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Central Bank of Egypt
External Position of the Egyptian Economy
During July/December 2008/09
Quarterly Report
Volume No. (24)
Central Bank of Egypt – External Position
Preface
The External Position of the Egyptian Economy Report is one of a series released by the Central Bank of Egypt (CBE) on a quarterly basis. It aims to make available to a broad readership of specialists and non-specialists a reasonable range of information on the performance of the country's external sector during the reporting period.
The series reviews the key developments in the main
components of Egypt's Balance of Payments (BOP). It also sheds light on the country's International Investment Position (IIP), external debt, external liquidity and recent exchange rate developments.
The report at hand, the twenty fourth in this series, covers the
first half of FY 2008/09. The Central Bank of Egypt posts this series, along with its other publications, on its website www.cbe.org.eg. Hard copies can be obtained from the Research, Development and Publishing Sector, 8th floor, 54 El Gomhouria street, Cairo.
Central Bank of Egypt – External Position
Table of Contents Page
Overview
Section I: Balance of Payments
BOP Performance. 1
1-Current Account 1
2-Capital and Financial Account 3
Section II: International Investment Position (IIP) 5
Section III: External Liquidity
A -Net International Reserves (NIR) 7
B -Net Foreign Assets of Banks 7
Section IV: External Debt
A -Breakdown by Type 9
B -External Debt by Creditor 10
C -External Debt by Debtor 10
D -External Debt Indicators 11
Section V : Exchange Rate Developments 13
Statistical Section: Appendix I
1-Balance of Payments 17
2- International Investment Position (IIP) 19
3-NIR & NFA of Banking System 20
4-External Debt by Type 21
5-External Debt Indicators 22
6-External Debt by Debtor 23
7-Exchange Rates 24
Appendix II
I- External Debt: Outstanding Stock 28-41
II- Medium-and Long-Term External Debt Service
42-54
III- Exchange Rates of the Currencies of External Debt versus US Dollar
55
Central Bank of Egypt – External Position
Overview
gypt's BOP during the first half of FY 2008/09, affected by the
global financial crisis, posted an overall deficit of about US$ 0.5 billion with the gross international reserves falling by an equal amount. This deficit is an outcome of a current account deficit of US$ 2.5 billion and a net inflow of US$ 2.0 billion in the capital and financial account. The current account deficit was attributed to the trade deficit, which exceeded the surplus in both the services balance and net unrequited transfers.
The capital and financial account net inflow was due to an inflow of US$ 4.0 billion in net Foreign Direct Investment in Egypt (FDI), and US$ 6.8 billion in net other assets and liabilities, whereas portfolio investment in Egypt recorded a net outflow of US$ 7.4 billion.
International Investment Position (IIP) (realizing net liabilities) declined over the past four years. Such improvement attests to the success of the reform process in Egypt, and the creation of better business climate. Egypt was chosen top reformer by the World Bank.
Egypt’s IIP at end of Dec. 2007 recorded net liabilities of US$ 8.3 billion, down from US$ 10.8 billion a year earlier.
Net international reserves (NIR) decreased by US$ 0.5 billion during July/December 2008/09, to reach US$ 34.1 billion at end of December 2008, covering 7.3 months of merchandise imports. However
during the report printing period, NIR registered US$ 33.1 billion at end of February 2009. Banks' net foreign assets amounted to US$ 11.6 billion at end of December 2008, down by US$ 11.5 billion from June 2008 level. Foreign currency deposits with banks fell by 1.2 percent, to post US$ 29.6 billion at end of December 2008. Their percentage to total deposits, however, remained the same as at end of June 2008 (24.1 percent). Egypt's outstanding external debt registered US$ 32.1 billion at end of December 2008, compared with US$ 33.9 billion at end of June 2008, decreasing by US$ 1.8 billion. The decrease was a result of a US$ 1.1 billion depreciation of the majority of other currencies versus the US dollar and a net repayment of US$ 0.7 billion. The external debt position continued to have a favorable profile, with 91.2 percent representing medium- and long- term debt. The public sector is the major obligor, carrying 94.5 percent of Egypt's external debt. External debt/GDP ratio dropped to 16.1 percent at end of December 2008, against 20.2 a year earlier. The weighted average rate of the interbank foreign exchange market reached pt 551.4 per US dollar at end of December 2008 compared with pt 533.3 at end of June 2008. Accordingly, the Egyptian pound exchange rate depreciated by around 3.3 percent.
E
Section I
Balance of Payments
Central Bank of Egypt – External Position 1
BOP Performance During first half of FY 2008/09
With the global financial crisis intensifying in September 2008, Egypt's balance of payments performance was negatively affected in the period Oct./Dec. of the FY 2008/09 to end up with an overall deficit of US$ 0.5 billion during July/Dec. 2008/09, against a surplus of US$ 3.1 billion a year earlier. The deficit was the outcome of a current account deficit and a net inflow in the capital and financial account. 1 - Current Account BOP current account realized a deficit of US$ 2.5 billion against US$ 0.3 billion a year earlier. The deficit was mainly attributed to a widening trade deficit of US$ 14.6 billion (7.3 percent of GDP) which exceeded the services surplus (US$ 7.5 billion or 3.7 percent of GDP) as well as net unrequited transfers (US$ 4.6 billion or 2.3 percent of GDP).
1.1: Trade balance The trade deficit, during July/Dec. 2008, widened by US$ 3.4 billion or 29.8 percent, as imports grew more than exports. Merchandise exports (FOB) grew by US$ 0.5 billion or 3.8 percent (6.7 percent of GDP) reaching US$ 13.6 billion. Oil exports decreased by 0.7 percent on the back of the decline in oil prices by over 60 percent, since its peak in July 2008. Merchandise imports (CIF) scaled-up by US$ 3.9 billion or 15.8 percent, to US$ 28.2 billion, as an outcome of a 19.4 percent increase in non-oil imports, to reach US$ 24.0 billion, and a 1.1 percent decrease in oil imports to US$ 4.2 billion. It is note worthy that 66.8 percent of the rise in non-oil imports was mainly due to the increase in intermediate goods.
Intermediate
goods
US$ 9.1bn
Investment Goods
US$ 6.7 bn
Raw Materials
US$ 3.6 bn
Consumer
Goods
US$ 4.8 bn
Undistributed
Imports
US$ 0.9 bn
Fuel & Mineral Oils
US$ 3.0 bn
Total Imports
US$ 28.2 bn
Current Receipts/Payments July/ December
4.0
0.2
-6.0
13.6 13.6
4.1
0.5
-28.2
-6.1
-24.4
13.1 12.8
-35.0
-30.0
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
Exports ServiceReceipts
PrivateTransfers
OfficialTransfers
Imports ServicePayments
US$ bn2007/2008
2008/2009
Exports
US$ 13.6 bn
Non-Oil 56.0 %
Oil
44.0 %
Natural
Gas 30.2%
Crude
Oil 27.7%
Oil Products
42.1%
Raw
materials
5.7%
Semi Finished Goods 14.2%
Finished
Goods 74.3%
Development Of main Items of Services Receipts
July/Dec.
5.75.6
4.3
2.72.5
2.0
0
1
2
3
4
5
6
7
2006/2007 2007/2008 2008/2009
US$ bn
Travel Suez Canal
Central Bank of Egypt – External Position 2 Export-import ratio dropped to 48.2 percent during the reporting period, from 53.8 percent in the corresponding period. 1.2: Services balance and transfers Services surplus (51 percent of trade deficit) improved by 10.7 percent during the first half of the FY 2008/09. Such surplus stemmed from a rise in receipts by US$ 0.8 billion or 6.0 percent, to reach US$ 13.6 billion, surpassing the increase in payments by US$ 47.2 million or 0.8 percent, to reach US$ 6.1 billion. Services receipts main components increased during the reporting period. Transportation receipts rose by 16.4 percent to US$ 4.3 billion or 2.1 percent of GDP, mostly due to a 8.1 percent pickup in the receipts of Suez Canal dues. However, these receipts fell by 13.4 percent during Oct./Dec. 2008/09 compared to July/September 2008/09. Travel receipts escalated by 2.8 percent to US$ 5.7 billion or 2.8 percent of GDP during July/Dec. 2008/09, as the number of tourist nights increased by almost 2.8 percent compared to July/Dec. 2007/08. However, it declined by 10.0 percent during Oct./Dec. 2008/09 compared with the same quarter a year earlier, and by 25.0 percent compared with July/Sept. 2008/09. Moreover, other receipts witnessed a 9.7 percent increase, recording US$ 2.0 billion due to the increase in receipts from commissions and agencies fees, legal consultation, computer services, and communications services. On the other hand, Investment income declined by 13.4 percent, reaching US$ 1.5 billion due to a decrease in interest on deposits abroad.
Services payments rose slightly as a result of an increase in Transportation payments by 10.7 percent to US$ 0.9 billion, due to the increase in transfers by foreign navigation and airline companies, and SUMED pipelines service; Travel payments by 1.3 percent, reaching US$ 1.5 billion, due to the increase in visa card payments, and pilgrimage; and other payments by 9.9 percent, recording US$ 2.3 billion due to higher payments for transfers by foreign companies, communications and computer services. On the other hand, Investment income decreased by 24.9 percent, due to the drop in profits transferred abroad by foreign companies, and the decline of interest on non residents deposits. Government Expenditure declined as well by 5.2 percent to US$ 0.6 billion.
Serv ices Receipts & Payments Items as a Percentage of Total Serv ice Receipts & Payments
July/Dec. 2008/2009
31.4
10.7
1.0
14.6 15.2
24.9
11.8 10.1
38.042.3
05
101520253035404550
Tran
spor
tatio
n
Trav
el
Inve
stm
ent
Inco
me
Gov
ernm
ent
Rec
eipt
s
Oth
er
Tran
spor
tatio
n
Trav
el
Inve
stm
ent
Inco
me
Gov
ernm
ent
Paym
ents
Oth
er
Services Receipts Services Payments
%
Central Bank of Egypt – External Position 3
Net unrequited transfers increased during July/Dec. 2008/09 by 9.9 percent to post US$ 4.6 billion or 2.3 percent of GDP, against US$ 4.2 billion or 2.6 percent of GDP a year earlier. The rise was attributed to an increase in net official transfers by US$ 0.3 billion, to reach US$ 0.5 billion, and a step up in net Private transfers by 3.0 percent ( mainly due to the increase in workers' remittances by 3.3 percent). Given the aforementioned develop-ments in the current account, most external balancing indicators have been affected as shown in the following figure:
2- Capital and Financial Account The capital and financial account’s net inflow of US$ 2.0 billion during July/Dec. 2008/09, (against US$ 3.2 billion a year earlier) was mainly attributed to the following:
A- Foreign investments in Egypt (direct and portfolio) realized a total net outflow of US$ 3.4 billion compared with a total net inflow of US$ 6.0 billion.
→Foreign direct investments (FDI) in Egypt achieved a net inflow of US$ 4.0 billion, or 2.0 percent of GDP (against US$ 7.8 billion, or 4.8 percent of GDP). The figure consisted of net greenfield investment of US$ 0.9 billion, net invest-ments in petroleum sector of US$ 2.8 billion, and US$ 0.3 billion proceeds of selling local assets to foreign investors (compared with US$ 3.5 billion, US$ 2.9 billion and US$ 1.4 billion, respectively).
External Balancing Indicators July/Dec.
98.499.0
211.6
53.8
91.292.7
222.5
48.2
0.0
50.0
100.0
150.0
200.0
250.0
MerchandiseExports/
MerchandiseImports
Service Receipts/Service Payments
Current Receipts/Current Payments
Current Receipts(excluding officialtransfers)/Current
Payments
%
2007/20082008/2009
Unrequited Transfers July/Dec.
0.2 0.2 0.5
2.7
4.14.0
0.0
1.0
2.0
3.0
4.0
5.0
2006/2007 2007/2008 2008/2009
US$ mn
Official Transfers Private transfers
Central Bank of Egypt – External Position 4
Breakdown of total FDI inflows by economic sector, excluding the petroleum, shows that manufacturing absorbed 9.5 percent, financial sector 3.9 percent, services 3.6 percent, construction 2.4 percent, tourism 1.7 percent, and agriculture sector 1.2 percent.
→ Portfolio investment in Egypt recorded a net outflow of US$ 7.4 billion (against US$ 1.7 billion), of which US$ 6.0 billion were net sales of Egyptian treasury bills, reflect- ing a substantial withdrawal of foreign investments from government securities; as investors sought to liquidate
their portfolios in most emerging markets to overcome the liquidity crisis in their domestic economies. Foreigners' net sales in the Egyptian stock market amounted to US$ 0.8 billion (against US$ 2.3 billion). Moreover, net transactions of banks and insurance companies in sovereign bonds and LE bonds issued abroad amounted to US$ 0.5 billion (outflow).
B- Net other assets and
liabilities registered an inflow of US$ 6.8 billion, compared with an outflow of US$ 2.3 billion a year earlier.
C- Medium - & long-term loans
and suppliers' credit revealed net repayments of US$ 1.1 billion, compared with US$ 0.6 billion, resulting from:
→ Higher repayments, amounting to US$ 1.4 billion, compared with US$ 0.9 billion.
→ Drawings maintained its pre-vious year's level of US$ 0.3 billion.
Net Foreign InvestmentsJuly/December
4.0
7.87.2
0.1
-1.7
-7.4
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
2006/2007 2007/2008 2008/2009
US$ bn
Foreign Direct Investment in EgyptPortfolio Investment in Egypt
Section II
International Investment Position (IIP)
Central Bank of Egypt – External Position 5
International Investment Position (IIP) End of December 2007 *
Introduction :
IIP is a statistical, end of period stock-based report, reflecting the country's external financial assets and liabilities of all resident sectors. The IIP is based on the BPM5, and mainly the same sources of data used to compile the BOP's financial account. The IIP is broken down into: foreign direct investment, portfolio investments, other invest-ments and reserve assets. The BOP and IIP statistics are closely related, with measuring transaction flows and measuring stock positions. The IIP is important as a: - Measure to the degree of financial
openness - Monitor to external debt - Indicator of external debt sustainability - Indicator of financial stability
Egypt’s IIP at the end of Dec. 2007 recorded net external liabilities (external financial assets of residents, minus external financial liabilities of residents) of US$ 8.3 billion, down from US$ 10.8 billion at end of 2006 and US$ 16.0 billion at end of 2005. Consequently, Egypt’s foreign assets represented 90.2 percent of its foreign liabilities. The said ratio has been rising progressively since the end of 2004, when it was just 62.3 percent.
Assets and Liabilities by Component: Assets increased by 24.0 percent from US$ 61.6 billion at end of December 2006 to reach US$ 76.4 billion at end of December 2007. The pickup resulted from larger foreign investment abroad by 73.8 percent (59.6 percent in direct investment and 14.2 percent in portfolio investments), other investments by 23.7 percent, and reserve assets by 23.9 percent. Liabilities to non-residents rose by 17.1 percent to US$ 84.7 billion. The rise was mostly due to the increase in FDI in Egypt by 29.7 percent, and in other investments by 10.3 percent, whereas portfolio liabilities dec-reased by 33.5 percent at end of Dec.2007.
* Released on September 2008 according to SDDS requirements.
International Investment Position (IIP) End of December
-90
-50
-10
30
70
2004 2005 2006 2007
(US $ bn)
Assets Liabilities net IIP
Breakdown of Assets by Component
0.020.040.060.080.0
100.0
2004 2005 2006 2007
Reserve assets Other investmentsPortfolio investments Direct investment
(US$ bn)
Breakdown of Liabilities by Component
0.0
20.0
40.0
60.0
80.0
100.0
2004 2005 2006 2007
Other investments Portfolio investmentsDirect investment
(US$ bn)
Central Bank of Egypt – External Position 6
Indicators : (US$ bn)
End of Dec. 2005 2006 2007 Assets 46.8 61.6 76.4 Liabilities 62.8 72.4 84.7 Net -16.0 -10.8 -8.3
At the end of December 2007, IIP net external liabilities represented 5.1 percent of Egypt’s GDP, down from 8.2 percent a year earlier, and from 14.8 percent at the end of 2005. Their ratio to NIR reached 26.3 percent, down from 41.3 percent at the end of 2006.
During 2004-2007 the gap between Egypt’s foreign assets and liabilities continued to narrow compared to other countries. Egypt had a modest net liabilities position among the major countries publishing data.
Net Assets of Major Countries: An International Comparison
(US$ bn) Country Year Assets Liabilities Net assets Ratio to GDP
(%) 2007 76.4 84.7 -8.3 -5.1Egypt 2006 61.6 72.4 -10.8 -8.2
Jordan 2007 13.1 28.2 -15.1 -67.9Japan 2007 610.5 360.3 250.2 48.5Germany 2007 824.1 716.5 107.6 26.4Canada 2007 136.4 154.4 -18.0 -10.2United Kingdom 2007 1472.2 1552.4 -80.2 -25.4China 2006 193.5 114.7 78.8 23.4France 2006 768.5 754.9 13.6 4.8Russia 2006 84.0 91.5 -7.5 -6.2Italy 2006 283.7 296.0 -12.3 -5.3United States 2006 1636.2 1938.2 -302.0 -19.2 - Available data in IMF- IFS report , for Jordan – CBJ Annual Report.
Egypt's net IIP to GDP & NIR End of December
-24.30-14.84 -8.24 -5.12
-73.0
-41.3 -26.3
-138.0-140.00
-100.00
-60.00
-20.00
20.00
2004 2005 2006 2007
Net IIP / GDP Net IIP /NIR
%
Section III
External Liquidity
Central Bank of Egypt – External Position 7
External Liquidity Developments
A- Net International Reserves (NIR)
uring July/December 2008/09, NIR decreased by US$ 0.5 billion, against an increase of
US$ 3.1 billion, to reach US$ 34.1 billion at end of December 2008. NIR, expressed as months of merchandise imports, reached 7.3 months at end of December 2008. While this report was under pre-paration, NIR reached US$ 33.1 billion at end of February 2009. The decline in NIR was a result of the world financial crisis repercuss-ions. The rate of decline (1.3%) is the lowest compared with the emerging economies (5%-23%). Concerning CBE international re-serves policy management, the Bank's investment policy aimed at diversifying the composition of NIR to include other currencies besides the US dollar. The policy was based upon certain factors: Egypt's external debt structure; currencies of Egypt's main trade partners; and reserves' distribution among many portfolios
with maturities and goals that are risk/return balanced.
(US$ mn) 2008 End of
June Dec. Net International Reserves (1-2) 34572 34112 1- Gross Official Reserves 34603 34163 Gold 1633 1633 Foreign Exchange 32714 32313 SDRs 130 109 Other 126 1082- Reserve Liabilities 31 51
Reserves/Months of Imports 7.9 7.3
Currently, the CBE deals with its reserves on real time basis via the most advanced electronic systems worldwide. It helped avoid losses arising from the depreciation of the US dollar against other currencies. B- Net Foreign Assets of Banks
(NFA) Banks’ net foreign assets decreased by US$ 11.5 billion during July /December 2008/09, to reach US$ 11.6 billion at end of December 2008.
D
NIR and months of imports covered
0.03.06.09.0
12.015.018.021.024.027.030.033.036.039.042.045.048.0
Dec-07 Mar-08 Jun-08 Sep-08 Dec-08
US$ bn
7.0
7.2
7.4
7.6
7.8
8.0
8.2
8.4
8.6(Month)
Foreign ExchangeOtherGoldReserves/M onths Imports
( Balance at end of month)
Foreign Assets & Liabilities of Banks
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Dec-07 Mar-08 Jun-08 Sep-08 Dec-08
US$ bn
Assets
Liabilities
( End of month)
Central Bank of Egypt – External Position 8
During July/December 2008/09, foreign currency deposits with banks fell by 1.2 percent, against an increase of 7.6 percent in the corresponding period, to reach US$ 29.6 billion at end of December 2008. However, the ratio of foreign currency deposits to total deposits maintained the same level of end of June 2008 (24.1 percent). On the other hand, local currency deposits increased by 2.4 percent, against 8.9 percent.
Developments in Deposits by Local and Foreign Currencies
0
100
200
300
400
500
600
700
Dec-07 Mar-08 Jun-08 Sep-08 Dec-08
LE bn( End of month)
Local Currency Deposits
Foreign Currency Deposits
Section IV
External Debt
Central Bank of Egypt – External Position 9
External Debt Positiongypt's external debt (public and private - all maturities)registered
US$ 32.1 billion at end of December 2008, against US$ 33.9 billion at end of June 2008, down by US$ 1.8 billion. The decrease resulted from two main factors: a depreciation of the majority of other currencies vis-à-vis the US dollar by US$ 1.1 billion, and net repayments of US$ 0.7 billion (due to principal repayments of US$ 1.9 billion and disbursements of US$ 1.2 billion) A- Breakdown by Type Debt to Paris Club members, under bilateral loans (rescheduled and non-rescheduled) and suppliers’ & buyers’ credit accounted for 58.6 percent of total debt, reaching US$ 18.8 billion at end of December 2008. Debt to non-Paris Club members amounted to US$ 0.8 billion. Mean-while, Egypt’s debt to international and regional organizations decreased by 3.2 million to US$ 7.4 billion, accounting for 22.9 percent of the total. The stock of government bonds and notes decreased by US$ 0.5 billion, to US$ 2.2 billion or 6.8 percent of total debt at end of December 2008 (against US$ 2.7 billion at end of June 2008), as follows:
- US$ 0.3 billion are sovereign bonds, issued in June 2001, and fall due in July 2011.
- US$ 1.3 billion are guaranteed notes, issued in Sept.2005, and fall due in Sept. 2015.
- US$ 0.6 billion are Egyptian pound Eurobonds issued in July 2007, and fall due in July 2012.
Short-term debt increased by US$ 0.3 billion, reaching US$ 2.8 billion or 8.8 percent of the total.
External Debt by Type
Short term debt8.8%
Private sector (Non
guaranteed)0.3%
Supplier's & buyer's Credits
1.0%
Other bilateral debt
14.7%
Rescheduled bilateral debt
45.5%
International & regional
organizations22.9%
Egyptian bonds and
notes6.8%
External debt data reveal an ongoing improvement in debt structure. The public sector owed 94.5 percent of Egypt’s external debt, while the private sector owed 5.5 percent. The stock of medium- and long-term public and publicly guaranteed debt decreased by US$ 2.2 billion, to US$ 29.2 billion, accounting for the bulk of external debt (90.9 percent) at end of December 2008, compared with US$ 31.4 billion at end of June 2008. Of this amount, about US$ 18.8 billion (58.6 percent of total external debt) were due to Paris Club countries, of which US$ 14.6 billion (77.5 percent) were rescheduled loans (third stage) to be settled on semi-annual payments by end of the second half of 2026. In addition, US$ 4.2 billion (22.5 percent) were loans to be repaid by 2050 as agreed upon after signing the rescheduling agreement. [See Table 1, Appendix II, page 27]
E
Central Bank of Egypt – External Position 10 Medium- and long-term non-guaran-teed debt of the private sector reached US$ 82.2 million or 0.3 percent of the total at end of December 2008. B- External Debt by Creditor Distribution of external debt by creditor indicates that 50.1 percent of Egypt's external debt is owed to four countries; namely, France (13.6 percent), Germany (11.9 percent), USA (11.9 percent), and Japan (12.7 percent). Meanwhile, 4.2 percent is owed to the Arab countries (mainly Kuwait, Saudi Arabia and the United Arab Emirates).
External Debt by Creditor
Egyptian bonds and
notes6.8%
USA11.9%
International organizations
22.9%
Other countries
12.3%
Arab Countries
4.2%
United Kingdom
3.7%
Germany11.9%
Japan12.7%
France13.6%End of
Dec. 2008
C- External Debt by Debtor* Debt of the main institutional sectors posted a decrease of US$ 1.8 billion at end of December 2008. The debt of other sectors decreased by US$ 5.3 billion, of banks by US$ 0.5 billion and of the monetary authority (CBE) by US$ 80.1 million. On the other hand, the balance of central and local government increased by US$ 4.2 billion.
External Debt by domestic sectorsshare in total increase/decrease
At End of December
4171.0
1759.1
(237.9)(321.8)
(5.1) (80.1)(519.1)
634.3
(105.8)30.6
553.9
(5341.4)-6000.0
-4000.0
-2000.0
0.0
2000.0
4000.0
2006/2007 2007/2008 2008/2009
(US$ mn)
Central & Local GovernmentMonetary Authority (CBE)BanksOther Sectors
The structure of Egypt’s external debt by debtor did not witness any significant change during the period under review. The central and local government remained the main debtor, with US$ 25.8 billion or 80.4 percent of the total external debt at end of December 2008, compared with US$ 21.6 billion at end of June 2008.
___________________________________________________________________________ * As of September 2008, the item of the Central & Local government has been reported
under ˝Central & Local government debt˝ rather than ˝the Other Sectors˝ as was the case prior to the reclassification.
External Debt by DebtorEnd of December
0
5
10
15
20
25
30
35
200820072006
(US$ bn)
Central & Local Government Monetary Authority (CBE)BanksOther Sectors
Central Bank of Egypt – External Position 11
D- External Debt Indicators In July/December 2008, Egypt's external debt indicators continued to ameliorate for the third consecutive year. Such an improvement emerged from two developments. First, GDP grew as a reflection of Egypt's strong economic perfor - mance, so the ratio of external debt to GDP declined from 20.2 percent to 16.1 percent at end of December 2008. Second, current receipts (exports of goods and services, including transfers) posted a rise of 5.6 percent, over an increase in debt service payments by US$ 464.1 million during July/December 2008*. This led to an increase in the debt service ratio to export proceeds of goods and services to 6.3 percent during July/ December 2008/2009, from 4.9 percent a year earlier. Likewise, its ratio to current receipts (including
transfers) went up to 5.4 percent from 4.2 percent.
(%)
July/December 2006/ 2007
2007/ 2008
2008/ 2009*
External Debt/GDP 22.2 20.2 16.1 Debt Service/ Exports (G&S)
5.9 4.9 6.3
Debt Service/ Current Receipts
7.6 4.2 5.4
Short-term Debt/ External Debt
5.9 6.8 8.8
Short-term Debt/NIR
6.6 7.1 8.3
External Debt per capita (US$)
386.0 437.8 426.5
*Provisional. Likewise, the ratio of short-term debt to NIR increased from 7.1 percent to 8.3 percent, owing to an increase in short-term debt by 12.8 percent. Similarly, its ratio to total debt increased from 6.8 percent to 8.8 percent. The external debt per capita declined from US$ 437.8 to US$ 426.5 during July/December 2008.
______________________________ * This was a result of the US$ 449.6 million increase in principal repayments, to US$ 1.4 billion and
of the US$ 14.5 million increase in interest payments, to US$ 0.4 billion).
External Debt Indicators
05
1015202530354045
2002
2003
2004
2005
2006
2007
2008
0
100
200
300
400
500
Debt Service / Current Receipts % External Debt /GDP (at current market prices)Short-term Debt / Net International Reserves External Debt / Exports (G & S) % (right axis)External Debt per capita (US$) (right axis)
Section V
Exchange Rate Developments
Exchange rate Of The US$ against EG Pound End Of December
546.0
549.0
552.0
555.0
558.0
561.0
564.0
567.0
570.0
573.0
576.0
2005 2006 2007 2008
(In
Pias
ters
)
InterBank Weighted Average Rate Market Rate
Central Bank of Egypt – External Position 13
Exchange Rate Developments
Since January 29, 2003, the Egyptian pound exchange rate has been liberalized, and by December 2004, the Central Bank of Egypt launched the interbank foreign exchange market system. According to CBE Central Chamber for FX Statistics, the weighted average of US dollar exchange rate in the interbank foreign exchange market reached EGP 5.5137 at the end of December 2008, against EGP 5.3331 at end of June 2008, appreciating by 3.4%. At end of December 2007, the US$ exchange rate recorded EGP 5.5145. As for market rates, during July/ Dec. 2008/09, the Egyptian pound exchange rate depreciated by around 3.3 percent vis a vis the US$, mainly due to the global economic slowdown and the current account deficit, whereas it appreciated against some currencies such as the pound sterling by 24.2 percent, the euro by 8.4 percent, the Swiss franc by 1.1 percent, and the Kuwaiti Dinar by 0.9 percent.
Statistical Section
Central Bank of Egypt – External Position
Appendix I
Table Page
I- Balance of Payments
BOP Current Account …………………………………… 1 17
BOP Capital and Financial Account (contd.) …………… 18
II- International Investment Position (IIP) 2 19
III- External Liquidity
Net International Reserves & Net Foreign Assets of
Banking System…………………………………………..
3
20
IV- External Debt
External Debt by Type …………………………………... 4 21
External Debt Indicators …………………………………
External Debt by Debtor …………………………………
5
6
22
23
V- Exchange Rate Developments
Exchange Rates ( in piasters per foreign currency unit ) 7 24
Central Bank of Egypt - External Position 17
(US$ mn)
2007/08* 2008/09*
Trade Balance -11268.9 -14627.5 Exports** 13103.1 13596.3 Petroleum 6021.5 5980.8 Other Exports 7081.6 7615.5 Imports** -24372.0 -28223.8 Petroleum -4308.2 -4262.6 Other Imports -20063.8 -23961.2Services (Net) 6747.1 7466.2Receipts 12793.2 13559.5 Transportation, of which : 3652.5 4252.8 Suez Canal (2511.3) (2715.4) Travel 5580.4 5738.8 Investment Income 1675.2 1451.2 Government receipts 77.5 133.5 Other 1807.6 1983.2Payments 6046.1 6093.3 Transportation 834.5 923.8 Travel 1497.2 1517.2 Investment Income, of which 953.8 716.3 Interest Paid (339.6) (312.7) Government Expenditures 650.1 616.2 Other 2110.5 2319.8Balance of Goods & Services -4521.8 -7161.3Transfers 4228.1 4648.7Private Transfers (Net) 4022.4 4143.4Official Transfers (Net) 205.7 505.3Current Account Balance -293.7 -2512.6
* Preliminary.** Include free zones exports and imports.
Table (1) Balance of Payments
July/December
Central Bank of Egypt - External Position 18
(US$ mn)
2007/08* 2008/09*
Capital & Financial Account 3150.2 2026.8 Capital Account 2.6 -0.2 Financial Account 3147.6 2027.0 Direct Investment Abroad -197.2 -1004.7 Direct Investment in Egypt (Net) 7769.5 4027.6 Portfolio Investment Abroad (Net) -610.7 -273.9 Portfolio Investment in Egypt (Net), of which: -1733.9 -7387.3 Bonds 918.8 -616.8 Other Investment (Net) -2080.1 6665.3 Net Borrowing 241.1 -180.8 M&L-Term Loans (Net) -517.1 -611.5 Drawings 282.5 299.3 Repayments -799.6 -910.8 MT-Suppliers' Credit (Net) -103.5 -447.3 Drawings 6.2 0.8
Repayments -109.7 -448.1 ST-Suppliers' Credit (Net) 861.7 878.0 Other Assets -2692.2 6342.8 Central Bank -31.8 33.3 Banks -1481.0 11127.6 Other -1179.4 -4818.1 Other Liabilities 371.0 503.3 Central Bank 5.9 20.5 Banks 365.1 482.8Net Errors & Omissions 230.0 -61.0Overall Balance 3086.5 -546.8Change in CBE Reserve Assets ,Increase(-) -3086.5 546.8
* Preliminary.
July/December.
Table (1) Balance of Payments (contd.)
Central Bank of Egypt - External Position 19
End of
Assets Liabilities Assets Liabilities Assets Liabilities
Total 46815.0 62802.9 61608.7 72369.3 76409.2 84729.0
1-Direct investment 967.3 28881.9 1115.7 38924.7 1780.5 50502.82-Portfolio investments 2149.8 6058.2 2434.4 6062.7 2779.2 4032.0
Equity security 898.2 2675.8 886.4 3177.7 1098.1 0.0Debt security 1251.6 3382.4 1548.0 2885.0 1681.1 4032.0
3-Other investments 22374.0 27862.8 32854.0 27381.9 40627.6 30194.2
Trade credits 0.0 814.3 0.0 973.0 0.0 1005.1 General government 0.0 0.0 0.0 0.0 0.0 0.0 Other sectors 0.0 814.3 0.0 973.0 0.0 1005.1 Short-term 814.3 973.0 1005.1 Loans 427.9 25838.7 475.7 25671.8 1485.5 27989.2 Monetary authorities 0.0 380.7 0.0 342.5 0.0 310.6 Use of Fund credit & loans from the Fund Other long-term 380.7 342.5 310.6 General government 0.0 16916.6 0.0 17050.8 0.0 18605.1 Long-term 16916.6 17050.8 18605.1 Banks 427.9 1601.7 475.7 1276.7 1485.5 1388.4 Long-term 129.0 1571.7 151.9 1267.7 489.0 1358.4 Short-term 298.9 30.0 323.8 9.0 996.5 30.0 Other sectors 0.0 6939.7 0.0 7001.8 0.0 7685.1 Long-term 6939.7 7001.8 7685.1 Currency and deposits 21355.2 1090.0 31494.7 610.4 36355.4 1008.5 Monetary authorities 550.0 0.0 0.0 Banks 11165.2 540.0 19230.7 610.4 22061.4 1008.5 Other sectors 10190.0 12264.0 14294.0 Other assets 590.9 119.8 883.6 126.7 2786.7 191.4 Monetary authorities 590.9 0.0 883.6 0.0 2786.7 0.0 Short-term 590.9 883.6 2786.7 General government 0.0 0.0 0.0 0.0 0.0 0.0 Banks 0.0 119.8 0.0 126.7 0.0 191.4 Long-term Short-term 119.8 126.7 191.4 Other sectors 0.0 0.0 0.0 0.0 0.0 0.04-Reserves assets 21323.9 0.0 25204.6 0.0 31221.9 0.0* Preliminary
December 2005
Table (2) International Investment Position (IIP)
December 2006 December 2007 *
End of June 2005
June 2006
Dec. 2006
June 2007
Dec. 2007
June 2008
Dec. 2008
Net International Reserves(1-2) 19302 22931 26045 28559 31681 34572 34112 1- Gross Official Reserves 19322 22952 26073 28589 31717 34603 34163
Gold 779 1119 1119 1186 1186 1633 1633
Foreign exchange 18210 21514 24641 27104 30239 32714 32313
SDRs 93 113 118 128 134 130 109
Other 240 206 195 171 158 126 108
2- Reserve Liabilities 20 21 28 30 36 31 51
Banks' Net Foreign Assets 7554 12529 19135 21675 22791 23172 11642
Assets 11360 15557 22354 25458 26939 27944 16897
Liabilities 3806 3028 3219 3783 4148 4772 5255
US$ million
Table (3) Net International Reserves & Net Foreign Assets of the Banking System20
Central B
ank of Egypt - External Position
(US$ mn)June June June June June Dec. June Dec.+
2003 2004 2005 2006 2007 2007 2008 2008
Total External Debt* 29396.2 29871.8 28948.8 29592.6 29898.0 32840.2 33892.8 32123.2
Rescheduled bilateral debt ** 16192.0 16384.8 15734.1 15229.0 14846.5 15299.6 15606.4 14601.9
ODA 7900.0 8052.6 7836.4 7610.6 7396.5 7637.9 7787.8 7724.0
Non-ODA 8292.0 8332.2 7897.7 7618.4 7450.0 7661.7 7818.6 6877.9
Other bilateral debt 4350.0 4432.8 4291.3 4295.5 4346.0 4607.7 4972.1 4737.0
Paris Club countries 3320.0 3263.4 3529.9 3590.4 3630.1 3833.5 4130.4 3901.1
Other countries 1030.0 1169.4 761.4 705.1 715.9 774.2 841.7 835.9
International & regional Organizations 4904.0 5080.8 5058.2 5205.0 6815.2 7244.9 7361.5 7358.3
Suppliers' & buyers' credits 1133.1 1333.0 781.6 979.5 791.6 783.5 763.5 327.1
Egyptian bonds and notes 735.4 587.7 613.6 1861.9 1570.3 2646.0 2651.8 2174.7
Long- term deposits # 0.0 0.0 500.0 300.0 0.0 0.0 0.0 0.0
Private sector debt (non-guaranteed) 217.2 85.2 115.2 88.7 78.9 23.5 18.2 82.2
Short-term debt 1864.5 1967.5 1854.8 1633.0 1449.5 2235.0 2519.3 2842.0
Deposits 1305.1 1267.5 819.3 633.1 536.0 1008.5 1048.3 1139.0
Other short-term facilities 559.4 700.0 1035.5 999.9 913.5 1226.5 1471.0 1703.0
Source: Central Bank of Egypt.
+ Provisional
* The difference from World Bank data is in short-term debt .
** According to the agreement signed with Paris Club countries on May 25, 1991.
# It has been agreed to consider the Arab International Bank deposit a medium- and long- term external debt. 21
Table (4) External Debt by Type
End of
Central B
ank of Egypt - External Position
(%)
July / December 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09
External Debt / Exports (G & S) % 328.8 319.5 277.3 221.5 171.5 140.5 126.8 118.3
Debt Service * (Principal & Interest) (US$ mn.) 906.2 1020.8 1159.0 1193.4 1581.1 1796.7 1259.0 1723.1
Debt Service / Exports (G & S) % 10.7 11.3 10.5 8.5 9.1 8.7 4.9 6.3
Debt Service / Current Receipts % 8.5 9.4 9.0 7.2 7.9 7.6 4.2 5.4
Interest / Exports (G & S) % 3.7 3.7 2.8 2.1 1.6 1.6 1.4 1.3
External Debt /GDP (at current market prices) 33.1 31.1 38.8 35.5 27.6 22.2 20.2 16.1
Short-term Debt / External Debt 8.1 7.5 5.7 5.5 5.6 5.9 6.8 8.8
Short-term Debt / Net International Reserves 16.1 15.1 11.9 11.1 7.6 6.6 7.1 8.3
External Debt per capita (US$) 411.4 416.7 441.4 432.6 403.0 386.0 437.8 426.5
* Includes interest payments on US dollar-denominated bonds and notes held by non-residents.
22Table (5) External Debt Indicators
Central B
ank of Egypt - External Position
23
End of Jun-08 % Dec-08 % Change (-) %
External Debt 33892.8 100.0 32123.2 100.0 (1769.6) (5.2)Total Medium- & Long-Term 31373.5 92.6 29281.2 91.3 (2092.3) (6.7)Total Short-Term 2519.3 7.4 2842.0 8.7 322.7 12.8Central & Local Government 21641.1 63.9 25812.1 80.4 4171.0 19.3 Medium- & Long-Term (of which) 21641.1 63.9 25812.1 80.4 4171.0 19.3 Bonds & Notes 2651.8 7.8 2174.6 6.8 (477.2) (18.0) Loans 18989.3 56.0 23637.5 73.6 4648.2 24.5 Currency and Deposits Other Liabilities Short-Term 0.0 0.0 0.0 0.0 0.0 0.0Monetary Authority 290.0 0.9 209.9 0.7 (80.1) (27.6) Medium- & Long-Term 290.0 0.9 209.9 0.7 (80.1) (27.6) Bonds & Notes Loans 290.0 0.9 209.9 0.7 (80.1) (27.6) Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities Short-Term 0.0 0.0 0.0 0.0 0.0 0.0 Money Market Instruments Loans Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other LiabilitiesBanks 2541.8 7.5 2022.7 6.2 (519.1) (20.4) Medium- & Long-Term Loans 1361.7 4.0 640.7 2.0 (721.0) (52.9) Bonds & Notes Loans 1361.7 4.0 640.7 2.0 (721.0) (52.9) Currency and Deposits Other Liabilities Short-Term Loans 1180.1 3.5 1382.0 4.2 201.9 17.1 Money Market Instruments Loans 36.5 0.1 37.0 0.1 0.5 1.4 Currency and Deposits 1048.3 3.1 1139.0 3.5 90.7 8.7 Other Liabilities 95.3 0.3 206.0 0.6 110.7 116.2Other Sectors 9419.9 27.8 4078.5 12.7 (5,341.4) (56.7) Medium- & Long-Term 8080.7 23.8 2618.5 8.2 (5,462.2) (67.6) Loans from Direct Investors Bonds & Notes Trade Credits Loans 8080.7 23.8 2618.5 8.2 (5,462.2) (67.6) Currency and Deposits Other Liabilities Short-Term 1339.2 4.0 1460.0 4.5 120.8 9.0 Loans from Direct Investors Money Market Instruments Trade Credits 1339.2 4.0 1460.0 4.5 120.8 9.0 Loans Currency and Deposits Other Liabilities
* Provisional.
Sectors as was the case prior to the reclassification
Central Bank of Egypt - External Position
Table (6) External Debt by Debtor
- As of September 2008 the Central & Local government has been reported under Central & Local government debt rather than the Other
(US$ mn)*
First: Interbank Rates *
Minimum
Maximum
Weighted average
Second : Market Rates Buy Sell Buy Sell
US Dollar 532.36 534.92 550.41 552.99
Euro 838.74 842.82 768.26 771.98
Pound Sterling 1059.99 1065.19 803.22 807.20
Swiss Franc 521.87 524.59 516.04 518.71
100 Japanese Yens 504.04 506.65 607.85 611.04
Saudi Riyal 141.96 142.66 146.62 147.39
Kuwaiti Dinar 2008.84 2020.02 1990.64 2003.59
UAE Dirham 144.92 145.64 149.84 150.56
Chinese Yuan 77.67 78.04 80.66 81.05
Source: CBE daily exchange rates.
* The Interbank Rates was launched on December 23, 2004.
551.37
Table (7) Exchange Rates (In piasters per foreign currency unit)
End of June 2008 December 2008
24C
entral Bank of Egypt - External Position
533.00
533.61
533.31
551.20
551.60
Central Bank of Egypt – External Position
Appendix II
Table Page
I- Medium and Long-Term External Debt
A- Outstanding Stock ………………………………………………….. 1 27
1. Public and Publicly Guaranteed……………………………………
a. By Creditor Country…………………………………………….. 2 29
b. Paris Club Debt ……………………………………………….... 3 31
(1) Third Stage of the Agreed Minute of May 25, 1991 ……….. 4 32
(2) Post Cut – Off Date ……………………………………….... 5 33
c. Non-Paris Club Debt ………………………………………….... 6 35
d. Multilateral Agencies…………………………………………… 7 36
2. Private Sector, Non-Guaranteed ………………………………...... 8 38
B. Outstanding External Short-Term Debt ……………………………... 9 39
C. Disbursed and Undisbursed Amounts of Contracted Loans ………… 10 40
II- Projected Medium and Long-Term External Debt Service
A. Public and Publicly Guaranteed……………………………………… 11 41
1. Paris Club Debt…………...……………………………………...... 12 43
a. Third Stage of the Agreed Minute of May 25, 1991 …………... 13 45
b. Post Cut – Off Date……………… ……………………………. 14 46
2. Non-Paris Club Debt……………………………………………..... 15 47
3. Multilateral Agencies ……………………………………………... 16 48
4. Projected Sovereign Bonds ………………………………………. 17 50
5. Projected Guaranteed Notes ……………………………………… 18 51
6. Projected Egyptian Pound Euro bond……………………………... 19 52
B. Private Sector, Non-Guaranteed …………………………………...... 20 53
III- Exchange Rates of the Currencies of External Debt
Versus US Dollar
21
54
27
2005 2006 2007 20081- Medium and Long-Term Public & Publicly Guaranteed Debt 27,944.47 27,154.98 30,581.72 29,198.96A. Paris Club Debt 19,788.06 19,636.68 19,916.56 18,830.17
1-May 1991 (Third Stage) 15,118.10 15,152.18 15,299.56 14,601.85 2-Post Cut-Off Date 4,669.96 4,484.50 4,617.00 4,228.32B. Non- Paris Club Debt 753.81 697.16 774.19 835.86C. Multilateral Agencies 5,173.80 5,245.34 7,244.91 7,358.30
D. Sovereign Bond 578.80 325.80 306.04 281.97E. Guaranteed Notes 1250.00 1,250.00 1,250.00 1,250.00
F. Arab International Bank Deposits {2} 400.00 0.00 0.00 0.00G. Egyptian Pound Euro Bond 0.00 0.00 1,090.02 642.66
2- Private Sector Non-Guaranteed 93.11 83.61 23.47 82.20
3- Short-Term Debt 1,654.10 1,719.09 2,234.99 2,842.03 Deposits (Non Residents) 690.00 610.43 1,008.48 1,139.03 Other 964.10 1,108.66 1,226.51 1,703.00Grand Total 29,691.68 28,957.68 32,840.18 32,123.19{1} Using end of period exchange rate.{2}As of December 2004, the deposit of the Arab International Bank was converted from a short- term debt to a long- term deposit .
Figure 1-1
Central Bank of Egypt - External Position
(US$ million){1}
Table ( 1 )
Outstanding Stock as at End of December
Total Debt
External Debt Outstanding Stock as at End of December
25.526.527.528.529.530.531.532.533.5
2002 2003 2004 2005 2006 2007 2008
( US$bn )
28C
entral Bank of Egypt - External Position
Figure 1-2
Medium and Long-TermPublic and Publicly Guaranteed External Debt
Outstanding Stock as at End of December 2008
Non-Paris Club Debt3%
Sovereign bonds1%Guaranteed Notes
4%
Egyptian Pound Euro Bond 2%
Multilateral Agencies25%
Paris Club Debt65%
29
2005 2006 2007 2008Int'l Organization 5,173.80 5,245.34 7,244.91 7,358.30
France 4,424.79 4,605.99 4,760.48 4,183.67
Japan 3,744.54 3,401.38 3,340.81 4,068.76
Germany 3,079.25 3,444.83 3,913.26 3,760.01
United States 4,552.05 4,119.68 3,890.74 3,631.44
Guaranteed Notes 1,250.00 1,250.00 1,250.00 1,250.00
Spain 819.41 834.94 808.11 749.96
Egyptian Pound Euro Bond 0.00 0.00 1,090.02 642.66
Kuwait 466.18 480.54 565.39 632.74
Italy 747.90 697.46 639.51 568.34
Austria 523.39 543.93 567.05 496.32
Switzerland 429.31 430.73 431.78 417.37
Sovereign Bond 578.80 325.80 306.04 281.97
Denmark 166.49 181.26 238.86 224.75
Canada 216.17 208.89 227.62 182.20
United Kingdom 648.03 718.16 660.43 180.94
Australia 192.60 190.88 192.47 149.03
China.P.R.of 100.02 106.86 115.48 121.54
The Netherlands 85.53 93.71 103.80 97.18
Belgium 86.61 89.82 93.53 82.04
United Arab Emirates 73.43 63.16 52.71 42.53
Sweden 37.56 40.49 39.97 30.79
Saudi Arbia 38.36 36.08 31.21 30.47
Norway 34.47 34.55 8.16 7.37
Bahrain 74.50 10.50 8.59 7.20
Czech Republic 0.00 0.00 0.79 0.79
Lebanon 0.00 0.00 0.00 0.59
Others 400.00 0.00 0.00 0.00
Jordan 1.20 0.00 0.00 0.00
Taiwan 0.08 0.00 0.00 0.00
Grand Total 27,944.47 27,154.98 30,581.72 29,198.96
{1} Using end of period exchange rate.
CountryTotal Debt
Medium and Long-TermPublic & Publicly Guaranteed External Debt
by Creditor CountryOutstanding Stock as at End of December
Table ( 2 )
(US$ million){1}
Central Bank of Egypt - External Position
30C
entral Bank of Egypt - External Position
Figure 2
Medium and Long-TermPublic and Publicly Guaranteed External Debt
by Creditor CountryOutstanding Stock as at End of December 2008
Japan 14%
Germany 13%
United States 13%
France 14%
Other Countries 17%
Int'l Organizations 25%
Guaranteed Notes 4%
31
2005 2006 2007 2008France 4,424.79 4,605.99 4,760.49 4,183.67Japan 3,744.54 3,401.37 3,340.81 4,068.76Germany 3,079.22 3,444.80 3,913.23 3,760.01United States 4,552.04 4,119.69 3,890.74 3,631.45Spain 819.41 834.94 808.11 749.96Italy 747.90 697.45 639.51 568.34Austria 523.39 543.93 567.06 496.32Switzerland 429.31 430.73 431.78 417.37Denmark 166.49 181.27 238.86 224.75Canada 216.17 208.88 227.62 182.20United Kingdom 648.03 718.16 660.43 180.94Australia 192.60 190.88 192.47 149.03The Netherlands 85.53 93.71 103.80 97.18Belgium 86.61 89.82 93.53 82.04Sweden 37.56 40.50 39.96 30.79Norway 34.47 34.56 8.16 7.36
Grand Total 19,788.06 19,636.68 19,916.56 18,830.17
{1} This table sums up tables 4 and 5.{2} Using end of period exchange rate.
Country
Table ( 3 ) {1}
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Paris Club DebtOutstanding Stock as at End of December
Total Debt(US$ million){2}
Central Bank of Egypt - External Position
17.0
18.0
19.0
20.0
21.0
22.0
( US$
bn )
2002 2003 2004 2005 2006 2007 2008
Medium and Long-Term Public & Publicly Guaranteed External Debt
Paris Club DebtOutstanding Stock as at End of December
Figure 3
Central Bank of Egypt - External Position 32
2005 2006 2007 2008France 3,718.65 3,850.91 4,003.40 3,534.56Japan 2,743.42 2,681.61 2,707.27 3,178.14United States 3,632.70 3,413.05 3,232.14 3,039.18Germany 1,864.27 2,043.77 2,265.28 2,122.19Spain 729.76 692.91 652.97 603.93Austria 500.11 521.06 546.88 480.82Switzerland 406.74 411.26 416.87 406.11Italy 498.35 476.36 403.38 372.56United Kingdom 246.15 268.08 260.36 180.89Canada 192.60 199.87 217.77 174.08Denmark 143.00 152.28 162.96 149.49Australia 206.88 190.88 192.47 149.03The Netherlands 85.30 93.50 103.62 97.06Belgium 80.00 82.99 86.42 75.81Sweden 35.70 39.09 39.61 30.64Norway 34.47 34.56 8.16 7.36
Grand Total 15,118.10 15,152.18 15,299.56 14,601.85{1} Using end of period exchange rate.
(US$ million){1}
CountryTotal Debt
Table ( 4 )Medium and Long-Term
Public & Publicly Guaranteed External DebtParis Club Debt
Third Stage of the Agreed Minute on May 25,1991Outstanding Stock as at End of December
13.0
14.0
15.0
16.0
17.0
18.0
( US$
bn )
2002 2003 2004 2005 2006 2007 2008
Medium and Long-Term Public & Publicly Guaranteed External Debt
Paris Club Debt Third Stage of the Agreed Minute on May 25,1991
Outstanding Stock as at End of December
Figure 4
Central Bank of Egypt - External Position 33
2005 2006 2007 2008Germany 1,214.96 1,401.03 1,647.95 1,637.82Japan 1,001.12 719.76 633.54 890.62France 706.14 755.08 757.09 649.11United States 919.34 706.64 658.60 592.27Italy 247.78 221.09 236.13 195.78Spain 89.65 142.03 155.14 146.03Denmark 23.49 28.99 75.90 75.26Austria 25.05 22.87 20.18 15.50Switzerland 22.57 19.47 14.91 11.26Canada 9.28 9.01 9.86 8.12Belgium 6.61 6.83 7.11 6.23Sweden 1.86 1.41 0.35 0.15The Netherlands 0.24 0.21 0.17 0.12United Kingdom 401.87 450.08 400.07 0.05
Grand Total 4,669.96 4,484.50 4,617.00 4,228.32{1} Using end of period exchange rate.
Country
Table ( 5 ) Medium and Long-Term
Public & Publicly Guaranteed External DebtParis Club Debt
Post Cut-Off DateOutstanding Stock as at End of December
Total Debt(US$ million){1}
3,9004,0004,1004,2004,3004,4004,5004,6004,7004,800
( US$
mn
)
2002 2003 2004 2005 2006 2007 2008
Medium and Long-Term Public & Publicly Guaranteed External Debt
Post Cut-Off DateOutstanding Stock as at End of December
Figure 5-1
34C
entral Bank of Egypt - External Position
Medium and Long-Term Public and Publicly Guaranteed External Debt
Paris Club DebtOutstanding Stock as at End of December 2008
Post Cut-Off Date22%
May 1991(Third Stage)
78%
Figure 5-2
Central Bank of Egypt - External Position 35
2005 2006 2007 2008
Kuwait 466.18 480.54 565.39 632.74
China P. R. of 100.02 106.85 115.48 121.54
United Arab Emirates 73.43 63.16 52.70 42.53
Saudi Arabia 38.37 36.08 31.21 30.47
Bahrain 74.50 10.50 8.59 7.20
Czech Republic 0.00 0.00 0.79 0.79
Lebanon 0.00 0.00 0.00 0.59
Germany Dem. R. Of 0.03 0.03 0.03 0.00
Jordan 1.20 0.00 0.00 0.00
Taiwan 0.08 0.00 0.00 0.00
Grand Total 753.81 697.16 774.19 835.86{1} Using end of period exchange rate.
Country
Table ( 6 ) Medium and Long-Term
Public & Publicly Guaranteed External DebtNon-Paris Club Debt
Outstanding Stock as at End of December
Total Debt(US$ million){1}
0
200
400
600
800
1,000
1,200
( US$
mn
)
2002 2003 2004 2005 2006 2007 2008
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Non-Paris Club DebtOutstanding Stock as at End of December
Figure 6
36
2005 2006 2007 2008European Investment Bank 1,495.17 1,710.73 1,924.61 1,959.74
IDA 1,336.98 1,337.07 1,507.39 1,451.64
IBRD 379.80 365.45 1,077.13 1,198.27
Arab Fund for Economic and Social Development 983.48 895.03 1,158.77 1,156.67
African Development Bank 265.10 245.97 875.02 963.91
African Development Fund 179.69 177.79 191.68 207.00
Arab Monetary Fund 380.75 342.49 290.59 189.86
International Fund for Agricultural Development 82.49 82.83 112.07 117.66
Islamic Development Bank 63.99 54.28 60.68 54.45
OPEC 0.00 33.12 26.97 39.10
Arab Trade Financing Program 0.00 0.00 20.00 20.00
Nordic Investment Bank 1.56 0.58 0.00 0.00
Arab International Bank 4.79 0.00 0.00 0.00
Grand Total 5,173.80 5,245.34 7,244.91 7,358.30{1} Using end of period exchange rate.
Central Bank of Egypt - External Position
CreditorTotal Debt
Table ( 7 ) Medium and Long-Term
Public & Publicly Guaranteed External DebtMultilateral Agencies
Outstanding Stock as at End of December
(US$ million){1}
01,0002,0003,0004,0005,0006,0007,0008,000
( U
S$m
n )
2002 2003 2004 2005 2006 2007 2008
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Multilateral AgenciesOutstanding Stock as at End of December
Figure 7-1
37C
entral Bank of Egypt - External Position
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Multilateral AgenciesOutstanding Stock as at End of December 2008
African Dovelopment Fund3%
African Development Bank13%
AFESD16%
IDA20%
Others6%
IBRD16%
European Investment Bank
26%
Figure 7 - 2
Central Bank of Egypt - External Position 38
2005 2006 2007 2008
United States 0.00 0.00 0.00 50.00
Bahrain 0.00 0.00 0.00 20.00
Int'l Organizations 40.00 30.00 20.00 10.00
Austria 2.37 2.62 2.94 2.17
Germany 0.60 0.86 0.53 0.03
Japan 50.00 50.00 0.00 0.00
Italy 0.14 0.13 0.00 0.00
Grand Total 93.11 83.61 23.47 82.20
{1} Using end of period exchange rate.
CountryTotal Debt
Table ( 8 ) Medium and Long-Term
Private Sector Non-Guaranteed External DebtOutstanding Stock as at End of December
(US$ million){1}
0
50
100
150
200
250
300
( US$
mn
)
2002 2003 2004 2005 2006 2007 2008
Medium and Long-Term Private Sector Non-Guaranteed External Debt
Outstanding Stock as at End of December
Figure 8
Central Bank of Egypt - External Position 39
2005 2006 2007 2008
Short-Term Debt {1} 1,534.36 1,592.40 2,043.57 2,635.98
Non-Financial Public Sector 577.44 654.88 677.72 1,130.62 Financial Public Sector 307.65 132.57 114.35 241.96Non-Financial Private Sector Guaranteed 21.60 27.84 52.39 39.50Financial Private Sector Guaranteed 7.65 5.50 0.00 0.00Non-Financial Private Sector Non-Guaranteed 215.30 290.23 274.98 289.82Financial Private Sector Non-Guaranteed 404.72 481.38 924.13 934.08
Short-Term Banking Facilities 119.74 126.69 191.42 206.05
Public Sector Banks 0.00 0.00 0.00 0.00Private Banks 119.74 126.69 191.42 206.05
Grand Total 1,654.10 1,719.09 2,234.99 2,842.03{1} Includes credit facilities to companies , Non Resident deposits & Cash loans .
Short-Term DebtTable ( 9 )
Outstanding Stock as at End of December
Total Debt
(US$ million)
0
500
1,000
1,500
2,000
2,500
3,000
( US$
mn
)
2002 2003 2004 2005 2006 2007 2008
Short-Term DebtOutstanding Stock as at End of December
Figure 9
Central Bank of Egypt - External Position 40
Contracted Cancelled Net Disbursed UndisbursedAmounts Amounts Commitment Amounts Amounts
1- Medium and Long-Term Public & Publicly Guaranteed Debt 66,639.00 3,331.81 63,307.19 59,525.33 3,781.86
A. Paris Club Bilateral Debt 41,360.66 294.49 41,066.17 40,033.84 1,032.33
1-May 1991 (Third Stage) 23,080.39 0.00 23,080.39 23,080.39 0.00 2-Non-Guaranteed Debt 2,323.99 32.72 2,291.27 2,291.27 0.00 3-Post Cut-Off Date 15,956.28 261.77 15,694.51 14,662.18 1,032.33
B. Non- Paris Club Bilateral Debt 4,474.85 1,114.25 3,360.60 2,749.58 611.02
C. Multilateral Agencies 20,803.49 1,923.07 18,880.42 16,741.91 2,138.51
2- Medium and Long-Term Private 1,349.36 31.29 1,318.07 1,311.07 7.00 Sector Non-Guaranteed Debt
Grand Total 67,988.36 3,363.10 64,625.26 60,836.40 3,788.86{1} Using end of period exchange rate.
(US$ million){1}as at End of December 2008
Disbursed and Undisbursed Amounts of Contracted Loans Table ( 10 )
Figure 10
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
( US$
mn
)
2002 2003 2004 2005 2006 2007 2008
Disbursed and Undisbursed Amounts of Contracted Loansas at End of December
Contracted Amounts Net Commitment Disbursed Amounts
41
Period Principal Interest Total Period Principal Interest Total
2009/H1 934.87 338.86 1273.73 2030/H1 59.64 2.62 62.262009/H2 945.63 376.34 1321.97 2030/H2 62.99 2.58 65.562010/H1 958.20 320.02 1278.22 2031/H1 53.21 2.17 55.382010/H2 959.85 341.61 1301.46 2031/H2 46.43 1.97 48.402011/H1 978.83 316.88 1295.71 2032/H1 42.15 1.80 43.942011/H2(*) 1249.34 311.77 1561.11 2032/H2 40.40 1.65 42.042012/H1 975.58 279.83 1255.41 2033/H1 36.27 1.50 37.782012/H2 (**) 1630.48 277.52 1908.00 2033/H2 33.13 1.38 34.502013/H1 1011.62 230.09 1241.71 2034/H1 31.39 1.26 32.642013/H2 1009.89 228.05 1237.93 2034/H2 27.12 1.14 28.262014/H1 996.99 206.23 1203.22 2035/H1 26.47 1.05 27.522014/H2 1053.25 209.01 1262.26 2035/H2 25.78 0.95 26.732015/H1 1043.34 187.53 1230.87 2036/H1 24.32 0.86 25.182015/H2(***) 2323.36 187.05 2510.41 2036/H2 23.22 0.77 23.992016/H1 1072.48 138.60 1211.08 2037/H1 21.48 0.69 22.162016/H2 1116.47 139.77 1256.24 2037/H2 19.80 0.61 20.422017/H1 652.48 119.06 771.54 2038/H1 18.45 0.54 18.992017/H2 667.62 119.27 786.89 2038/H2 15.43 0.47 15.902018/H1 651.06 102.39 753.45 2039/H1 14.25 0.41 14.662018/H2 675.49 101.60 777.09 2039/H2 13.13 0.36 13.492019/H1 634.41 85.43 719.84 2040/H1 12.07 0.31 12.382019/H2 665.36 84.76 750.12 2040/H2 11.45 0.27 11.712020/H1 600.24 69.32 669.55 2041/H1 9.88 0.22 10.102020/H2 640.52 68.28 708.79 2041/H2 9.76 0.19 9.952021/H1 553.16 54.83 608.00 2042/H1 8.98 0.15 9.132021/H2 537.60 53.35 590.95 2042/H2 6.45 0.12 6.562022/H1 345.19 41.59 386.78 2043/H1 5.70 0.09 5.792022/H2 368.13 42.34 410.47 2043/H2 3.62 0.07 3.692023/H1 342.99 33.96 376.95 2044/H1 3.09 0.06 3.142023/H2 363.66 34.09 397.74 2044/H2 2.85 0.04 2.892024/H1 343.95 26.36 370.32 2045/H1 1.74 0.03 1.772024/H2 358.63 25.93 384.56 2045/H2 1.25 0.03 1.272025/H1 337.42 18.76 356.18 2046/H1 1.09 0.02 1.112025/H2 358.48 17.75 376.23 2046/H2 1.00 0.02 1.022026/H1 330.45 11.33 341.78 2047/H1 1.00 0.01 1.012026/H2 323.10 9.63 332.74 2047/H2 1.00 0.00 1.002027/H1 78.95 4.43 83.38 2048/H1 0.70 0.00 0.702027/H2 96.28 5.63 101.91 2048/H2 0.70 0.00 0.702028/H1 70.96 3.74 74.70 2049/H1 0.70 0.00 0.702028/H2 85.35 4.37 89.72 2049/H2 0.58 0.00 0.582029/H1 67.37 3.14 70.52 2050/H1 0.31 0.00 0.312029/H2 70.94 3.32 74.26 2050/H2 0.06 0.00 0.06
Grand Total 29,198.96 5,260.23 34,459.19{1} The exchange rate of December 31, 2008 .(*) Includes US$ 281.97 million sovereign bond maturing.(**) Includes US$ 642.66 million Egyptian pound Euro Bond maturing.(***) Includes US$ 1250 million guaranteed notes maturing.
(US$ million){1}
as of January 1, 2009
Table ( 11 )Projected Medium and Long-Term Public & Publicly Guaranteed
External Debt Service
Central Bank of Egypt - External Position
42C
entral Bank of Egypt - External Position
Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of January 1 , 2009
0350700
1,0501,4001,7502,1002,4502,8003,1503,5003,8504,2004,5504,9005,2505,6005,9506,3006,650
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
Principal {2} Interest ( * ) Total
US$ mn
Figure 11
Central Bank of Egypt - External Position 43
Period Principal Interest Total Period Principal Interest Total
2009/H1 595.01 156.00 751.02 2030/H1 34.77 1.95 36.722009/H2 640.36 176.06 816.42 2030/H2 40.83 2.02 42.842010/H1 628.91 158.03 786.94 2031/H1 34.19 1.71 35.902010/H2 661.72 166.78 828.50 2031/H2 33.59 1.59 35.192011/H1 647.82 147.13 794.95 2032/H1 32.66 1.48 34.142011/H2 692.18 154.86 847.04 2032/H2 31.07 1.36 32.432012/H1 677.36 135.92 813.29 2033/H1 29.38 1.26 30.642012/H2 724.61 142.92 867.53 2033/H2 27.71 1.16 28.862013/H1 705.92 123.86 829.78 2034/H1 26.38 1.06 27.442013/H2 751.39 129.62 881.01 2034/H2 24.03 0.96 24.992014/H1 735.21 111.65 846.86 2035/H1 23.38 0.88 24.262014/H2 780.65 116.45 897.10 2035/H2 22.69 0.80 23.482015/H1 768.45 99.14 867.59 2036/H1 21.23 0.71 21.952015/H2 811.67 102.89 914.57 2036/H2 20.51 0.64 21.152016/H1 802.33 86.19 888.52 2037/H1 19.23 0.56 19.792016/H2 855.78 89.20 944.99 2037/H2 17.56 0.49 18.052017/H1 391.88 72.76 464.64 2038/H1 16.20 0.43 16.632017/H2 424.36 76.97 501.33 2038/H2 13.18 0.37 13.552018/H1 406.79 63.87 470.66 2039/H1 12.00 0.32 12.332018/H2 438.65 67.04 505.69 2039/H2 11.41 0.28 11.692019/H1 402.32 54.53 456.85 2040/H1 10.35 0.23 10.592019/H2 434.71 57.01 491.72 2040/H2 9.73 0.20 9.932020/H1 405.16 45.38 450.54 2041/H1 8.16 0.16 8.322020/H2 435.57 47.09 482.66 2041/H2 8.05 0.13 8.182021/H1 393.64 36.08 429.72 2042/H1 7.64 0.10 7.732021/H2 387.59 36.93 424.52 2042/H2 5.50 0.07 5.572022/H1 223.34 27.20 250.54 2043/H1 4.75 0.05 4.802022/H2 248.83 29.50 278.33 2043/H2 2.68 0.03 2.712023/H1 227.42 22.52 249.94 2044/H1 2.14 0.02 2.162023/H2 250.66 24.11 274.77 2044/H2 1.90 0.01 1.922024/H1 232.06 17.73 249.78 2045/H1 0.79 0.01 0.802024/H2 250.52 18.68 269.20 2045/H2 0.30 0.00 0.302025/H1 232.11 12.81 244.92 2046/H1 0.15 0.00 0.152025/H2 256.40 13.09 269.49 2046/H2 0.06 0.00 0.062026/H1 237.93 7.89 245.82 2047/H1 0.06 0.00 0.062026/H2 257.98 7.26 265.24 2047/H2 0.06 0.00 0.062027/H1 35.69 2.68 38.37 2048/H1 0.06 0.00 0.062027/H2 56.86 4.13 60.99 2048/H2 0.06 0.00 0.062028/H1 35.45 2.44 37.89 2049/H1 0.06 0.00 0.062028/H2 51.07 3.25 54.32 2049/H2 0.06 0.00 0.062029/H1 35.07 2.19 37.26 2050/H1 0.06 0.00 0.062029/H2 44.04 2.53 46.57 2050/H2 0.06 0.00 0.06
Grand Total 18,830.17 2,873.42 21,703.59{1} The exchange rate of December 31, 2008.
(US$ million){1}as of January 1, 2009
Paris Club DebtExternal Debt Service
Projected Medium and Long-Term Public & Publicly GuaranteedTable ( 12 )
Figure 12
Central B
ank of Egypt - External Position44
Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of January 1 , 2009
Paris Club Debt
0
300
600
900
1,200
1,500
1,800
2,100
2,400
2,700
3,000
3,300
3,600
3,900
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
Principal Interest Total
US$ mn
45
Period Principal Interest Total Period Principal Interest Total2009/H1 458.52 131.21 589.73 2018/H1 326.44 57.50 383.93
2009/H2 472.85 137.28 610.13 2018/H2 330.70 52.80 383.50
2010/H1 489.86 136.77 626.64 2019/H1 332.92 49.10 382.02
2010/H2 505.09 131.29 636.38 2019/H2 337.29 44.41 381.70
2011/H1 518.39 128.40 646.79 2020/H1 339.62 40.55 380.17
2011/H2 534.43 122.79 657.22 2020/H2 344.10 35.96 380.06
2012/H1 554.92 119.60 674.52 2021/H1 346.78 31.80 378.58
2012/H2 571.74 114.05 685.79 2021/H2 318.45 27.15 345.60
2013/H1 587.22 110.05 697.27 2022/H1 184.36 23.25 207.61
2013/H2 605.13 104.04 709.17 2022/H2 187.20 20.88 208.08
2014/H1 627.47 99.99 727.46 2023/H1 190.07 18.84 208.91
2014/H2 646.64 93.71 740.36 2023/H2 192.98 16.44 209.42
2015/H1 664.17 89.17 753.34 2024/H1 195.68 14.30 209.98
2015/H2 684.42 82.69 767.12 2024/H2 193.06 11.90 204.96
2016/H1 709.19 77.73 786.92 2025/H1 195.91 9.64 205.54
2016/H2 733.93 71.12 805.05 2025/H2 199.01 7.20 206.21
2017/H1 308.09 65.37 373.47 2026/H1 201.94 4.97 206.90
2017/H2 312.26 60.85 373.11 2026/H2 201.01 2.25 203.26
Grand Total 14,601.85 2,345.05 16,946.90
{1} The exchange rate of December 31, 2008.
(US$ million){1}
Table ( 13 )Projected Medium and Long-Term Public & Publicly Guaranteed
External Debt Service as of January 1, 2009
Paris Club Debt
Third Stage of The Agreed Minute on May 25, 1991
Central Bank of Egypt - External Position
46
Period Principal Interest Total Period Principal Interest Total2009/H1 136.50 24.79 161.29 2030/H1 34.77 1.95 36.722009/H2 167.51 38.78 206.29 2030/H2 40.83 2.02 42.842010/H1 139.05 21.26 160.30 2031/H1 34.19 1.71 35.902010/H2 156.63 35.49 192.12 2031/H2 33.59 1.59 35.192011/H1 129.43 18.73 148.16 2032/H1 32.66 1.48 34.142011/H2 157.75 32.08 189.82 2032/H2 31.07 1.36 32.432012/H1 122.44 16.32 138.77 2033/H1 29.38 1.26 30.642012/H2 152.87 28.87 181.74 2033/H2 27.71 1.16 28.862013/H1 118.69 13.81 132.50 2034/H1 26.38 1.06 27.442013/H2 146.26 25.58 171.84 2034/H2 24.03 0.96 24.992014/H1 107.74 11.66 119.39 2035/H1 23.38 0.88 24.262014/H2 134.01 22.73 156.74 2035/H2 22.69 0.80 23.482015/H1 104.28 9.97 114.25 2036/H1 21.23 0.71 21.952015/H2 127.25 20.20 147.45 2036/H2 20.51 0.64 21.152016/H1 93.13 8.46 101.59 2037/H1 19.23 0.56 19.792016/H2 121.85 18.08 139.93 2037/H2 17.56 0.49 18.052017/H1 83.78 7.39 91.17 2038/H1 16.20 0.43 16.632017/H2 112.10 16.12 128.22 2038/H2 13.18 0.37 13.552018/H1 80.35 6.38 86.73 2039/H1 12.00 0.32 12.332018/H2 107.94 14.24 122.19 2039/H2 11.41 0.28 11.692019/H1 69.40 5.44 74.84 2040/H1 10.35 0.23 10.592019/H2 97.42 12.60 110.01 2040/H2 9.73 0.20 9.932020/H1 65.55 4.83 70.38 2041/H1 8.16 0.16 8.322020/H2 91.48 11.13 102.60 2041/H2 8.05 0.13 8.182021/H1 46.86 4.28 51.13 2042/H1 7.64 0.10 7.732021/H2 69.14 9.79 78.92 2042/H2 5.50 0.07 5.572022/H1 38.97 3.95 42.93 2043/H1 4.75 0.05 4.802022/H2 61.63 8.62 70.25 2043/H2 2.68 0.03 2.712023/H1 37.35 3.68 41.03 2044/H1 2.14 0.02 2.162023/H2 57.68 7.67 65.35 2044/H2 1.90 0.01 1.922024/H1 36.38 3.43 39.80 2045/H1 0.79 0.01 0.802024/H2 57.46 6.78 64.24 2045/H2 0.30 0.00 0.302025/H1 36.20 3.17 39.37 2046/H1 0.15 0.00 0.152025/H2 57.39 5.90 63.28 2046/H2 0.06 0.00 0.062026/H1 35.99 2.93 38.92 2047/H1 0.06 0.00 0.062026/H2 56.97 5.01 61.98 2047/H2 0.06 0.00 0.062027/H1 35.69 2.68 38.37 2048/H1 0.06 0.00 0.062027/H2 56.86 4.13 60.99 2048/H2 0.06 0.00 0.062028/H1 35.45 2.44 37.89 2049/H1 0.06 0.00 0.062028/H2 51.07 3.25 54.32 2049/H2 0.06 0.00 0.062029/H1 35.07 2.19 37.26 2050/H1 0.06 0.00 0.062029/H2 44.04 2.53 46.57 2050/H2 0.06 0.00 0.06
Grand Total 4,228.32 528.37 4,756.69{1} The exchange rate of December 31, 2008.
(US$ million){1}
Projected Medium and Long-Term Public & Publicly GuaranteedExternal Debt Service as of January 1, 2009
Paris Club Debt Post Cut-off Date
Table ( 14 )
Central Bank of Egypt - External Position
47
Period Principal Interest Total Period Principal Interest Total
2009/H1 40.68 10.71 51.39 2020/H2 18.93 1.81 20.74
2009/H2 30.54 10.34 40.88 2021/H1 16.59 1.52 18.11
2010/H1 43.17 9.98 53.15 2021/H2 13.42 1.28 14.70
2010/H2 33.79 9.58 43.37 2022/H1 11.93 1.09 13.01
2011/H1 40.24 9.15 49.39 2022/H2 9.22 0.92 10.14
2011/H2 33.54 8.72 42.26 2023/H1 7.92 0.80 8.72
2012/H1 34.45 8.29 42.74 2023/H2 7.92 0.69 8.61
2012/H2 30.75 7.96 38.71 2024/H1 6.91 0.58 7.48
2013/H1 39.85 7.56 47.41 2024/H2 5.55 0.48 6.03
2013/H2 34.12 7.13 41.25 2025/H1 3.85 0.42 4.27
2014/H1 33.13 6.68 39.81 2025/H2 3.85 0.38 4.23
2014/H2 27.42 6.25 33.67 2026/H1 3.85 0.34 4.19
2015/H1 31.61 5.80 37.41 2026/H2 3.85 0.30 4.15
2015/H2 24.03 5.39 29.42 2027/H1 3.85 0.26 4.11
2016/H1 31.55 5.01 36.56 2027/H2 3.85 0.22 4.07
2016/H2 25.99 4.61 30.60 2028/H1 2.50 0.18 2.68
2017/H1 29.91 4.21 34.12 2028/H2 2.50 0.16 2.66
2017/H2 21.15 3.83 24.98 2029/H1 2.50 0.13 2.63
2018/H1 20.79 3.49 24.28 2029/H2 2.50 0.11 2.61
2018/H2 23.14 3.16 26.30 2030/H1 2.50 0.08 2.58
2019/H1 23.14 2.81 25.95 2030/H2 2.50 0.06 2.56
2019/H2 23.14 2.45 25.59 2031/H1 2.50 0.03 2.53
2020/H1 19.84 2.09 21.93 2031/H2 0.95 0.01 0.96
Grand Total 835.86 157.04 992.91
{1} The exchange rate of December 31, 2008.
(US$ million){1}
Non-Paris Club Debt
External Debt Service as of January 1, 2009
Projected Medium and Long-Term Public & Publicly Guaranteed
Table ( 15 )
Central Bank of Egypt - External Position
48
Period Principal Interest Total Period Principal Interest Total2009/H1 299.18 103.87 403.05 2030/H1 22.37 0.59 22.952009/H2 274.73 121.67 396.40 2030/H2 19.67 0.50 20.172010/H1 286.13 83.74 369.86 2031/H1 16.53 0.43 16.952010/H2 264.34 96.98 361.33 2031/H2 11.89 0.36 12.252011H1 290.77 92.34 383.10 2032/H1 9.48 0.32 9.802011/H2 241.65 79.92 321.57 2032/H2 9.33 0.28 9.612012/H1 263.77 79.68 343.44 2033/H1 6.89 0.25 7.142012/H2 232.46 70.71 303.18 2033/H2 5.42 0.22 5.642013/H1 265.86 70.85 336.71 2034/H1 5.01 0.20 5.212013/H2 224.38 63.49 287.87 2034/H2 3.09 0.18 3.272014/H1 228.66 60.08 288.74 2035/H1 3.09 0.17 3.262014/H2 245.18 58.51 303.68 2035/H2 3.09 0.16 3.252015/H1 243.27 54.77 298.05 2036/H1 3.09 0.15 3.242015/H2 237.65 50.96 288.61 2036/H2 2.70 0.14 2.842016/H1 238.61 47.40 286.01 2037/H1 2.25 0.13 2.372016/H2 234.69 45.95 280.65 2037/H2 2.25 0.12 2.362017/H1 230.69 42.09 272.78 2038/H1 2.25 0.11 2.362017/H2 222.11 38.47 260.58 2038/H2 2.25 0.10 2.352018/H1 223.48 35.03 258.51 2039/H1 2.25 0.09 2.342018/H2 213.70 31.39 245.10 2039/H2 1.71 0.08 1.792019/H1 208.95 28.09 237.04 2040/H1 1.71 0.08 1.792019/H2 207.51 25.30 232.81 2040/H2 1.71 0.07 1.782020/H1 175.24 21.84 197.08 2041/H1 1.71 0.06 1.782020/H2 186.01 19.38 205.40 2041/H2 1.71 0.06 1.772021/H1 142.94 17.23 160.17 2042/H1 1.35 0.05 1.402021/H2 136.60 15.14 151.74 2042/H2 0.94 0.05 0.992022/H1 109.92 13.31 123.23 2043/H1 0.94 0.04 0.992022/H2 110.07 11.92 122.00 2043/H2 0.94 0.04 0.982023/H1 107.65 10.65 118.29 2044/H1 0.94 0.03 0.982023/H2 105.07 9.29 114.37 2044/H2 0.94 0.03 0.982024/H1 104.99 8.06 113.05 2045/H1 0.94 0.03 0.972024/H2 102.56 6.76 109.32 2045/H2 0.94 0.02 0.972025/H1 101.46 5.54 106.99 2046/H1 0.94 0.02 0.972025/H2 98.23 4.28 102.51 2046/H2 0.94 0.02 0.962026/H1 88.67 3.10 91.77 2047/H1 0.94 0.01 0.962026/H2 61.27 2.07 63.35 2047/H2 0.94 0.01 0.952027/H1 39.40 1.49 40.89 2048/H1 0.64 0.01 0.642027/H2 35.57 1.28 36.85 2048/H2 0.64 0.00 0.642028/H1 33.01 1.12 34.13 2049/H1 0.64 0.00 0.642028/H2 31.78 0.97 32.75 2049/H2 0.53 0.00 0.532029/H1 29.81 0.82 30.62 2050/H1 0.25 0.00 0.252029/H2 24.41 0.68 25.09
Grand Total 7,358.30 1,541.43 8,899.73{1} The exchange rate of December 31, 2008.
(US$ million){1}
Multilateral AgenciesExternal Debt Service as of January 1, 2009
Projected Medium and Long-Term Public & Publicly GuaranteedTable ( 16 )
Central Bank of Egypt - External Position
49C
entral Bank of Egypt - External Position
Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service Multilateral Agenciesas of January 1, 2009
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,700
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
Principal Interest Total
US$ mn
Figure 16
Central Bank of Egypt - External Position 50
(US$ million)
Period Principal Interest Total
2009/H1 0.00 12.34 12.34
2009/H2 0.00 12.34 12.34
2010/H1 0.00 12.34 12.34
2010/H2 0.00 12.34 12.34
2011/H1 0.00 12.34 12.34
2011/H2 281.97 12.34 294.31
Grand Total 281.97 74.04 356.01
Table ( 17 )Projected Sovereign Bond
Debt Service as of January 1, 2009
Central Bank of Egypt - External Position 51
(US$ million)
Period Principal Interest Total
2009/H1 0.00 27.81 27.81
2009/H2 0.00 27.81 27.81
2010/H1 0.00 27.81 27.81
2010/H2 0.00 27.81 27.81
2011/H1 0.00 27.81 27.81
2011/H2 0.00 27.81 27.81
2012/H1 0.00 27.81 27.81
2012/H2 0.00 27.81 27.81
2013/H1 0.00 27.81 27.81
2013/H2 0.00 27.81 27.81
2014/H1 0.00 27.81 27.81
2014/H2 0.00 27.81 27.81
2015/H1 0.00 27.81 27.81
2015/H2 1,250.00 27.81 1,277.81
Grand Total 1,250.00 389.34 1,639.34
Debt Service as of January 1, 2009
Table ( 18 )Projected Guaranteed Notes
52
(US$ million){1}
Period Principal Interest Total
2009/H1 0.00 28.12 28.12
2009/H2 0.00 28.12 28.12
2010/H1 0.00 28.12 28.12
2010/H2 0.00 28.12 28.12
2011/H1 0.00 28.12 28.12
2011/H2 0.00 28.12 28.12
2012/H1 0.00 28.12 28.12
2012/H2 642.66 28.12 670.78
Grand Total 642.66 224.96 867.62
{1} The exchange rate of December 31, 2008.
Table ( 19 )Projected Egyption Pound Euro Bond
Debt Service as of January 1, 2009
Central Bank of Egypt - External Position
Central Bank of Egypt - External Position 53
(US$ million){1}
Period Principal Interest Total
2009/H1 5.03 1.00 6.03
2009/H2 5.00 0.31 5.31
2010/H1 50.00 0.19 50.19
2010/H2 20.00 0.05 20.05
2011/H1 * 2.17 0.00 2.17
Grand Total 82.20 1.55 83.75
{1} The exchange rate of December 31, 2008.
* Repayment date is assumed given that the related amount is subject to a legal dispute between the client of a bank and a supplier .
Private Sector Non-GuaranteedExternal Debt Service as of January 1, 2009
Table ( 20 )Projected Medium and Long-Term
54
Table ( 21 )Exchange Rates of the Currencies of External Debt Versus US Dollar
as at End of December
Country Currency 2005 2006 2007 2008
United States USD 1.00 1.00 1.00 1.00
Switzerland CHF 1.31 1.22 1.13 1.07
Denmark DKK 6.30 5.67 5.07 5.34
Sweden SEK 7.93 6.87 6.40 7.83
Japan JPY 117.86 118.82 112.06 90.48
India INR 44.97 44.31 39.39 48.53
United Kingdom GBP 0.58 0.51 0.50 0.69
Canada CAD 1.16 1.16 0.98 1.23
Australia AUD 1.37 1.27 1.14 1.45
Norway NOK 6.78 6.27 5.42 7.02
Euro EURO 0.84 0.76 0.68 0.72
Special Drawing Rights SDR 0.70 0.67 0.63 0.65
Kuwait KWD 0.29 0.30 0.27 0.28
Libya LYD 0.75 0.78 0.82 0.79
United Arab Emirates AED 3.67 3.67 3.67 3.67
Saudi Arabia SAR 3.75 3.75 3.75 3.75
Central Bank of Egypt - External Position
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