Arab finance: Egypt has completed all necessary procedures to issue panda bonds in the Chinese market with an expected value of $500 million, Deputy Finance Minister for Fiscal Policies and Institutional Reform Ahmed Kouchouk told Alarabiya News August 30.e.
The Ministry of Finance hopes to enter the Chinese market for the first time before the end of the current fiscal year, Kouchouk added.
In addition, he discussed other financing alternatives, such as monthly issuance of local and international Sukuk and obtaining financing from international financial institutions.
Regarding the country’s negotiations with the International Monetary Fund (IMF), he said that the IMF is a long-term partner that has successfully concluded three programs with Egypt.
The talks with the IMF are positive, Kouchouk noted, adding that the value of the loan that Egypt aims to receive will be determined in light of the negotiations.
Furthermore, he pointed out that Egypt is seeking external financing of around $5-6 billion in line with the planned budget for the financial year 2022/2023.
The ministry is flexible in terms of setting the value of external financing within the framework of extending debt duration and the current average duration of external debt of 12 years, Kouchouk said.
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