EXCLUSIVE – We have the government’s debt plan for FY2018-19: Egypt’s foreign debt obligations in the FY2018-19 budget appear to have fallen marginally to EGP 32.3 bn from EGP 33.3 bn, Finance Ministry sources tell us. The government is hoping to borrow EGP 714.6 bn next year, up from EGP 696 bn in FY2017-18. EGP 511 bn will be borrowed through local currency bonds and debt, while c. EGP 203 bn will be foreign denominated debt — either through bonds or through loans, including the IMF’s Extended Fund Facility, who will provide Egypt with EGP 70 bn next fiscal year. They added that the government plans to issue the equivalent of EGP 128 bn in foreign denominated eurobonds next fiscal year.

Meanwhile, the Oil Ministry is reportedly planning on paying international oil companies USD 200 mn in arrears in June (prior to the beginning of the new fiscal year), ministry sources said. The ministry’s arrears had dropped to USD 2.4 bn as of June 2017.