAE local time (GMT+4)
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