Arab Finance: Egypt has raised its funding needs for the budget of fiscal year (FY) 2023/2024 by 27% to EGP 2.14 trillion, with a focus on issuing treasury bills (T-bills) rather than treasury bonds (T-bonds), Asharq Business reported on May 9^th, citing an official document.

The country targets issuing T-bonds worth EGP 815.6 billion in FY 2023/2024, down from the current FY’s target of EGP 1.2 trillion.

It is also looking forward to increasing T-bills issuance by 157% to EGP 1.2 trillion from around EGP 476 billion in FY 2022/2023

The document also showed that the government targets increasing petroleum subsidies by 106% to EGP 119.4 billion in FY 2023/2024, while expecting food subsidies to shrink 2% to EGP 127.7 billion.

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