Egypt’s Finance Minister, Mohamed Maait, has affirmed that the state is mobilising all its capabilities to flexibly and deal with the exceptional global economic circumstances. A legislative amendment to the Unified Public Finance Law will be implemented to incorporate these economic entities. The required return on Egyptian bonds in international markets has decreased by 50%, and the cost of insuring these bonds has also decreased. The Minister of Finance explained that the economic and structural reforms implemented by the government have achieved positive indicators over the past years. The Finance Minister also confirmed that the Egyptian government has adopted a strategy to diversify financing sources and reduce their cost by entering new global financial markets and offering facilitated financing instruments.

Source: Daily News Egypt February 12, 2024 17:51 UTC