Today, the accounts of the Ministry of Finance, at the Central Bank of Egypt, await the arrival of the value of Egypt’s proposed € 2 billion of international bonds in euros, which will be directed to the central bank to support foreign reserves. The cash equivalent in Egyptian pound will be directed to finance the activities of the state budget. This comes after Egypt, represented by the Ministry of Finance, succeeded in issuing international bonds worth 2 billion euros on two tranches (8-12 years) at good rates of return, which will be reflected on foreign reserve balances to Egypt with a new rise. The value of the offering was $ 2.46 billion from the sale of 8-year and 12-year euro bonds at 4.75 and 5.625 percent, respectively. The IPO was led by four European banks, BNP Paribas, Bank of Alexandria, Intesa São Paulo, Deutsche Bank, Standard Chartered Bank, Egypt, Egypt, Egypt, Egypt, Egypt, Egypt, Egypt, Egypt, Through the sale of dollar bonds worth $ 4 billion in February. It seems that the issuance of international bonds is the government’s goal to pay the budget deficit, where the Minister of Finance, Amr Al-Jarhi said that Egypt aims to issue international bonds denominated in dollars between six and seven billion dollars in the fiscal year 201-2019, which begins in July next, Egypt does not need to issue bonds this year. The government’s international bonds raise the country’s external debt. The Luxembourg Stock Exchange said that the debt was 103.3% of GDP by the end of June 2017, at the end of June 2013 representing 84.7% of GDP. To 86.3%, then rose again to 89% at the end of June 2015, reaching 96.9% at the end of June 2016. Egypt is committed to repaying 14.6 billion dollars in foreign debts and interest in 2018, and about 11 billion dollars in 2019, which is offset by external borrowing to pay these benefits, which has become a great burden on the state budget, reaching 540 billion pounds in the budget of Egypt For the next fiscal year 2018/2019, which represents over $ 30 billion. “The problem of debt structure is short, medium and long-term, which puts us in a great bind. Short-term debt is a large part of the total foreign public debt,” said economist Raed Salama. “The dollar is seeking to borrow, to repay what it borrowed in the past, as in bonds, for example, and this leads to the spiral of borrowing and its infernal circle, which can only be reached at a terrible price, which we never want. Salameh added that the increase in foreign currency debt has a very negative effect on the budget deficit, which is increased because of the increase in the value of the payment of debt service. In addition, the proceeds of the loans aim to pay the deficit of the budget and imports, not to productive projects with a material return that allows repayment Interest, and dependence on loans Egypt loses the independence of the political decision.