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Sunday, 17 November 2019

Egypt inks deal with Euroclear Bank to upgrade public debt management

MENA , Saturday 19 Oct 2019
Egypt
Minister of Finance Mohamed Maait, right, signing the Euroclear bank's agreement in Washington on Saturday (Photo courtesy of Egyptian Cabinet)
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The Ministry of Finance has signed an agreement with the Euroclear Bank to improve public debt management.

The deal was signed on the fringe of the Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington.

Under the signed deal, the government debt instruments will be linked with Euroclear's local currency to help reduce public debt.

The government is moving forward with its economic reform policy and is working on meeting its financial targets, including bringing down debt-to-GDP ratios, Minister of Finance Mohamed Maait said in a statement on Saturday.

Governor of the Central Bank of Egypt (CBE) Tarek Amer and several members of the Egyptian Embassy in Washington witnessed the inking ceremony.

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