The Central Bank of Egypt held four T-Bill auctions over the last few days, and sales amounted to EGP 55.4 billion, which will go towards plugging the budget gap.
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The administration announced the measure in a bid to address the international oil price slump. The country is highly dependent on oil exports.
Value apportioned in the budged to be invested is USD 5.5 billion, the lowest one since 2004.
The country’s budget announced this Monday predicts a revenue of USD 222 billion and a deficit of USD 50 billion.
There are provisions for major spending cuts and a fiscal deficit of just 0.6% of GDP. The country is shaken by mass protests prompted by deteriorating economic conditions.
The country’s fiscal deficit grew significantly narrower year-on-year in the first half, to USD 1.5 billion.
Such is the amount available for Brazilian federal companies to invest during the rest of 2019.
Government has increased from USD 12.7 million to USD 24 million the allocations to the Jordan Tourism Board, the national tourism marketing agency.
The country grossed USD 65.4 billion in revenue, with expenditure reaching USD 48 billion from January to March, leading to a USD 7.4 billion surplus.
