The tender received 26 bids totalling $1.141 billion, with yields ranging from a minimum of 3.50 percent to a maximum of 4.25 percent and a weighted average yield of 3.57 percent.
T-bills are short-term government debt instruments, typically maturing within three to twelve months.
The CBE accepted 17 bids worth $961 million, at a minimum, maximum, and weighted average yield of 3.5 percent.
Egypt is seeking to diversify its financing sources to bridge its funding needs, as the government projects the public debt-to-GDP ratio will fall to 90 percent in FY2025/2026, compared with an average of 81–82 percent in recent fiscal years.
The International Monetary Fund (IMF) has raised its estimate of Egypt’s financing gap for FY2025/2026 from $5.2 billion to $8.2 billion.
For FY2026/2027, the IMF expects the gap to increase further, reaching $6.1 billion. Annual financing gaps for developing economies now range between $2.5 trillion and $4 trillion.
Egypt’s FY2025/2026 budget began with total financing needs of EGP 3.1 trillion, slightly below the previous fiscal year’s projected EGP 3.6 trillion. The latter marked an increase of around 28.5 percent from EGP 2.8 trillion in the preceding fiscal year. Total expenditure for FY2025/2026 is expected to exceed EGP 4.5 trillion.
Egypt has reduced its budget-sector debt-to-GDP ratio by more than 11 percentage points over the past two years and is targeting a further decline to below 80 percent by June 2027.
Debt service costs consumed more than 96 percent of total budget revenues during the first five months of FY2025/2026 (July–November). During the same period, taxes on treasury bills and bond yields rose by EGP 33.5 billion, or 25.1 percent, to EGP 167.4 billion.
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