Ministry of Finance appeal mass media to be accurate in Publishing any information

Establishing the principle of transparency abide by Ministry of Finance with all local and international mass media,...

Ministry of Finance appeal mass media to be accurate in Publishing any information Establishing the principle of transparency abide by Ministry of Finance with all local and international mass media, and correcting any untrue information circulated around Ministry of Finance borrowing of amounts ranging from 12 – 19 billion EGP per day, Ministry of Finance confirms that such information is completely unfounded.   Ministry of Finance indicates that the amounts borrowed don’t represent government net borrowing, but represent depreciations should be returned to investors and new borrowing. The depreciations represent 91% of total issuances, and the new issuances only represent around 9% from total issuance of government securities, this means that new borrowing only represents 9% from total of the Ministry of Finance’s issuances. This represents the actual borrowing to meet needs. The proof is that the total of government securities issuances for the third quarter (January – March) of 2014/2015 reach to 235.5 billion EGP, while depreciation is reach 209 billion EGP during the same quarter. The new borrowing represents less than 9% (8.8%) of total borrowing. Also worth noting that the average of new borrowing only reached to 4% of the total of government securities issuances during the last three years, since 2012/2013.