Egypt is unlikely to tap the international bond market in the next few months despite a hefty budget deficit since political uncertainty would drive up costs and the government wants to size up what foreign aid it can secure.
The country's last eurobond, which was oversubscribed, was launched almost a year before President Hosni Mubarak was toppled on February 11. His government had been considering a new long-term issue.
But officials now say the government, which forecasts a budget deficit of nearly 9 percent in the 2011/2012 fiscal year, is in no hurry. Economists say it may not tap the market until November or later.
No comments:
Post a Comment