The CBE offered 91-day maturity T-bills with a total of EGP 8 billion due on 28 February 2023 and 273-day maturity T-bills worth EGP 20.5 billion due on 29 August 2023.

T-bills are an instrument used to plug the public budget deficit.

Minister of Finance Mohamed Maait said on Sunday that Egypt aims to cut the public budget deficit to only 4 percent; a figure that has not been achieved in 42 years, Minister of Finance Mohamed Maait said in October.

The International Monetary Fund (IMF) is set to review its mission’s report on Egypt in December in a meeting where it is expected to approve a new economic reform programme under its Extended Fund Facility (EFF) with a loan of $3 billion.

In October, the IMF and Egypt’s cabinet announced the reaching of a staff-level agreement for a new 46-month loan programme.

Egypt requested the loan in March in the wake of the Russian-Ukrainian conflict, which heavily impacted the Egyptian economy.

Egypt pledged to the IMF that it will attain an overall budget deficit of 6 percent of GDP and raise the initial surplus by 1.6 percent in the current FY 2022/2023, Minister Maait said on Monday.

During the Egypt Economic Conference in October, Prime Minister Mostafa Madbouly said that Egypt’s debt-to-GDP ratio is expected to reach 90 percent during FY2022/2023, and it recorded $155.7 billion by the end of FY2021/2022.

Egypt’s government has estimated the GDP for FY2022/2023 to be around EGP 9.5 trillion.

Moreover, the financing gap Egypt is experiencing during the current FY2022/2023 is estimated between $31 billion and $32 billion as a result of the Ukraine war.