Egypt is looking at ways to reduce its dependence on borrowing from local banks because it is a burden on the economy, the finance minister said on Sunday.
The government, grappling with an economic slowdown and rising costs after a popular uprising, rejected an offer of IMF funds in June and has said it will rely on the local market to plug its financing needs.
But Egypt's banks are demanding higher yields at government debt auctions, so that yields at last month's Egyptian treasury bill auctions rose to their highest since the 2008 financial crisis. Traders have said they could rise further if the government does not secure external funding.
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