The government will not prop up the budget with another agreement: official

Monday 09 July 2018 06:13 PM

Ahmed Kogk
Ahmed Kogk

By Ahmed Ashour  
Deputy Minister of Finance Dr. Ahmed Kogk ruled out that MF may  opt  to seal a deal with the Commercial International Bank and the Arab African International Bank in support of  the state budget fiscal year 2018/2019, replicating a EGP4.5bn program  that came to an end last year.   
" The government's statement disclosing that it seeks to get amount ranging between USD8bn to USD10bn in the fiscal year 2018/2019 refers entirely  to International Monetary Fund's last tranche worth USD4bn as well as to a forthcoming euro-bond sale ranging between USD4 to 6bn, as both  agreements  can fairly well meet the new fiscal year's funding needs,"  Kogk told Al-Mal newspaper in the sidelines of  ceremony marking the clinching of a USD15.4mln deal with the Japanese government financing a computerized system calculating the value-added tax.
The International Monetary Fund approved a few days ago a sixth tranche worth USD2bn  of a loan facility totaling USD12bn.