Egypt’s Minister of Finance Amr El-Garhy said that the latest interest rate hike of 300bps will increase interest payments in the budget by 5-6%, adding that it is not possible to quantify it precisely because of other moving factors such as FDI inflows. Interest payments on government debt amounts to EGP292bn. El-Garhy also said that the hike would not have a negative impact on the public debt, and that the country’s domestic and foreign borrowing cost would increase but in modest percentages, especially because interest rates globally are low, adding that the average interest rates are still in the safe range. (Al Borsa)