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CAIRO, April 25 (Reuters) – Egypt expects its debt financing needs to rise by 7.1% to 1.068 trillion Egyptian pounds ($68.1 billion) in the financial year that runs July 2021-June 2022, according to a copy of the draft budget seen by Reuters.
The government is projecting sales of international treasuries worth 66 billion pounds in 2021/22, from 72 billion pounds in the current financial year, according to the budget.
The cabinet approved the draft, which targets a budget deficit of 6.6%, on March 24, but the document still needs to be approved in parliament.
The government projected its fuel subsidy bill would drop by 35% to 18.4 billion pounds, while its tax revenues were projected to increase by 1.9% to 983 billion pounds.
Egypt, often the world’s largest wheat buyer, also projected it would provide 8.6 million tonnes of the grain to the public, of which it planned to import 5.1 million tonnes. ($1 = 15.7000 Egyptian pounds) (Reporting by Nashat Hamdy; Writing by Aidan Lewis and Nadine Awadalla; Editing by Hugh Lawson)
