July/September 2017/18 · 1.1: Trade on Goods Trade volume increased by 3.4 percent, to reach US$ 20.6 billion (9.2 percent of GDP) during July/September 2017/18. The trade deficit

Central Bank of Egypt

External Position of the Egyptian Economy

July/September 2017/18

Volume No. (59)

Central Bank of Egypt – External Position

Preface

The External Position of the Egyptian Economy Report is a series produced by the Economic Research Sector in the Central Bank of Egypt (CBE). The report tracks, on a quarterly basis, the international transactions that the Egyptian economy conducts with the rest of the world. It relies, for this purpose, on the national statistics that are regularly compiled in line with the SDDS prescriptions.

Enthused by the CBE keenness to enhance its disclosure, transparency and communication policy, the report is meant to serve several functions. Generally, it spreads, to a broad array of readers, knowledge of Egypt’s external accounts including the balance of payments, external debt, international investment position and external liquidity. Particularly, it monitors key external sector performance indicators of the economy in order to identify areas of policy needs. The information revealed in this series has also significant implications for decision-making, investment climate, doing-business environment and sovereign credit ratings.

The report contains 6 sections. The first section gives a

performance portrait of the key components of Egypt's Balance of Payments (BOP). The second and third review developments related to the International Investment Position (IIP) and external liquidity. The fourth and fifth show Egypt's external debt in its different classifications and the exchange rate developments. The last section is a statistical part that provides more details on the above mentioned five sections. This is in addition to a glossary.

The report is downloadable from CBE website www.cbe.org.eg Hard copies can be obtained from the Economic Research Sector, 8th floor, 54 El Gomhoreya Street, Cairo.


Table of Contents Page

Overview

Section I: Balance of Payments (BOP)

BOP Performance 1

1-Current Account 1

2-Capital and Financial Account 4

Section II: International Investment Position (IIP) 7

Section III: External Liquidity

A -Net International Reserves (NIR) 9

B -Net Foreign Assets of Banks (NFA) 9

Section IV: External Debt

A - Breakdown by Maturity 11

B - Breakdown by Type 12

C - Breakdown by Currency 12

D - Breakdown by Creditor 13

E - Breakdown by Debtor 13

F - External Debt Indicators 14

Section V: Exchange Rate Developments 15

Section VI: Statistics

Appendix I

1- Balance of Payments 19

2- International Investment Position (IIP) 21

3 3- Coordinated Portfolio Investment Survey

(CPIS)

22

4- NIR & NFA at Banks 23

5- External Debt by Type 24

6- External Debt Indicators 25

7- External Debt by Debtor 26

8- Foreign Exchange Rates 27


Table of Contents (Cont.) Page

Appendix II

A- Outstanding External Debt 31-47

B- Disbursed and Undisbursed Amounts for

Signed Loans & Deposits 48

C- Projected Medium- and Long-Term Public

and Publicly Guaranteed External Debt

Service

49-70

D- Projected Short-Term Debt 71

E- Exchange Rates of the Currencies of

External Debt versus US Dollar

72

Appendix III

Box. (1): Egypt's Subscription to SDDS and

Data Quality Dimensions

75

Box. (2): Egypt's Data Quality Dimensions 76

Box. (3): Doing Business in Egypt 77

Box. (4): Tourism Sector Performance 78

Glossary 79


Overview

Striving to bolster confidence in the Egyptian economy and achieve monetary stability, the CBE has taken several measures on 3 November, 2016 to rectify exchange rate policy by moving to a liberalized exchange rate regime, so that banks would be at liberty to quote and trade at any exchange rate. This move would allow the CBE to quell any distortions in the domestic foreign currency market and put foreign exchange activity back on the right and formal track through eradicating the parallel market altogether. The CBE’s Decision to liberalize the exchange rate regime on 3 November, 2016 led to the steady accumulation of foreign currency reserves through the formal channels. Egypt's BOP ran an overall surplus of about US$ 5.1 billion in July/September 2017/2018 (against about US$ 1.9 billion in the corresponding period). The current account deficit narrowed by 65.7 percent to about US$ 1.6 billion (from about US$ 4.8 billion). The capital and financial account recorded a net inflow of about US$ 6.2 billion (against about US$ 7.2 billion). The current account deficit was mainly traceable to the following developments: the trade deficit declined by 5.0 percent to about US$ 8.9 billion, the services surplus picked up by 101.8 percent, to record about US$ 2.8 billion, income balance ran a deficit of about US$ 1.5 billion), and unrequited current transfers (net) inched up by 37.3 percent, to register about US$ 6.0 billion. The capital and financial account revealed the following develop-ments: the net inflows of FDI in Egypt registered about US$ 1.6 billion, portfolio investment in Egypt unfolded a net inflow of about US$ 7.5 billion, and other assets and liabilities achieved a net outflow of about US$ 3.6 billion.

Egypt’s International Investment Position (IIP) at end of September 2017 recorded net external liabilities (assets minus liabilities) of about US$ 133.2 billion, up by 1.7 percent compared to end of June 2017. Net International Reserves (NIR) increased by US$ 5.2 billion to reach US$ 36.5 billion, thus covering 7.4 months of merchandise imports at end of September 2017. The increase was an outcome of the rise of foreign currencies by about US$ 5.1 billion and of gold by US$ 0.1 billion. During the Report’s preparation, NIR reached US$ 37.0 billion at end of December 2017. Banks’ net foreign assets increased by around US$ 1.7 billion during July/ September 2017/2018. Foreign currency deposits with banks decreased by 1.8 percent during the period concerned, reaching US$ 37.8 billion at end of September 2017. As a percentage of total deposits, they made up 25.3 percent. Total external debt increased by about 2.3 percent to about US$ 80.8 billion at end of September 2017, from US$ 79.0 billion at end of June 2017. The external debt remains within manageable limits, and its position continues to have a favorable struc-ture, as 85.1 percent of the debt are medium- and long-term. The weighted average of the inter-bank foreign exchange market rate revealed that the Egyptian pound interbank rate appreciated by 2.5 percent during July/September 2017/2018, as the EGP reached 17.6486 per US dollar at end of September 2017, against EGP 18.0911 per US dollar at end of June 2017.

Section I

Balance of Payments (BOP)

Central Bank of Egypt – External Position 1

BOP Performance

gypt's BOP ran an overall surplus of about US$ 5.1

billion in July/September 2017/2018 against about US$ 1.9 billion in the corresponding period. The current account deficit narrowed by 65.7 percent to about US$ 1.6 billion (from about US$ 4.8 billion). The capital and financial account recorded a net inflow of about US$ 6.2 billion (against about US$ 7.2 billion). Chart (1) shows the developments in Egypt’s BOP main components, on quarterly basis.

1- Current Account The current account deficit was mainly traceable to the following developments: the trade deficit declined by 5.0 percent to about US$ 8.9 billion (from about US$ 9.4 billion), the services surplus picked up by 101.8 percent, to record US$ 2.8 billion (against US$ 1.4 billion), and unrequited current transfers (net) inched up by 37.3 percent, to register about US$ 6.0 billion (versus US$ 4.4 billion). The income balance ran a deficit of about US$ 1.5 billion (against about US$ 1.1 billion).

1.1: Trade on Goods Trade volume increased by 3.4 percent, to reach US$ 20.6 billion (9.2 percent of GDP) during July/September 2017/18. The trade deficit decreased by US$ 474.3 million, to US$ 8.9 billion (4.0 percent of GDP) from US$ 9.4 billion, due to the following developments: Merchandise exports increased by 11.0 percent to US$ 5.8 billion, due to the increase in both oil exports by 16.8 percent, to reach US$ 1.8 billion (30.5 percent of total exports) and in non-oil exports by 8.6 percent to reach US$ 4.0 billion (69.5 percent of total exports). As a result, the exports/imports ratio mounted to 39.5 percent, from 35.8 percent.

Merchandise imports slightly increased by 0.7 percent to US$ 14.8 billion, reflecting the increase in both oil imports by 1.5 percent to US$ 2.8 billion (18.9 percent of total imports), and in non-oil imports by 0.5 percent to US$ 12.0 billion (81.1 percent of total imports).

The following charts illustrate the distribution of commodity exports by

degree of processing and imports by degree of use during July/September 2017/18.

E

-6

-4

-2

0

2

4

6

8

10

12

Q1 Q2 Q3 Q4 Q1

2016/2017 2017/2018

US$ bn

Chart (1) : Egypt's BOP Main Components

Capital & Financial Account Current Account Overall Balance

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

2015/2016 2016/2017 2017/2018

Chart (2): Oil & Non-oil Exports and Imports July/September

oil exports non-oil exports oil imports

non-oil imports Trade balance

US$ bn


Hereunder is the geographical distri-bution of merchandise exports and imports:

- Egypt's main trade partners in terms of exports were UAE, Italy, USA, UK, India, Germany, Turkey, Switzerland, Saudi Arabia and Canada. These countries combined, accounted for some 59.0 percent of total exports.

- As for imports, Egypt's trade partners were China, UAE, Germany, USA, Russia, Saudi Arabia, UK, Italy, France, Brazil, Switzerland and India. These countries combined, accounted for some 51.8 percent of total imports.

1.2: Services Balance The services surplus doubled to

reach about US$ 2.8 billion (against

about US$ 1.4 billion) as the increase

in services receipts outpaced the rise

in services payments, as follows: 1.2.1: Services receipts increased by 50.8 percent, to some US$ 5.7 billion (against about US$ 3.8 billion), driven by the increase in the following items: Tourism revenues to about US$

2.7 billion (against US$ 758.2 million), driven by the increase in the number of tourist nights to 28.2 million nights (against 9.2 million nights).

Chart (3): Proceeds of Merchandise Exports US$ 5.8 bn

Fuel, mineral oils &

products 31.6%

Raw materials

7.5 %

Semi-finished goods 18.0%

Finished goods 42.9%

Chart (4): Payments for Merchandise Imports

US$ 14.8 bn, of which

Fuel, mineral oils &

products 19.5%

Raw materials

9.6%

Inter-mediate goods 32.0%

Invest-ment goods

13.8%

Con-sumer goods 21.9%

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Q1 Q2 Q3 Q4 Q1

2016/2017 2017/2018

US$ bn

Chart (7) : Services Balance

Services Receipts Services Payments Services Balance

EU36.4%

Other EU Countries

8.6%Russian Federation

&C.I.S0.7%

USA7.1%

Arab Countries

23.3%

Asian Countries

(Non-Arab)10.5%

African Countries

(Non-Arab)2.2%

Australia & Other

Countries11.2%

Chart (5) : Exports by Geographical Distribution July/September 2017/2018

EU28.8%

Other EU Countries

6.1%

Russian Federation &

C.I.S6.8%

USA4.3%

Arab Countries

18.0%

Asian Countries (Non-Arab)

19.8%

African Countries (Non-Arab)

1.9%

Australia& Other

Countries14.3%

Chart (6) : Imports by Geographical DistributionJuly/September 2017/2018


Government services receipts to

US$ 131.7 million (against US$ 62.5 million), due to the increase in the receipts from the Arab League expenses & the international organizations located in Egypt, and the expenses of the foreign embassies in Egypt.

On the other hand, Transportation receipts decreased

by 3.1 percent to about US$ 2.27 billion (against some US$ 2.34 billion), due to the fall in the receipts of Egyptian navigation companies. This came despite the rise in Suez Canal dues by 6.3 percent.

Other services receipts decreased

by 3.5 percent to US$ 581.9 million (against US$ 603.0 million), due to the fall in the fees of communication services, legal and consultation fees, and advertising & market research services.

1.2.2: Services payments rose by 20.3 percent, to about US$ 2.8 billion (against about US$ 2.4 billion), driven by the increase in the following items: Other services payments by 71.9

percent, to about US$ 1.4 billion (against US$ 785.2 million), driven by the amounts transferred abroad by foreign petroleum companies, higher payments of computer services, subscription to magazines &

newspapers, and communication services.

Government services payments to US$ 449.0 million (against US$ 157.0 million).

Transportation payments by

25.0 percent, to US$ 382.6 million (against about US$ 306.2 million), due to the rise in the amounts transferred by foreign aircraft and navigation companies.

On the other hand, Travel payments fell by 41.3

percent to US$ 649.3 million (against about US$ 1.1 billion), due to the decline in e-card payments by 62.3 percent to US$ 289.4 million (against US$ 767.7 million), as well as the decrease in pilgrimage (Hajj & Umrah) expenses.

1.3: Income Balance Investment income balance ran a deficit of US$ 1.5 billion in July/September 2017/18 (against some US$ 1.1 billion). This was an outcome of the rise of investment income payments to register about US$ 1.7 billion (against some US$ 1.2 billion), 51.6 percent of which were profit transfers by (oil and non-oil) foreign companies operating in Egypt, and the increase in investment income receipts to register US$ 229.0 million (against US$ 81.6 million).

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Q1 Q2 Q3 Q4 Q1

2016/2017 2017/2018

US$ bnChart (8): Service Balances

Other Services Balance Government Services Balance

Tourism Services Balance Transportation Services Balance

Services Balance

-2.0

-1.5

-1.0

-0.5

0.0

0.5

Q1 Q2 Q3 Q4 Q1

2016/2017 2017/2018

US$ bnChart (9): Income Balance

Income Receipts Income Payments

Income Balance


1.4:Unrequited current transfers (Net) Unrequited current transfers (net) picked up by 37.3 percent, to register US$ 6.0 billion (versus US$ 4.4 billion), due mainly to the increase in net private transfers from US$ 4.3 billion to US$ 5.9 billion, supported by the increase in workers’ remittances by 37.2 percent. The net official transfers rose to US$ 43.1 million (from US$ 33.8 million). Against this background, some of the external balance indicators changed as shown in chart (11).

2- Capital and Financial Account The capital and financial account recorded a net inflow of about US$ 6.2 billion in July/September 2017/18 (against some US$ 7.2 billion), as an outcome of: A- Total FDI inflows registered

about US$ 3.0 billion (from US$ 3.4 billion), while total outflows recorded about US$ 1.4 billion (against about US$ 1.6 billion). Accordingly, net inflows of FDI in Egypt decreased to about US$ 1.6 billion (against about US$ 1.9 billion). It is worth mentioning that net inflows for oil sector investments increased by 84.2 percent, to post US$ 912.9 million (against US$ 495.5 million).

The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share of 66.8 percent. The services sector came second, with 14.7 percent distributed as follows: the financial sector (5.5 percent), the real estate sector (3.2 percent), the communication and information technology (2.0 percent), tourism sector (0.3 percent), and other services sector (3.7 percent). The share of the manufacturing sector was 12.5 percent, the construction sector 1.0 percent, the agricultural sector 0.1 percent, and the remaining portion was acquired by undistributed sectors.

0

0.5

1

1.5

2

2.5

3

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

Q1 Q2 Q3 Q4 Q1

2016/2017 2017/2018

US$ bn

Chart (10) : Remittances of Egyptians Working Abroad

Workers' Remittances Remittances to GDP

(%)

73.8

159.9

35.8

91.5

200.6

39.5

0

50

100

150

200

250

Current Receipts / CurrentPayments

Services Receipts / ServicesPayments

Merchandise Exports /Merchandise Imports

Chart (11): External Balance Indicators July / September

2016/2017 2017/2018

%


B- Portfolio investment in Egypt augmented to unfold, a net inflow of about US$ 7.5 billion (against a net outflow of US$ 840.9 million). This was ascribed to the rise in foreigners' investments in Egyptian TBs, recording net purchases of some US$ 7.4 billion (against US$ 55.0 million). In addition, foreigners' investments on the Egyptian Exchange (EGX) rose to register net purchases of US$ 25.9 million (against net sales of US$ 63.3 million).

C- Medium - and long-term loans

and facilities achieved net disbursements of about US$ 1.2 billion (against US$ 888.3 million).

D- Short-term suppliers' credit realized net repayments of about US$ 312.0 million (against net disbursements of about US$ 570.8 million).

E- Other assets and liabilities

achieved a net outflow of US$ 3.6 billion (against a net inflow of US$ 4.8 billion). This came on the back of the rise in banks' foreign assets and foreign currency resources immediately after the liberalization of exchange rate. As such, banks' foreign assets rose by US$ 2.1 billion, and their foreign liabilities rose by only US$ 461.7 million.

Petroleum sector66.8%

Construction sector1.0%

Agriculture sector0.1% Manufacturing sector

12.5%

Undistributed sectors4.9% Real Estate sector

3.2%

Financial sector5.5%

Tourism sector0.3%

Communication sector2.0%

Other Services3.7%

Service sector14.7%

Chart (12): Total FDI in Egypt by Economic SectorJuly/September 2017/2018

Section II

International Investment Position (IIP)


International Investment Position (IIP) At end of September 2017*

Egypt’s IIP at end of September

2017, recorded net external liabilities

(assets minus liabilities) of about

US$ 133.2 billion, up by 1.7 percent

compared to end of June 2017. As

such, Egypt’s foreign assets

represented about 36.1 percent of its

foreign liabilities against about 33.6

percent at end of June 2017.

Source: Appendix I, table (2).

Egypt's preliminary IIP data at end

of September 2017, showed an

increase in both Egypt's total assets

and liabilities compared to the

position at end of June 2017, to

record net liabilities of about US$

133.2 billion versus US$ 131.0

billion.

Assets and Liabilities by Component:

1- Assets increased by 13.5 percent

to reach about US$ 75.3 billion at

end of September 2017, from

about US$ 66.4 billion at end of

June 2017. This increase was mainly due to

the following developments: - Reserve assets increased by 17.1

percent to about US$ 35.9 billion. - Other investment assets increased

by about 13.9 percent, to reach

about US$ 30.4 billion. - Foreign direct investments

increased by 0.7 percent to about

US$ 7.3 billion. - Portfolio investments abroad

decreased by 2.9 percent to about

US$ 1.7 billion.

* Released as of September 2009 according to SDDS requirements.

-172.7 -185.0 -197.4 -208.5

49.0 57.5 66.4 75.3

-123.7 -127.5 -131.0 -133.2

-250

-150

-50

50

150

Q4 Q1 Q2 Q3

2016 2017

US$ billionChart (1)

International Investment Position (IIP)End of

Assets Liabilities Net IIP

Direct investments

abroad 9.8%

Portfolio investment

assets2.2%

Other investments

40.4%

Reserve assets47.6%

Chart (2)

Breakdown of Assets by Component

Sept. 2017


2- Liabilities increased by 5.7

percent to about US$ 208.5

billion at end of September 2017,

from about US$ 197.4 billion at

end of June 2017.

This increase was mainly due to

the following developments:

- Portfolio investments in Egypt

increased by 36.5 percent to

about US$ 29.2 billion.

- Other investment liabilities

increased by 2.6 percent to

about US$ 71.8 billion.

- FDI in Egypt increased by 1.5

percent to about US$ 107.5

billion.

Indicators:

- Egypt’s negative net IIP to GDP

at end of September 2017 inc-

reased to about 59.6 percent,

versus about 55.8 percent at end

of June 2017.

- Assets to liabilities increased to

about 36.1 percent at end of

September 2017, from about

33.6 percent at end of June

2017.

Direct investments

in Egypt51.5%

Portfolio investments

14.0%

Other investments

34.5%

Chart (3) Breakdown of Liabilities by Component

Sept.2017

-52.7 -54.3-55.8

-59.6

-80

-60

-40

-20

0

Q4 Q1 Q2 Q3

2016 2017

%

Chart (4)

Egypt's net IIP to GDP End of

Net IIP / GDP

28.4 31.1 33.6 36.1

0

10

20

30

40

Q4 Q1 Q2 Q3

2016 2017

%Chart (5)

Egypt's IIP Assets/LiabilitiesEnd of

Assets / Liabilities

Section III

External Liquidity


External Liquidity A-Net International Reserves (NIR) The remarkable improvements in the

banking system's financial position

by foreign currency led to the steady

accumulation of foreign currency

reserves through the formal channels. During July/September 2017/2018,

NIR remained on the rise, increasing

by US$ 5.2 billion (against US$ 2.0

billion in the corresponding period a

year earlier) to reach US$ 36.5

billion, thus covering 7.4 months of

merchandise imports at end of

September 2017.

The increase was an outcome of the

rise in foreign currencies by about

US$ 5.1 billion and in gold by US$

0.1 billion.

During the Report’s preparation, NIR

reached US$ 37.0 billion at end of

December 2017.

(US$ mn)

B- Net Foreign Assets of Banks (NFA)

Banks' net foreign assets increased

by around US$ 1.7 billion during

July/September 2017/2018 (against a

decline of US$ 1.4 billion in the

corresponding period a year earlier).

End of June

2017

Sept.

2017

Net International

Reserves (1-2) 31305 36535

1- Gross Official Reserves 31307 36537

Gold 2602 2710

SDRs 770 772

Foreign Currencies 27904 33026

Loans to IMF 31 29

2- Reserve Liabilities 2 2

Reserves/Months of

Imports 6.6 7.4

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

June 16 Sept. 16 June 17 Sept. 17

(Month)(US$ bn)

Chart (1): NIR & Months of Imports Covered

Foreign Currencies

Loans to IMF

Gold

Reserves/Months of Imports

(Balance at End of the Month)

0.0

5.0

10.0

15.0

20.0

25.0


(US$ bn)

Chart (2): Foreign Assets & Liabilities of Banks

Assets Liabilities

(End of the Month)


Foreign currency deposits with banks

decreased by 1.8 percent during the

period concerned, reaching US$ 37.8

billion at end of September 2017. On

the contrary, local currency deposits

increased by 9.1 percent.

As such, the ratio of foreign currency

deposits to total deposits made up

25.3 percent at end of September

2017.

-5

0

5

10

15

20

25

30

-300

0

300

600

900

1200

1500

1800

2100

2400

2700


(LE bn)

Chart(3): Developments in Deposits by Local and Foreign Currencies

Foreign Currency Deposits

Local Currency Deposits

Growth Rate of Foreign Currency Deposits

Growth Rate of Local Currency Deposits

(End of the Month) (%)

Section IV

External Debt


External Debt

External debt increased by US$ 1.8

billion (2.3 percent), to post about

US$ 80.8 billion at end of September

2017 (compared with about US$ 79.0

billion at end of June 2017). This

increase came as a result of the rise in

net disbursements of loans and

facilities by US$ 1.3 billion,

alongside the depreciation of most

currencies of borrowing versus the

US dollar by US$ 0.5 billion.

A- Breakdown by Maturity

By original maturity, external debt

reaffirmed its usual pattern of long-

term external debt predominance at

end of Sept. 2017. Long-term ex-

ternal debt accounted for US$ 50.9

billion or 63.0 percent of the total,

whereas medium-term external

debt reached US$ 17.8 billion or

22.1 percent and short-term ex-

ternal debt accounted for the

smallest portion of US$ 12.1billion

or 14.9 percent.

By residual maturity1, medium- and

long-term external debt decreased, as

it represented 66.6 percent of the

total debt. In comparison, they ac-

counted for 85.1 percent of the total

by original maturity. Meanwhile,

short-term debt showed an increase,

as it represented 33.4 percent,

compared to 14.9 percent classified

by original maturity.

External Debt by Residual Maturity

at end of Sept. 2017

(US$

million)

1. Short-term debt by original maturity 12074.6

2. Medium- & long-term debt maturing

within one year 14886.7

3. External debt by residual

maturity up to 1 year (1+2) 26961.3

Percentage to total external debt 33.4%

Percentage to NIR 73.8%

4. Medium- & long-term debt by

residual maturity 53870.6

Percentage to total external debt 66.6%

1 While the analytical presentation of external debt

by original maturity is the norm recommended in the External Debt Statistics Guide, residual maturity presentation still draws significant attention. In other words, compilation of external debt statistics based on original maturity helps in understanding the nature of capital flows; while the remaining maturity provides a profile of debt service payments, especially those falling due in the near term, and of potential liquidity risks facing the economy. Short-term debt by residual maturity comprises all components of short-term debt with original maturity of up to one year, and the amounts falling due –under medium- and long-term debt by original maturity– within one year or less.

Long -term debt

63.0 %

Medium -term debt

22.1 %

Short -term debt

14.9 %

chart (1)External Debt Structure by Original

Maturity

End of Sept. 2017

Central Bank of Egypt – External Position 12 B- Breakdown by Type

Medium- and long-term external debt accounted for 85.1 percent of total debt , of which: Rescheduled bilateral debt

reached about US$ 4.0 billion or 5.0 percent of total debt.

Other bilateral* debt amounted to about US$ 6.7 billion or 8.3 percent.

Buyers' & suppliers' credit reached about US$ 7.2 billion or 8.9 percent of total debt.

International and regional organizations' debt reached about US$ 23.4 billion or 29.0 percent of total debt.

Government bonds and notes reached about US$ 9.0 billion or 11.1 percent of total debt at end of Sept. 2017.

These include: (i) US$ 1.0 billion of sovereign notes issued in April 2010 and falling due in 2020 & 2040, (ii) US$ 1.2 billion of the Global Medium-Term Notes (GMTN) issued in 2015 and falling due in June 2025; and (iii) US$ 6.8 billion of the Global Medium Term Notes programme issued in 2017 and falling due in 2022, 2027 & 2047.

Long-term deposits that have

been placed at the CBE by some Arab countries posted US$ 18.3 billion (22.6 percent of total debt).

________________________ Including the Liquidity Support Facility (LSF) from China Development Bank (CDB) to CBE .

Non-guaranteed medium- and

long-term debt of the private sector registered US$ 158.9 million (about 0.2 percent of total debt).

Short-term debt decreased by about US$ 199.8 million to about US$ 12.1 billion or 14.9 percent of total debt.

C- Breakdown by Currency

Measuring the currency composition of Egypt's external debt is an important indicator that sheds light on the external debt exposure, arising from currency markets' volatility. A breakdown of the currency com-position of external debt indicates that the US dollar is the main borrowing currency, with a relative importance of 68.1 percent of the total. This upward biased share of US dollar largely reflects the fact that there are other outstanding obligations in US dollar to creditors other than the USA (such as the African Development Bank (AfDB) and the International Bank for Reconstruction and Development (IBRD).

Private sector (Non-

guaranteed) 0.2%

Rescheduled bilateral debt

5.0%Suppliers' &

buyers' Credits 8.9%

Other bilateral debt

8.3%

Egyptian bonds and

notes 11.1%

Short term debt 14.9%

Long term Deposits

22.6%

International & regional

organizations 29.0%

Chart (2)External Debt Structure

End of Sept. 2017


Other important currencies ac-counted for 30.7 percent of the total debt, as follows: the Euro is the runner-up (13.2 percent), followed by the Special Drawing Rights* (8.4 percent, the Chinese Yuan (3.4 percent), the Kuwaiti dinar (2.9 percent), and the Japanese yen (2.8 percent).

D- Breakdown by Creditor

Distribution by creditor country indicates that 27.4 percent was owed to Arab countries (mainly Saudi Arabia, UAE, and Kuwait), and that 29.0 percent was owed to interna-tional organizations** (mainly IBRD 9.5 percent, IMF 6.6 percent, ADF & AfDB 3.3 percent and EIB 2.8 percent). Meanwhile, 22.1 percent of Egypt's external debt with a value of US$ 17.8 billion came from six countries; namely Germany (8.3 percent), China (6.0 percent), Japan (2.7 percent), France (2.0 percent), USA (1.8 percent) and UK (1.3 percent). Including Egypt’s allocation of SDRs by the IMF. International Monetary Fund (IMF) , International Bank for

Reconstruction and Development (IBRD), European Investment Bank (EIB), African Development Fund (ADF), and African Development Bank (AfDB).

E- Breakdown by Debtor

The structure of Egypt’s external debt by debtor reveals that the central and local government is the main debtor, with a share of US$ 36.3 billion at end of Sept. 2017. - Banks' external debt increased by

US$ 0.5 billion to US$ 4.6 billion.

- Other sectors' debt increased by US$ 0.3 billion to US$ 10.0 billion.

- Monetary authority's external debt decreased by US$ 0.4 billion to US$ 29.9 billion at end of Sept. 2017 (mainly due to the US$ 250 million repayment of Libya's deposit at the CBE).

US dollar 68.1%

Euro13.2%

SDRs8.4%

Chinese Yuan3.4%

Kuwaiti dinar2.9%

Japanese yen

2.8%

Other currencies

1.2%

Chart (3) External Debt Structure by Currencies

End of Sept. 2017

France2.0%

United Kingdom

1.3%

USA1.8%

Japan2.7%

China6.0%

Germany8.3%Other

countries10.4%

Egyptian bonds and

notes11.1%

International & regional

organizations29.0%

Arab countries

27.4%

Chart (4)External Debt by Creditor

End of Sept. 2017

0

20

40

60

80

2015 2016 2017

(US$ bn)

Chart (5)External Debt by Debtor

End of Sept.

Other sectors Banks

Monetary authority Central & local government


F- External Debt Indicators*

The ratio of short-term external debt to net international reserves decreased to 33.0 percent at end of Sept. 2017 (from 40.7 percent at end of Sept. 2016). In addition, its ratio to total debt registered 14.9 percent (against 13.2 percent). As for the external debt in terms of international comparison, the debt is within manageable limits. Based on IMF classification**, comparing Egypt's key debt indicators with those of other regional country groups shows that: - Egypt's debt stock to GDP

represented 36.2 percent at end of Sept. 2017 (61.9 percent for Emerging and Developing Europe and 18.1 percent for Emerging and Developing Asia).

- Egypt's short-term external debt

to total external debt at end of Sept. 2017 represented 14.9 percent (39.4 percent for Emerging and Developing Asia and 8.3 percent for Common-wealth of Independent States).

- Egypt's debt-service ratio*** re-

gistered 15.7 percent during July/Sept. 2017/2018 (51.4 percent for Emerging and Developing Europe, and 28.6 percent for Sub-Saharan Africa).

__________________________________ * For more indicators, refer to appendix I,

table No. 6. ** Source: World & Regional Economic Outlook

Reports, Oct. 2017, and CBE database. *** Debt-Service Ratio: The ratio of debt service

(interest and principal payments due) during a year, expressed as a percentage of exports (typically of goods and services) for that year. This ratio is considered to be a key indicator of a country’s debt burden.

Debt service reached US$ 1.8 billion during July/Sept. 2017/2018 (US$ 1.2 billion for principal repayments and US$ 0.6 billion for interest payments).

0

20

40

60

80

2015 2016 2017

%

Chart (6)

External Debt IndicatorsEnd of Sept.

Government External Debt / External Debt

External Debt /GDP

Short-term Debt / Net International Reserves

Short-term Debt / Total External Debt

0

5

10

15

20

25

30

2014/2015 2015/2016 2016/2017

% During July / Sept.

Debt Service / Current Receipts (includingtransfers)Debt Service / Exports of Goods andServices

Section V

Exchange Rate Developments


Exchange Rate Developments

The period covered by the Report has witnessed the liberalization of the Egyptian pound; a daring decision taken by CBE on 3 November 2016, with a view to giving banks more flexibility in pricing their currency trade operations, which aims to keep the hard cash within the official market and eliminate the parallel market. The decision comes in line with the economic reform program that enables the Egyptian economy to face current economic challenges, unleash its capabilities, and achieve the desired growth and operation rates, by combining and adapting to the present capabilities and utilizing the full range of Egypt’s human, natural, and material resources.

(i) Inter-bank Rate1:

During July/September 2017/18, the exchange rates of foreign currencies depreciated against the Egyptian pound. The weighted average of the US dollar in the Egyptian inter-bank market depreciated by 2.4 percent to record EGP 17.6486 at the end of September 2017, (against EGP 18.0911 at end of June 2017). _________________________ 1 The inter-bank foreign exchange market was

launched in Egypt in December 2004.

(ii) Market Rate: At end of September 2017, according to the foreign exchange market (buying price), most of the foreign currencies declined against the Egyptian pound. To illustrate, Swiss franc decreased by 3.4 percent, Japanese yen (100 yens) by 2.9 percent, US dollar; Saudi riyal; and UAE dirham by 2.4 percent each, Kuwaiti dinar by 2.1 percent and Chinese Yuan by 0.5 percent. Meanwhile the sterling pound increased by 2.1 percent and the Euro by 1.5 percent.

6

8

10

12

14

16

18

20

22

Sep-16 Dec-16 Mar-17 Jun-17 Sep-17

2016/2017 2017/2018

EGP

Chart (1) : Exchange Rate of USD & Euro against EGP(End of Period)

USD Interbank rate(average) USD market rate(buying price)

Euro market rate(buying price)

Section VI

Statistics


Appendix I

Table Page

I- Balance of Payments

BOP Current Account ………………………………………. 1 19

BOP Capital and Financial Account (contd.) ………………. 20

II- International Investment Position (IIP) 2 21

III- Coordinated Portfolio Investment Survey (CPIS) 3 22

IV- External Liquidity

NIR & NFA at Banks ………………………………………. 4 23

V- External Debt

External Debt by Type …………………………………........ 5 24

External Debt Indicators …………………………………….

External Debt by Debtor …………………………………….

6

7

25

26

VI- Exchange Rate Developments

Foreign Exchange Rates……………………………………….. 8 27

(US$ mn)

2016/2017* 2017/2018*

Trade Balance -9416.7 -8942.4

Exports** 5261.4 5839.4

Petroleum 1525.9 1782.5

Other Exports 3735.5 4056.9

Imports** -14678.1 -14781.8

Petroleum -2746.7 -2787.1

Other Imports -11931.4 -11994.7

Services Balance 1410.7 2847.3

Receipts 3764.3 5678.2

Transportation 2340.6 2267.9

of which: Suez Canal 1300.4 1382.2

Travel 758.2 2696.7

Government receipts 62.5 131.7

Other 603.0 581.9

Payments 2353.6 2830.9

Transportation 306.2 382.6

Travel 1105.2 649.3

Government Expenditures 157.0 449.0

Other 785.2 1350.0

Income Balance -1129.5 -1519.3

Income receipts 81.6 229.0

Income payments 1211.1 1748.3

of which: Interest paid 258.9 415.5

Transfers (Net) 4352.8 5975.3

Private Transfers (Net) 4319.0 5932.2

of which: Workers' Remittances 4354.9 5973.6

Official Transfers (Net) 33.8 43.1

Current Account Balance -4782.7 -1639.1

Central Bank of Egypt - External Position 19

July/September

Table (1) Balance of Payments

(US$ mn)

2016/2017* 2017/2018*

Capital & Financial Account 7239.6 6228.6

Capital Account -9.4 -40.3

Financial Account 7249.0 6268.9

Direct Investment Abroad -62.0 -52.4

Direct Investment in Egypt (Net) 1872.2 1578.3

Portfolio Investment Abroad (Net) 27.7 13.9

Portfolio Investment in Egypt (Net) -840.9 7478.5

of which: Bonds -832.5 5.8

Other Investment (Net) 6252.0 -2749.4

Net Borrowing 1459.1 887.4

M&L-Term Loans (Net) 315.4 965.1

Drawings 1241.4 1563.0

Repayments -926.0 -597.9

MT-Suppliers' Credit (Net) 572.9 234.3

Drawings 590.3 275.5

Repayments -17.4 -41.2

ST-Suppliers' Credit (Net) 570.8 -312.0

Other Assets -245.3 -3608.6

Central Bank -12.3 -22.0

Banks -216.6 -2142.0

Other -16.4 -1444.6

Other Liabilities 5038.2 -28.2

Central Bank 3449.7 -489.9

Banks 1588.5 461.7

Net Errors & Omissions -565.7 487.9

Overall Balance 1891.2 5077.4

Change in CBE Reserve Assets ,Increase(-) -1891.2 -5077.4

* Preliminary.

** Include free zones exports and imports.

Table (1) Balance of Payments (contd.)


July/September


Assets Liabilities Assets Liabilities

Total 66359.3 197385.5 75291.9 208548.9

1-Direct investment 7294.1 105929.5 7346.5 107485.8

2-Portfolio investments 1722.7 21407.7 1672.7 29221.5

Equity security 1285.4 2628.8 1294.9 2654.7

Debt security 437.3 18778.9 377.8 26566.8

3-Other investments 26690.1 70048.3 30393.4 71841.6

Trade credits 3036.0 2751.6

General government

Long-term

Short-term

Other sectors 3036.0 2751.6

Long-term

Short-term 3036.0 2751.6

Loans 491.6 43404.2 424.8 45915.0

Monetary authorities 7688.0 7668.4

Use of Fund credit & loans from the Fund

Other long-term 2353.7 2328.4

Short-term 5334.3 5340.0

General government 25890.2 27318.1

Long-term 25890.2 27318.1

Short-term

Banks 491.6 3123.8 424.8 3684.2

Long-term 147.6 3043.8 128.5 3320.4

Short-term 344.0 80.0 296.3 363.8


Long-term 6702.2 7244.3

Short-term

Currency and deposits 26198.5 22361.5 29968.6 21906.6


Long-term 18537.4 18287.4

Short-term 2852.3 2703.3

General government

Long-term

Short-term

Banks 17107.5 971.8 19456.6 915.9

Long-term

Short-term 971.8 915.9


Long-term

Short-term

Other assets / Liabilities 1246.6 1268.4


Long-term 1246.6 1268.4

Short-term

General government

Banks

Other sectors

4-Reserves assets 30652.4 35879.3

* Preliminary.

(US$ millions)

June 2017 September 2017*

Table (2) International Investment Position (IIP)

End of

22

Country of non-resident issuers Equities long-term debt securities short-term debt securities Total

Bahamas 20.7 20.7

Bahrain 10.7 10.7

Canada 9.0 9.0

China, P.R. Mainland 1.4 1.4

France 418.5 21.9 440.4

Germany 109.1 109.1

Guernsey 6.4 6.4

Holand 1.4 1.4

India 0.1 0.1

Indonesia 7.1 7.1

Italy 28.8 0.5 29.3

Japan 9.8 9.8

Jordan 3.5 0.1 3.6

Kuwait 14.9 0.2 15.1

Lebanon 5.2 6.0 0.6 11.8

Luxembourg 0.7 0.7

Malaysia 16.0 8.6 24.6

Malta 1.7 0.6 2.3

Morocco 0.2 0.2

Nigeria 11.7 7.3 19.0

Saudi Arabia 323.8 21.2 30.1 375.1

Singapore 8.6 8.6

Spain 1.7 1.7

Syrian Arab Republic 1.2 1.2

Sudan 1.7 1.7

Sweden 3.1 3.1

Switzerland 5.7 5.7

Tunisia 1.6 0.5 2.1

Turkey 0.7 0.7

United Arab Emirates 9.9 35.7 0.6 46.2

United Kingdom 0.2 45.3 5.7 51.2

United States 38.8 148.0 186.8

International Organizations 257.8 8.0 0.1 265.9

Total 1294.9 321.7 56.1 1672.7

Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of September 2017

(US$ millions)

Breakdown of portfolio investment Assets by country of residence of the Issuers

Central Bank of Egypt - External Position

End of June 2015 Sept. 2015 June 2016 Sept. 2016 June 2017 Sept. 2017

Net International Reserves (1-2) 20082 16335 17546 19592 31305 36535

1- Gross Official Reserves 20104 16358 17570 19618 31307 36537

Gold 2420 2337 2602 2743 2602 2710

SDRs 1168 1167 793 799 770 772

Foreign Currencies 16453 12794 14128 16031 27904 33026

Loans to IMF 63 60 47 45 31 29

2- Reserve Liabilities 22 23 24 26 2 2

Banks' Net Foreign Assets 3481 1940 -4844 -6224 3171 4892

Assets 11450 10577 9286 9494 18746 20928

Liabilities 7969 8637 14130 15718 15575 16036

Table (4) Net International Reserves & Net Foreign Assets at Banks23

(US$ mn)

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

(US$ mn)

End of September 2013 2014 2015 2016 2017 +

Total External Debt* 47017.1 44854.2 46148.1 60152.6 80831.9

1- Medium & Long term debt : 43009.3 40968.8 43350.3 52186.8 68757.3

Rescheduled bilateral debt ** 9085.2 7375.2 5683.1 4636.3 4031.4

ODA 5843.6 5172.5 4509.9 4376.9 3812.2

Non-ODA 3241.6 2202.7 1173.2 259.4 219.2

Other bilateral debt 6169.6 5844.9 5572.9 6441.2 6672.4

Paris Club countries 3738.1 3420.7 2701.2 3655.4 3813.0

Other countries 2431.5 2424.2 2871.7 2785.8++ 2859.4++

International & regional Organizations 12028.3 12116.4 12388.5 15586.2 23412.1

Suppliers' & buyers' credits 591.3 513.4 1135.0 4176.0 7204.8

Egyptian bonds and notes 6117.6 6098.9 3545.8 2660.4 8990.3

Long- term deposits 9000.0 9000.0 15000.0 18550.0 18287.4

Private sector debt (non-guaranteed) 17.3 20.0 25.0 136.7 158.9

2- Short-term debt 4007.8 3885.4 2797.8 7965.8 12074.6

Deposits 2371.8 1453.3 1464.5 2236.9 3619.2

Other short-term facilities 1636.0 2432.1 1333.3 5728.9 8455.4

Source: Central Bank of Egypt.

+ Provisional

++ Liquidity Support Facility (LSF) has been moved to Other bilateral debt (other countries) instead of suppliers' & buyers' credit.* The difference from World Bank data is in short-term debt .** According to the agreement signed with Paris Club countries on May 25, 1991.

Table (5) External Debt by Type

Cen

tral Ban

k of E

gypt - E

xternal P

osition

24

July / September 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018+

External Debt /GDP*(at current market prices)% 15.4 13.4 13.7 25.6 36.2

External Debt / Exports (G & S) (annually) % 100.6 97.1 112.5 176.7 198.2

Short-term Debt / External Debt % 8.5 8.7 6.1 13.2 14.9

Short-term Debt / Net International Reserves % 21.4 23.0 17.1 40.7 33.0

Debt Service **

(Principal & Interest) (US$ mn.) 1093.6 1115.8 2324.7 2489.1 1807.3

Debt Service / Exports (G & S) % 10.8 8.7 23.8 27.6 15.7

Debt Service / Current Receipts % 5.9 5.9 16.4 18.5 10.2

Interest / Exports (G & S) % 1.8 1.5 1.9 2.7 5.6

External Debt per capita (US$) 516.9 479.2 474.3 618.2 771.2

+ Provisional

* The GDP for the year ended in each quarter is calculated according to the quarterly data provided by the Ministry of planning ,

Monitoring and Adminstrative Reform. It is evaluated in US dollar according to the average exchange rate during the same period.

** includes interest payments on US dollar-denominated bonds and notes holding by nonresedents

Table (6) External Debt Indicators

Cen

tral Ban

k of E

gypt - E

xternal P

osition25

26

(US$ mn)

End of June 2017 % September 2017* % Change (-) %

External Debt 79032.8 100.0 80831.9 100.0 1799.1 2.3

Total Medium- & Long-Term 66758.4 84.5 68757.3 85.1 1998.9 3.0

Total Short-Term 12274.4 15.5 12074.6 14.9 (199.8) (1.6)

Central & Local Government 34874.7 44.1 36308.4 44.9 1433.7 4.1

Medium- & Long-Term 34874.7 44.1 36308.4 44.9 1433.7 4.1

Bonds & Notes 8984.5 11.4 8990.3 11.2 5.8 0.1

Loans 25890.2 32.7 27318.1 33.7 1427.9 5.5

Currency and Deposits

Other Liabilities

Short-Term 0.0 0.0 0.0 0.0 0.0 0.0

Money Market Instruments

Loans


Other Liabilities

Monetary Authority 30324.3 38.5 29927.5 37.1 (396.8) (1.3)

Medium- & Long-Term 22137.7 28.1 21884.2 27.1 (253.5) (1.1)

Bonds & Notes

Loans 2353.7 3.0 2328.4 2.9 (25.3) (1.1)

Currency and Deposits 18537.4 23.5 18287.4 22.6 (250.0) (1.3)

Other Liabilities 1246.6 1.6 1268.4 1.6 21.8 1.7

Short-Term 8186.6 10.4 8043.3 10.0 (143.3) (1.8)


Loans 5334.3 6.8 5340.0 6.7 5.7 0.1

Currency and Deposits 2852.3 3.6 2703.3 3.3 (149.0) 0.0

Other Liabilities

Banks 4095.6 5.1 4600.1 5.7 504.5 12.3

Medium- & Long-Term Loans 3043.8 3.8 3320.4 4.1 276.6 9.1

Bonds & Notes

Loans 3043.8 3.8 3320.4 4.1 276.6 9.1


Other Liabilities

Short-Term Loans 1051.8 1.3 1279.7 1.6 227.9 21.7


Loans 80.0 0.1 363.8 0.5 283.8 354.8

Currency and Deposits 971.8 1.2 915.9 1.1 (55.9) (5.8)

Other Liabilities

Other Sectors 9738.2 12.3 9995.9 12.3 257.7 2.6

Medium- & Long-Term 6702.2 8.5 7244.3 9.0 542.1 8.1

Loans from Direct Investors

Bonds & Notes

Trade Credits

Loans 6702.2 8.5 7244.3 9.0 542.1 8.1


Other Liabilities

Short-Term 3036.0 3.8 2751.6 3.3 (284.4) (9.4)

Loans from Direct Investors


Trade Credits 3036.0 3.8 2751.6 3.3 (284.4) (9.4)

Loans


Other Liabilities

* Provisional.

Table (7) External Debt by Debtor


First: Interbank Rates *

Weighted average

Second : Market Rates Buy Sell Buy Sell

US Dollar 18.0400 18.1397 17.6059 17.7059

Euro 20.4411 20.5559 20.7450 20.8664

Pound Sterling 23.1417 23.2805 23.6341 23.7701

Swiss Franc 18.7487 18.8602 18.1019 18.2122

100 Japanese Yens 16.1000 16.1904 15.6386 15.7316

Saudi Riyal 4.8099 4.8366 4.6945 4.7214

Kuwaiti Dinar 59.4889 59.8374 58.2263 58.6734

UAE Dirham 4.9107 4.9392 4.7931 4.8207

Chinese Yuan 2.6521 2.6680 2.6400 2.6589

Source: CBE daily exchange rates.

* The interbank rates were launched on December 23, 2004.

Cen

tral Ban

k of E

gypt - E

xternal P

osition

2

7

Table (8) Foreign Exchange Rates (In LE per foreign currency unit )

End of June 2017 September 2017

17.648618.0911


Appendix II Table Page

I- Outstanding External Debt

Outstanding Stock ……………………………………………………….. 1 31

Outstanding Stock by Creditor Country ………………………………….. 2 33

- Medium- and Long-Term Public & Publicly Guaranteed External

Debt By Creditor:

a. Paris Club Debt …………………………………………………… 3 35

(1) Rescheduled Debt……………………………………………… 4 36

(2) Non-Rescheduled Debt…………………………………........... 5 37

b. Suppliers' Credit………………………………………………........ 6 39

c. Non- Paris Club Debt…………………………………………........ 7 40

d. Multilateral Institutions…………………………………………… 8 41

e. Bonds & Notes …………………………………....…………… 9 43

f. Deposits…………………………………………………………. 10 44

- Medium- and Long-Term Private Sector Non-Guaranteed External

Debt by Creditor Country. ……………………………………...………

11

45

- Short-Term External Debt ……………………………………...……… 12 46 II- Outstanding External Debt By Currency…….………………………… 13 47

III- Disbursed and Undisbursed Amounts for Signed Loans & Deposits… 14 48

IV- Projected Medium- and Long-Term External Debt Service

1- External Debt Service Public and Publicly Guaranteed………………. 15 49

a- Paris Club Debt…………...……………………………………......... 16 51

(1) Rescheduled Debt ………………………………………….…... 17 53

(2) Non-Rescheduled Debt………… ……………………………….. 18 54

b- Suppliers' Credit………………………………………………............ 19 55

c- Non- Paris Club Debt ……………………………………………....... 20 56

d- Multilateral Institutions………………………………………............. 21 57

2- Sovereign Notes ……………………………………….......................... 22 59

3- Global Medium Term Notes (GMTN)....………………………..……... 23 60

4- Global Medium Term Notes Programme...………………………..…… 24 61

5- Global Medium Term Notes Programme...………………………..……. 25 62


7- Global Medium Term Notes Programme...………………………..…… 27 64



10- Medium- and Long-Term Deposits for Kuwait..……………………... 30 67

11- Medium- and Long-Term Deposits for Libya..……………………….. 31 68

12- Medium- and Long-Term Deposits for Saudi Arabia…………………. 32 69

13- Medium- and Long-Term Deposits for United Arab Emirates………... 33 70

V- Projected Short-Term Debt……………………………………………… 34 71

VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 35 72


2014 2015 2016 2017

1- Medium-and Long-Term Public

& Publicly Guaranteed Debt 40,948.85 43,325.29 52,050.16 68,598.46

A. Paris Club Debt 11,300.92 9,513.40 10,638.04 13,212.37

1-Rescheduled Debt 7,375.25 5,683.05 4,636.35 4,031.42

2-Non Rescheduled Debt 3,925.67 3,830.35 6,001.69 9,180.95

B- Supplier's Credit 8.45 5.88 5.67 5.58

C. Non-Paris Club Debt 2,424.25 2,871.65 4,609.87 4,690.69

D. Multilateral Institutions 12,116.35 12,388.53 15,586.15 23,412.14 (1)

E. Bonds &Notes 6,098.88 3,545.83 2,660.43 8,990.28 1-Guaranteed Notes 1,250.00 0.00 0.00 0.00 2-Sovereign Notes 848.88 785.83 884.43 991.59 3-Saudi Bond 500.00 500.00 500.00 0.00 4-Euro-Medium Term Notes ( E.M.T.N.) 3,500.00 1,000.00 0.00 0.00

5-Global Medium Term Notes ( G.M.T.N.) (2)0.00 1,260.00 1,276.00 1,193.00

6. Global Medium Term Notes Programme(3)0.00 0.00 0.00 6,805.69

F. Deposits 9,000.00 15,000.00 18,550.00 18,287.40 (4)

2- Medium and Long-Term

Private Sector Non-Guaranteed 20.00 25.00 136.66 158.87

3- Short-Term Debt 3,885.36 2,797.78 7,965.78 12,074.60

Currency and Deposits (Non-Residents) 953.27 1,464.53 2,236.89 3,619.15 (5)

Trade Credits 2,432.09 1,021.08 1,861.03 2,751.66

Qatar Deposits 500.00 0.00 0.00 0.00

Loans 0.00 312.17 3,867.86 5,703.79 (6)

Grand Total 44,854.21 46,148.07 60,152.60 80,831.93

Using end of period exchange rate.

(1) Includes US$ 4,045.35 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million)

and US$ 1,268.37 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.

(2) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1193 million ).

(3) Representing Global Medium Term Notes Programme with nominal value US$ 7,000 million (non-residents' subscriptions amounted US$ 6,805.69 million) .

(4) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 7600, 750 ,5937.40 and 4000 million respectively .

(6) Includes US$ 5,200 million representing African Export-Import Bank loans amounted US$ 3,200 million and Repo Transaction amounted US$ 2,000 million

Figure 1-1

(5) Includes US$ 2703.28 million representing Chinese Currency Swap Arrangement .

(US$ million)

Table ( 1 )

Outstanding Stock as at End of September

Total Debt

25.5

35.5

45.5

55.5

65.5

75.5

85.5

2011 2012 2013 2014 2015 2016 2017

( US$bn )

External Debt Outstanding Stock as at End of September

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

3

2Figure 1-2

Paris Club Debt16.35 %

Multilateral Institutions28.96%

Bonds & Notes 11.12 %

Deposits22.62 %

Non-Paris Club Debt 5.80%

Supplier's Credit0.01%

Short-Term Debt14.94%

Private Sector Non-Guaranteed0.20%

Outstanding Stock as at End of September 2017

Figure 1-2

33

2014 2015 2016 2017

Creditor Countries

Germany 3,195.11 2,850.32 4,666.08 6,537.67

Japan 2,525.35 2,183.67 2,433.52 2,151.06

China 334.31 332.29 1,941.82 2,116.35

France 1,973.55 1,393.03 1,000.34 1,420.89

United States 2,160.88 1,902.06 1,631.18 1,360.30

Kuwait 960.72 917.26 948.53 924.25

Italy 212.72 355.21 368.73 857.88


Saudi Arabia 106.41 103.07 136.43 459.97

Bahrain 0.00 0.00 265.00 268.15

United Kingdom 82.53 50.47 17.48 264.94

Spain 378.46 273.98 203.46 230.06

Turkey 1,000.00 1,000.00 600.00 200.00

Denmark 186.30 143.75 117.38 107.90

Belgium 28.93 17.34 8.27 88.64

Austria 162.06 94.43 64.29 74.53

The Netherlands 76.02 65.22 62.50 60.38

Canada 97.15 62.71 40.07 38.80

Qatar 0.00 0.00 50.00 30.59

Switzerland 162.01 95.73 25.89 20.83

Finland 0.00 0.00 3.25 3.05

Norway 3.10 2.14 1.19 0.95

Sweden 11.32 5.25 0.08 0.07

Australia 53.87 23.97 0.00 0.00

Multilateral Institutions (2)12,116.35 12,388.53 15,586.15 23,412.14

Deposits , Bonds and Notes

Deposits 9,000.00 15,000.00 18,550.00 18,287.40

Saudi Arabia 3,000.00 5,000.00 6,800.00 7,600.00

United Arab Emirates 2,000.00 4,000.00 6,000.00 5,937.40

Kuwait 2,000.00 4,000.00 4,000.00 4,000.00

Libya 2,000.00 2,000.00 1,750.00 750.00

Guaranteed Notes 1,250.00 0.00 0.00 0.00

Sovereign Notes 848.88 785.83 884.43 991.59

Saudi Bond 500.00 500.00 500.00 0.00

Euro-Medium Term Notes ( E.M.T.N.) 3500.00 1000.00 0.00 0.00

Global Medium Term Notes ( G.M.T.N.) 0.00 1,260.00 1,276.00 1,193.00

Global Medium Term Notes Programme 0.00 0.00 0.00 6,805.69

Medium and Long-Term Private Sector Non-Guaranteed 20.00 25.00 136.66 158.87

Short-Term Debt 3,885.36 2,797.78 7,965.78 12,074.60

African Export - Import Bank 0.00 0.00 3,200.00 3,200.00

Currency Swap Agreement (China) 0.00 0.00 0.00 2,703.28

REPO Transactions 0.00 0.00 0.00 2,000.00

Arab Trade Financing Program 0.00 0.00 0.00 139.99

Others 3,885.36 2,797.78 4,765.78 4,031.33

Grand Total 44,854.21 46,148.07 60,152.60 80,831.93

(1) Using end of period exchange rate.

(2) Includes US$ 4,045.35 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted

SDR 895.48 million) and US$ 1,268.37 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.


Total Debt(US$ million)

(1)

Table ( 2 )


Cen

tral B

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k o

f Eg

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t - Ex

terna

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sition

34

Figure 2

Multilateral Institutions28.96%

Short-Term Debt14.94%

Others 7.23%France

1.76%China2.62%

Germany8.09%

Japan2.66%

Bonds &Notes11.12%

Deposits22.62%

Outstanding Stock as at End of September 2017


2014 2015 2016 2017

Germany 3,195.10 2,850.32 4,666.08 6,537.67

Japan 2,523.91 2,183.67 2,433.52 2,151.06

France 1,973.53 1,393.03 1,000.34 1,420.89

United States 2,160.87 1,902.06 1,631.18 1,360.30

Italy 212.65 355.17 368.73 857.88

United Kingdom 82.53 50.47 17.48 264.94

Spain 378.46 273.98 203.46 230.06

Denmark 186.31 143.75 117.38 107.90

Belgium 28.93 17.34 8.28 88.64

Austria 162.07 94.43 64.29 74.53

The Netherlands 76.02 65.22 62.50 60.38

Canada 90.24 56.87 34.39 33.22

Switzerland 162.01 95.73 25.89 20.83

Finland 0.00 0.00 3.25 3.05

Norway 3.10 2.14 1.19 0.95

Sweden 11.32 5.25 0.08 0.07

Australia 53.87 23.97 0.00 0.00

Grand Total 11,300.92 9,513.40 10,638.04 13,212.37

(1) This table sums up tables 4 and 5.


Country

Table ( 3 ) (1)

Medium and Long-Term

Public & Publicly Guaranteed External Debt By Creditor Country

Paris Club Debt


Total Debt

(US$ million)(2)

0.0

5.0

10.0

15.0

20.0

2011 2012 2013 2014 2015 2016 2017

( U

S$

bn

)

Medium and Long-TermPublic & Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of September

Figure 3


2014 2015 2016 2017

Germany 1,665.17 1,429.58 1,370.90 1,311.94

Japan 1,646.71 1,336.03 1,375.48 1,120.44

United States 1,772.85 1,543.71 1,302.50 1,061.30

France 1,180.07 670.23 251.05 229.23

The Netherlands 76.02 65.22 62.50 60.38

Spain 228.97 148.97 64.22 58.07

Denmark 85.88 66.68 55.85 53.63

Italy 143.87 95.17 44.15 39.21

Canada 90.24 56.87 34.39 33.22

Austria 159.75 90.42 34.81 30.46

United Kingdom 82.51 50.46 17.48 14.94

Switzerland 149.32 83.53 15.56 12.40

Belgium 25.65 14.84 6.19 5.18

Norway 3.10 2.14 1.19 0.95

Sweden 11.27 5.23 0.08 0.07

Australia 53.87 23.97 0.00 0.00

Grand Total 7,375.25 5,683.05 4,636.35 4,031.42


(US$ million)(1)

CountryTotal Debt

Table ( 4 )



Paris Club Debt

Rescheduled Debt


0.0

5.0

10.0

15.0

2011 2012 2013 2014 2015 2016 2017

( U

S$

bn

)


Paris Club DebtRescheduled Debt


Figure 4


2014 2015 2016 2017

Germany 1,529.93 1,420.74 3,295.18 5,225.73

France 793.46 722.80 749.29 1,191.66

Japan 877.20 847.64 1,058.04 1,030.62

Italy 68.78 260.00 324.58 818.67

United States 388.02 358.35 328.68 299.00

United Kingdom 0.02 0.01 0.00 250.00

Spain 149.49 125.01 139.24 171.99

Belgium 3.28 2.50 2.09 83.46

Denmark 100.43 77.07 61.53 54.27

Austria 2.32 4.01 29.48 44.07

Switzerland 12.69 12.20 10.33 8.43

Finland 0.00 0.00 3.25 3.05

Sweden 0.05 0.02 0.00 0.00

Grand Total 3,925.67 3,830.35 6,001.69 9,180.95


Total DebtCountry

Table ( 5 )

Medium and Long-TermPublic & Publicly Guaranteed External Debt By Creditor Country

Paris Club Debt

Non-Rescheduled Debt


(US$ million)(1)

0

1

2

3

4

5

6

7

2011 2012 2013 2014 2015 2016 2017

( U

S$

bn

)


Paris Club Debt Non-Rescheduled Debt


Figure 5-1

Cen

tral B

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k o

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terna

l Po

sition

38

Rescheduled Debt30.51%

Non Rescheduled Debt69.49%

Medium and Long-TermPublic and Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of September 2017

Figure 5-2


2014 2015 2016 2017

Canada 6.91 5.84 5.67 5.58

Italy 0.07 0.04 0.00 0.00

Japan 1.47 0.00 0.00 0.00

Grand Total 8.45 5.88 5.67 5.58


(US$ million)(1)

CountryTotal Debt

Table ( 6 )

Supplier's Credit




0.00

5.00

10.00

15.00

20.00

25.00

2011 2012 2013 2014 2015 2016 2017

( U

S$m

n )

Medium and Long-TermPublic &Publicly Guaranteed External Debt

Supplier's CreditOutstanding Stock as at End of September

Figure 6


2014 2015 2016 2017

China 334.31 332.29 1,941.82 2,116.35 {(2)

Kuwait 960.72 917.26 948.53 924.25


Saudi Arabia 106.41 103.07 136.43 459.97

Bahrain 0.00 0.00 265.00 268.15

Turkey 1,000.00 1,000.00 600.00 200.00

Qatar 0.00 0.00 50.00 30.59

Grand Total 2,424.25 2,871.65 4,609.87 4,690.69


(2) Includes US$ 1000 million representing China facility agreement .

Country

Table ( 7 )



Non-Paris Club Debt


Total Debt

(US$ million)(1)

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015 2016 2017

( U

S$

mn

)


Non-Paris Club DebtOutstanding Stock as at End of September

Figure 7


2014 2015 2016 2017

IBRD 3,770.72 4,313.22 6,155.53 7,665.89

IMF (2) 1,332.03 1,261.19 1,256.31 5,313.73

African Development Bank 1,561.04 1,523.33 2,039.04 2,494.90

European Investment Bank 1,808.32 1,630.18 1,622.47 2,264.93

Arab Fund for Economic and Social Development 1,521.99 1,503.97 1,476.40 1,457.72

African Export - Import Bank 0.00 0.00 570.00 1,025.67

Arab Monetary Fund 256.06 334.34 507.85 840.77

IDA 1,095.82 968.93 861.83 757.82

Islamic Development Bank 231.21 287.99 411.49 503.11

OPEC 171.37 213.35 229.47 270.14

International Islamic Trade Finance Corporation 0.00 0.00 0.00 200.00

African Development Fund 194.00 175.34 175.70 167.51

European Bank For Reconstruction and Development 0.00 0.00 113.33 146.98

International Fund for Agricultural Development 102.01 99.28 112.62 122.24

Arab Petroleum Investments Corporation (APICORP) 0.00 0.00 0.00 100.00

Clean Technology Fund 6.88 28.30 54.11 55.73

Islamic Corporation for Development 0.00 0.00 0.00 25.00

Arab Trade Financing Program 64.90 49.11 0.00 0.00

Grand Total 12,116.35 12,388.53 15,586.15 23,412.14


(2) Includes SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.

CreditorTotal Debt

Table ( 8 )


Public & Publicly Guaranteed External Debt

Multilateral Institutions


(US$ million)(1)

0

5,000

10,000

15,000

20,000

25,000

2011 2012 2013 2014 2015 2016 2017

( U

S$

mn

)


Multilateral InstitutionsOutstanding Stock as at End of September

Figure 8-1

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

42

I.D.A3.24%

European Investment Bank 9.67%

Arab Fund for Economic and Social Development

6.23%

Others4.64%

African Export - Import Bank4.38%

Islamic Development Bank 2.15%IBRD

32.74%

African Development Bank

10.66%

AMF3.59%

IMF22.70%


Multilateral InstitutionsOutstanding Stock as at End of September

Figure 8 - 2


2014 2015 2016 2017

Global Medium Term Notes Programme 0.00 0.00 0.00 6,805.69

Global Medium Term Notes ( G.M.T.N.) 0.00 1,260.00 1,276.00 1,193.00

Sovereign Notes 848.88 785.83 884.43 991.59

Saudi Bond 500.00 500.00 500.00 0.00

Euro-Medium Term Notes ( E.M.T.N.) 3,500.00 1,000.00 0.00 0.00

Guaranteed Notes 1,250.00 0.00 0.00 0.00

Grand Total 6,098.88 3,545.83 2,660.43 8,990.28

(US$ million)

Total Debt

Table ( 9)Bonds &Notes



2014 2015 2016 2017

Saudi Arabia 3,000.00 5,000.00 6,800.00 7,600.00

United Arab Emirates 2,000.00 4,000.00 6,000.00 5,937.40

Kuwait 2,000.00 4,000.00 4,000.00 4,000.00

Libya 2,000.00 2,000.00 1,750.00 750.00

Grand Total 9,000.00 15,000.00 18,550.00 18,287.40

(US$ million)

CountryTotal Debt

Table ( 10 )

Deposits




2014 2015 2016 2017

Multilateral Institutions 20.00 25.00 100.00 129.43

Bahrain 0.00 0.00 0.00 15.00

Germany 0.00 0.00 16.66 14.44

Luxembourg 0.00 0.00 20.00 0.00

Grand Total 20.00 25.00 136.66 158.87


CountryTotal Debt

Table ( 11 )


Private Sector Non-Guaranteed External Debt By Creditor Country


(US$ million)(1)

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

2011 2012 2013 2014 2015 2016 2017

( U

S$

mn

)

Medium and Long-TermPrivate Sector Non-Guaranteed External Debt


Figure 9


2014 2015 2016 2017

Short-Term Debt

Loans 0.00 312.17 3,867.86 5,703.79 {(2)

Currency and Deposits (Non-Residents) 953.27 1,464.53 2,236.89 3,619.15 {(3)

Trade Credits 2,432.09 1,021.08 1,861.03 2,751.66

Qatar Deposits 500.00 0.00 0.00 0.00

Grand Total 3,885.36 2,797.78 7,965.78 12,074.60


(2) Includes US$ 5,200 million representing African Export-Import Bank loans amounted US$ 3,200 million

and Repo Transaction amounted US$ 2,000 million .

(3) Includes US$ 2,703.28 million representing Chinese Currency Swap Arrangement .

Short-Term Debt

Table ( 12 )


Total Debt

(US$ million)(1)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2011 2012 2013 2014 2015 2016 2017

( U

S$m

n )

Short-Term DebtOutstanding Stock as at End of September

Figure 10


(US$ million) (*)

2014 2015 2016 2017

US Dollar 28,695.25 31,605.41 43,680.20 55,008.36

EURO 7,261.98 6,237.52 7,781.21 10,641.22

Special Drawing Rights 2,508.15 2,412.26 2,509.51 6,826.28

Chinese Yuan 0.00 0.00 0.00 2,703.28

Kuwaiti Dinar 2,482.71 2,421.22 2,424.93 2,381.97

Japanese Yen 2,675.16 2,297.69 2,549.33 2,245.02

Saudi Riyal 108.50 105.35 140.71 461.75

Egyptian Pound 449.76 578.27 736.66 258.88

Swiss Franc 335.35 242.34 165.48 157.90

Danish Kroner 78.14 65.09 56.21 53.98

Canadian Dollar 79.87 52.70 38.18 36.99

U.A.E. Dirham 23.97 39.48 35.26 29.19

British Pound Sterling 102.31 67.22 32.31 24.97

Norwegian Kroner 3.27 2.27 2.15 2.04

Swedish Kroner 10.63 4.90 0.46 0.10

Australian Dollar 39.16 16.35 0.00 0.00

Total 44,854.21 46,148.07 60,152.60 80,831.93

(*) Using end of period exchange rate .

CurrencyTotal Debt


Table ( 13 )



Signed Amount Disbursed Undisbursed

1- Medium and Long-Term Public

& Publicly Guaranteed Debt 38,288.69 30,494.99 7,736.67

A. Paris Club (Non-Rescheduled Debt) 7,810.30 5,418.10 2,392.20

B. Non-Paris Club Debt 5,950.26 3,237.62 2,712.64

C. Multilateral Institutions 13,528.13 10,839.27 2,631.83

D. Deposits 11,000.00 11,000.00 0.00

2- Medium and Long-Term Private 571.04 170.01 401.03

Sector Non-Guaranteed Debt

Grand Total 38,859.73 30,665.00 8,137.70


Disbursed and Undisbursed Amounts for Signed Loans and Deposit

(US$ million)(1)

Table ( 14 )

from 1/10/2014 to 30/9/2017

Figure 12

0.00

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

12,000.00

14,000.00

16,000.00

2011 2012 2013 2014 2015 2016 2017

Signed Loans and Deposit Disbursed Undisbursed

Medium and Long-Term Disbursed and Undisbursed Amountsfor Signed Loans and Depositsfrom 1/10/2011 to 30/9/2017

( U

S$m

n )


Period Principal Interest Total Period Total

2017/H2(2)1024.78 373.47 1,398.25 2036/H1 153.18 142.21 295.39

2018/H1 (3)4842.59 925.31 5,767.90 2036/H2 150.83 140.75 291.58

2018/H2 (4)8051.05 923.54 8,974.59 2037/H1 124.24 139.38 263.62

2019/H1 (5)4125.80 843.58 4,969.38 2037/H2 120.03 138.20 258.23

2019/H2 (6)5464.71 752.16 6,216.87 2038/H1 105.27 137.12 242.39

2020/H1 (7)4628.93 692.93 5,321.86 2038/H2 87.73 136.20 223.93

2020/H2 1774.35 630.05 2,404.40 2039/H1 76.65 135.47 212.12

2021/H1(8)2093.04 599.73 2,692.77 2039/H2 76.13 134.78 210.91

2021/H2 1754.73 580.07 2,334.80 2040/H1(13)456.04 134.17 590.21

2022/H1(9)4030.77 552.25 4,583.02 2040/H2 72.93 120.38 193.31

2022/H2 (10)2572.63 453.58 3,026.21 2041/H1 61.59 119.70 181.29

2023/H1 1611.47 424.75 2,036.22 2041/H2 61.13 119.16 180.292023/H2 1660.38 411.09 2,071.47 2042/H1 56.36 118.61 174.972024/H1 1543.93 388.42 1,932.35 2042/H2 54.60 118.10 172.702024/H2 1435.19 375.49 1,810.68 2043/H1 54.14 117.58 171.72

2025/H1 (11)2596.84 358.44 2,955.28 2043/H2 53.21 117.09 170.30

2025/H2 1375.05 313.32 1,688.37 2044/H1 50.32 116.60 166.922026/H1 1386.02 313.15 1,699.17 2044/H2 50.12 116.11 166.232026/H2 1362.45 289.18 1,651.63 2045/H1 49.83 115.57 165.40

2027/H1 (12)2840.70 275.88 3,116.58 2045/H2 49.75 115.11 164.86

2027/H2 887.75 197.48 1,085.23 2046/H1 48.97 114.58 163.552028/H1 674.50 189.47 863.97 2046/H2 46.65 114.13 160.78

2028/H2 632.71 184.47 817.18 2047/H1(14)2545.44 113.60 2,659.04

2029/H1 524.99 178.10 703.09 2047/H2 44.05 6.92 50.972029/H2 431.73 173.79 605.52 2048/H1 37.96 6.43 44.392030/H1 346.22 169.78 516.00 2048/H2 37.48 6.07 43.552030/H2 327.11 166.84 493.95 2049/H1 35.36 5.61 40.972031/H1 286.86 164.17 451.03 2049/H2 35.36 5.28 40.642031/H2 275.83 161.50 437.33 2050/H1 35.15 4.83 39.982032/H1 267.22 159.24 426.46 2050/H2 32.90 4.50 37.402032/H2 261.95 156.73 418.68 2051/H1 17.25 4.08 21.332033/H1 249.32 154.42 403.74 2051/H2 15.25 3.95 19.202033/H2 235.66 152.09 387.75 2052/H1 0.56 0.01 0.572034/H1 229.73 150.03 379.76 2052/H2 0.56 0.01 0.572034/H2 217.76 147.85 365.61 2053/H1 0.56 0.01 0.572035/H1 206.06 145.96 352.02 2053/H2 0.56 0.00 0.562035/H2 200.58 143.98 344.56 2054/H1 0.56 0.00 0.56

Grand Total 67,330.09 (15) 16,194.58 (16) 83,524.67

(1) The exchange rate of September 30, 2017 .

(2) Includes US$ 350.00 million deposits maturing 2017.



(5) Includes US$ 2433 million deposits maturing 2019.

(6) Includes US$ 3100 million deposits maturing 2019.

(7) Includes US$ 610.37 million sovereign notes & US$ 2435 million deposits maturing 2020.


(9) Includes US$ 2375.83 million Global Medium Term Notes Programme maturing 2022 .


(11) Includes US$ 1193.00 million Global Medium Term Notes ( G.M.T.N.) maturing 2025.


(13) Includes US$ 381.22 million sovereign notes maturing 2040.


(15) Excludes US$ 1268.37 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MN.

(16) Includes US$ 256.49 million representing forecast interest of SDR allocation.

Table ( 15 )Projected Medium and Long-Term Public & Publicly Guaranteed

External Debt Service

Interest

(US$ million)(1)as of October 1, 2017

Principal

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

50

Figure 15

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Principal Interest Total

Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of October 1 , 2017US$ mn

51

Period Principal Interest Total Period Principal Interest Total

2017/H2 147.45 32.58 180.03 2036/H1 31.39 1.44 32.832018/H1 452.40 119.39 571.79 2036/H2 30.76 1.32 32.082018/H2 541.08 122.17 663.25 2037/H1 28.42 1.21 29.632019/H1 621.37 106.29 727.66 2037/H2 26.86 1.11 27.972019/H2 772.88 107.56 880.44 2038/H1 25.34 1.01 26.352020/H1 684.22 91.04 775.26 2038/H2 22.95 0.93 23.882020/H2 853.21 90.70 943.91 2039/H1 19.47 0.84 20.312021/H1 668.46 74.68 743.14 2039/H2 18.99 0.77 19.762021/H2 724.47 73.72 798.19 2040/H1 18.31 0.71 19.022022/H1 499.35 59.14 558.49 2040/H2 17.89 0.64 18.532022/H2 518.96 59.53 578.49 2041/H1 16.59 0.58 17.172023/H1 493.37 50.04 543.41 2041/H2 16.13 0.52 16.652023/H2 515.28 49.78 565.06 2042/H1 14.49 0.46 14.952024/H1 491.88 41.17 533.05 2042/H2 12.73 0.41 13.142024/H2 504.79 40.31 545.10 2043/H1 12.27 0.36 12.632025/H1 489.04 32.27 521.31 2043/H2 11.81 0.32 12.132025/H2 509.39 30.84 540.23 2044/H1 9.40 0.28 9.682026/H1 501.13 23.45 524.58 2044/H2 9.20 0.24 9.442026/H2 517.48 21.32 538.80 2045/H1 8.91 0.21 9.122027/H1 332.20 14.70 346.90 2045/H2 8.83 0.18 9.012027/H2 347.02 13.95 360.97 2046/H1 8.04 0.14 8.182028/H1 305.48 9.95 315.43 2046/H2 5.73 0.12 5.852028/H2 287.64 8.81 296.45 2047/H1 4.53 0.09 4.622029/H1 226.02 5.98 232.00 2047/H2 4.32 0.08 4.402029/H2 144.34 4.99 149.33 2048/H1 4.00 0.06 4.062030/H1 79.91 3.86 83.77 2048/H2 3.83 0.05 3.882030/H2 88.65 3.78 92.43 2049/H1 1.71 0.04 1.752031/H1 63.26 3.33 66.59 2049/H2 1.71 0.03 1.742031/H2 60.20 3.10 63.30 2050/H1 1.50 0.03 1.532032/H1 58.48 2.87 61.35 2050/H2 1.50 0.02 1.522032/H2 56.91 2.66 59.57 2051/H1 0.56 0.02 0.582033/H1 53.49 2.45 55.94 2051/H2 0.56 0.01 0.572033/H2 47.67 2.24 49.91 2052/H1 0.56 0.01 0.572034/H1 44.25 2.05 46.30 2052/H2 0.56 0.01 0.572034/H2 41.11 1.85 42.96 2053/H1 0.56 0.01 0.572035/H1 34.62 1.68 36.30 2053/H2 0.56 0.00 0.562035/H2 33.42 1.56 34.98 2054/H1 0.56 0.00 0.56

Grand Total 13,212.37 1,330.05 14,542.42(1) The exchange rate of September 30, 2017 .

(US$ million)(1)

as of October 1 , 2017Paris Club Debt


Projected Medium and Long-Term Public & Publicly Guaranteed

Table ( 16 )


Figure 16 Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

52

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053


Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of October 1 , 2017

Paris Club DebtUS$ mn

53


2017/H2 3.58 3.03 6.61 2022/H2 155.86 17.23 173.09

2018/H1 294.69 49.78 344.47 2023/H1 158.26 15.52 173.78

2018/H2 298.30 45.64 343.94 2023/H2 160.69 13.56 174.25

2019/H1 300.18 42.27 342.45 2024/H1 162.96 11.77 174.73

2019/H2 303.88 38.14 342.02 2024/H2 160.71 9.80 170.51

2020/H1 305.85 34.65 340.50 2025/H1 163.10 7.90 171.00

2020/H2 309.65 30.60 340.25 2025/H2 165.69 5.88 171.57

2021/H1 311.92 26.86 338.78 2026/H1 168.14 3.92 172.06

2021/H2 287.20 22.76 309.95 2026/H2 167.30 1.87 169.17

2022/H1 153.48 19.16 172.64

Grand Total 4,031.42 400.33 4,431.75


(US$ million)(1)

Table ( 17 )


External Debt Service as of October 1 , 2017

Paris Club Debt

Rescheduled Debt


54

Period Principal Interest Total Period Principal Interest Total2017/H2 143.88 29.55 173.43 2036/H1 31.39 1.44 32.832018/H1 157.71 69.61 227.32 2036/H2 30.76 1.32 32.082018/H2 242.78 76.53 319.31 2037/H1 28.42 1.21 29.632019/H1 321.19 64.02 385.21 2037/H2 26.86 1.11 27.972019/H2 469.00 69.42 538.42 2038/H1 25.34 1.01 26.352020/H1 378.36 56.40 434.76 2038/H2 22.95 0.93 23.882020/H2 543.56 60.11 603.67 2039/H1 19.47 0.84 20.312021/H1 356.54 47.82 404.36 2039/H2 18.99 0.77 19.762021/H2 437.27 50.96 488.23 2040/H1 18.31 0.71 19.022022/H1 345.87 39.98 385.85 2040/H2 17.89 0.64 18.532022/H2 363.10 42.30 405.40 2041/H1 16.59 0.58 17.172023/H1 335.11 34.52 369.63 2041/H2 16.13 0.52 16.652023/H2 354.58 36.22 390.80 2042/H1 14.49 0.46 14.952024/H1 328.91 29.40 358.31 2042/H2 12.73 0.41 13.142024/H2 344.08 30.51 374.59 2043/H1 12.27 0.36 12.632025/H1 325.94 24.37 350.31 2043/H2 11.81 0.32 12.132025/H2 343.70 24.96 368.66 2044/H1 9.40 0.28 9.682026/H1 332.99 19.53 352.52 2044/H2 9.20 0.24 9.442026/H2 350.18 19.45 369.63 2045/H1 8.91 0.21 9.122027/H1 332.20 14.70 346.90 2045/H2 8.83 0.18 9.012027/H2 347.02 13.95 360.97 2046/H1 8.04 0.14 8.182028/H1 305.48 9.95 315.43 2046/H2 5.73 0.12 5.852028/H2 287.64 8.81 296.45 2047/H1 4.53 0.09 4.622029/H1 226.02 5.98 232.00 2047/H2 4.32 0.08 4.402029/H2 144.34 4.99 149.33 2048/H1 4.00 0.06 4.062030/H1 79.91 3.86 83.77 2048/H2 3.83 0.05 3.882030/H2 88.65 3.78 92.43 2049/H1 1.71 0.04 1.752031/H1 63.26 3.33 66.59 2049/H2 1.71 0.03 1.742031/H2 60.20 3.10 63.30 2050/H1 1.50 0.03 1.532032/H1 58.48 2.87 61.35 2050/H2 1.50 0.02 1.522032/H2 56.91 2.66 59.57 2051/H1 0.56 0.02 0.582033/H1 53.49 2.45 55.94 2051/H2 0.56 0.01 0.572033/H2 47.67 2.24 49.91 2052/H1 0.56 0.01 0.572034/H1 44.25 2.05 46.30 2052/H2 0.56 0.01 0.572034/H2 41.11 1.85 42.96 2053/H1 0.56 0.01 0.572035/H1 34.62 1.68 36.30 2053/H2 0.56 0.00 0.562035/H2 33.42 1.56 34.98 2054/H1 0.56 0.00 0.56

Grand Total 9,180.95 929.72 10,110.67(1) The exchange rate of September 30, 2017 .

(US$ million)(1)

Table ( 18 )


Paris Club Debt

Non-Rescheduled Debt



55


2017/H2 0.04 0.00 0.04 2028/H2 0.14 0.00 0.14

2018/H1 0.14 0.00 0.14 2029/H1 0.14 0.00 0.14

2018/H2 0.14 0.00 0.14 2029/H2 0.14 0.00 0.14

2019/H1 0.14 0.00 0.14 2030/H1 0.14 0.00 0.14

2019/H2 0.14 0.00 0.14 2030/H2 0.14 0.00 0.14

2020/H1 0.14 0.00 0.14 2031/H1 0.14 0.00 0.14

2020/H2 0.14 0.00 0.14 2031/H2 0.14 0.00 0.14

2021/H1 0.14 0.00 0.14 2032/H1 0.14 0.00 0.14

2021/H2 0.14 0.00 0.14 2032/H2 0.14 0.00 0.14

2022/H1 0.14 0.00 0.14 2033/H1 0.14 0.00 0.14

2022/H2 0.14 0.00 0.14 2033/H2 0.14 0.00 0.14

2023/H1 0.14 0.00 0.14 2034/H1 0.14 0.00 0.14

2023/H2 0.14 0.00 0.14 2034/H2 0.14 0.00 0.14

2024/H1 0.14 0.00 0.14 2035/H1 0.14 0.00 0.14

2024/H2 0.14 0.00 0.14 2035/H2 0.14 0.00 0.14

2025/H1 0.14 0.00 0.14 2036/H1 0.14 0.00 0.14

2025/H2 0.14 0.00 0.14 2036/H2 0.14 0.00 0.14

2026/H1 0.14 0.00 0.14 2037/H1 0.14 0.00 0.14

2026/H2 0.14 0.00 0.14 2037/H2 0.04 0.00 0.04

2027/H1 0.14 0.00 0.14 2038/H1 0.04 0.00 0.04

2027/H2 0.14 0.00 0.14 2038/H2 0.04 0.00 0.04

2028/H1 0.14 0.00 0.14 2039/H1 0.04 0.00 0.04

Grand Total 5.58 0.00 5.58(1) The exchange rate of September 30, 2017 .

Supplier's Credit as of October 1 , 2017

(US$ million)(1)

Table ( 19 )Projected Medium and Long-Term Public & Publicly Guaranteed



56


2017/H2 255.46 29.24 284.70 2028/H1 33.63 2.12 35.75

2018/H1 488.44 90.42 578.86 2028/H2 28.66 1.65 30.31

2018/H2 341.12 80.68 421.80 2029/H1 19.99 1.26 21.25

2019/H1 266.79 74.50 341.29 2029/H2 17.65 0.99 18.64

2019/H2 264.99 67.77 332.76 2030/H1 11.37 0.75 12.12

2020/H1 282.68 61.93 344.61 2030/H2 5.17 0.61 5.78

2020/H2 364.71 55.32 420.03 2031/H1 5.17 0.55 5.72

2021/H1 285.34 46.77 332.11 2031/H2 5.27 0.50 5.77

2021/H2 247.43 40.33 287.76 2032/H1 5.27 0.45 5.72

2022/H1 266.99 35.16 302.15 2032/H2 5.27 0.40 5.67

2022/H2 247.67 29.43 277.10 2033/H1 4.53 0.34 4.87

2023/H1 259.37 24.26 283.63 2033/H2 3.80 0.30 4.10

2023/H2 301.07 18.77 319.84 2034/H1 3.80 0.26 4.06

2024/H1 218.29 11.97 230.26 2034/H2 3.80 0.22 4.02

2024/H2 99.45 7.73 107.18 2035/H1 3.80 0.18 3.98

2025/H1 96.11 6.29 102.40 2035/H2 3.80 0.15 3.95

2025/H2 53.31 5.12 58.43 2036/H1 2.15 0.11 2.26

2026/H1 54.13 4.22 58.35 2036/H2 2.15 0.09 2.24

2026/H2 38.21 3.65 41.86 2037/H1 2.15 0.07 2.22

2027/H1 51.44 3.14 54.58 2037/H2 2.15 0.04 2.19

2027/H2 35.97 2.62 38.59 2038/H1 2.15 0.02 2.17

Grand Total 4,690.69 710.37 5,401.06


(US$ million)(1)

Non-Paris Club Debt



Table ( 20 )



Period Principal Interest Total Period Total2017/H2 271.84 110.62 382.46 2035/H1 192.25

2018/H1 1302.95 219.92 1522.87 2035/H2 186.15

2018/H2 1068.71 213.58 1282.29 2036/H1 140.81

2019/H1 804.49 193.82 998.31 2036/H2 137.77

2019/H2 1326.71 182.84 1509.55 2037/H1 112.28

2020/H1 616.51 169.38 785.89 2037/H2 108.67

2020/H2 556.30 161.10 717.40 2038/H1 94.49

2021/H1 805.78 155.71 961.49 2038/H2 80.66

2021/H2 782.69 147.34 930.03 2039/H1 72.40

2022/H1 888.46 139.58 1028.04 2039/H2 71.78

2022/H2 868.47 131.39 999.86 2040/H1 70.63

2023/H1 858.58 123.69 982.27 2040/H2 68.53

2023/H2 843.90 115.78 959.68 2041/H1 57.86

2024/H1 833.63 108.51 942.14 2041/H2 57.38

2024/H2 830.81 100.69 931.50 2042/H1 53.77

2025/H1 818.55 93.11 911.66 2042/H2 53.32

2025/H2 812.22 85.63 897.85 2043/H1 52.84

2026/H1 830.62 93.75 924.37 2043/H2 51.92

2026/H2 806.64 72.49 879.13 2044/H1 50.99

2027/H1 527.05 66.32 593.37 2044/H2 50.54

2027/H2 504.63 61.56 566.19 2045/H1 50.03

2028/H1 335.25 58.05 393.30 2045/H2 49.60

2028/H2 316.27 54.66 370.93 2046/H1 49.10

2029/H1 278.84 51.51 330.35 2046/H2 48.68

2029/H2 269.60 48.46 318.06 2047/H1 48.18

2030/H1 254.80 45.81 300.61 2047/H2 46.57

2030/H2 233.15 43.11 276.26 2048/H1 40.35

2031/H1 218.29 40.93 259.22 2048/H2 39.67

2031/H2 210.22 38.54 248.76 2049/H1 39.22

2032/H1 203.33 36.57 239.90 2049/H2 38.90

2032/H2 199.63 34.33 233.96 2050/H1 38.46

2033/H1 191.16 32.28 223.44 2050/H2 35.88

2033/H2 184.05 30.20 214.25 2051/H1 20.76

2034/H1 181.56 28.37 209.93 2051/H2 18.64

2034/H2 172.70 26.42 199.12

Grand Total 22,143.77 (2) 3,709.68 (3) 25,853.45(1) The exchange rate of September 30, 2017 .

(2) Excludes US$ 1,268.37 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.

(3) Includes US$ 256.49 million representing forecast interest of SDR allocation.

24.74

14.11

14.65

16.73

17.69

18.75

19.99117.78

119.50

93.53

90.98

21.31

22.92

(US$ million)(1)

Multilateral Institutions



Table ( 21 )

Principal Interest

77.76

64.74

56.52

55.04

15.92

15.27

167.51

163.23

44.99

44.99

57.13

57.13

41.87

41.40

41.87

41.87

16.70

14.70

40.92

40.92

40.92

40.92

40.92

40.92

33.65

33.65

11.45

10.97

13.49

12.87

33.65

31.40

40.92

39.73

33.98

33.65

12.39

11.90

8.68

8.18

6.84

6.37

10.52

10.07

9.62

9.11

7.76

7.26

3.94

6.02

5.57

5.25

4.81

4.48

4.06

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

58

Figure 21

0

500

1000

1500

2000

2500

3000

2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051


Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service Multilateral Institutions

as of October 1 , 2017

US$ mn



2017/H2 0.00 30.55 30.55 2029/H1 0.00 13.10 13.10

2018/H1 0.00 30.65 30.65 2029/H2 0.00 13.10 13.10

2018/H2 0.00 30.65 30.65 2030/H1 0.00 13.10 13.10

2019/H1 0.00 30.65 30.65 2030/H2 0.00 13.10 13.10

2019/H2 0.00 30.65 30.65 2031/H1 0.00 13.10 13.10

2020/H1 610.37 30.65 641.02 2031/H2 0.00 13.10 13.10

2020/H2 0.00 13.10 13.10 2032/H1 0.00 13.10 13.10

2021/H1 0.00 13.10 13.10 2032/H2 0.00 13.10 13.10

2021/H2 0.00 13.10 13.10 2033/H1 0.00 13.10 13.10

2022/H1 0.00 13.10 13.10 2033/H2 0.00 13.10 13.10

2022/H2 0.00 13.10 13.10 2034/H1 0.00 13.10 13.10

2023/H1 0.00 13.10 13.10 2034/H2 0.00 13.10 13.10

2023/H2 0.00 13.10 13.10 2035/H1 0.00 13.10 13.10

2024/H1 0.00 13.10 13.10 2035/H2 0.00 13.10 13.10

2024/H2 0.00 13.10 13.10 2036/H1 0.00 13.10 13.10

2025/H1 0.00 13.10 13.10 2036/H2 0.00 13.10 13.10

2025/H2 0.00 13.10 13.10 2037/H1 0.00 13.10 13.10

2026/H1 0.00 13.10 13.10 2037/H2 0.00 13.10 13.10

2026/H2 0.00 13.10 13.10 2038/H1 0.00 13.10 13.10

2027/H1 0.00 13.10 13.10 2038/H2 0.00 13.10 13.10

2027/H2 0.00 13.10 13.10 2039/H1 0.00 13.10 13.10

2028/H1 0.00 13.10 13.10 2039/H2 0.00 13.10 13.10

2028/H2 0.00 13.10 13.10 2040/H1 381.22 13.10 394.32

Grand Total 991.59 708.00 1,699.59

(*) Consists of Two Notes

The Sovereign Note Nominal Value Amounted US$ 1000 MM , Interest Rate is Fixed 5.75 % issued on 29/4/2010 and due on 29/4/2020 .

The Sovereign Note Nominal Value Amounted US$ 500 MM , Interest Rate is Fixed 6.875 % issued on 30/4/2010 and due on 30/4/2040 .

(US$ million)

Table ( 22 )

Projected Sovereign Notes (*)

Debt Service as of October 1 , 2017


(US$ million)

Period Principal Interest Total

2017/H2 0.00 35.04 35.04

2018/H1 0.00 35.04 35.04

2018/H2 0.00 35.04 35.04

2019/H1 0.00 35.04 35.04

2019/H2 0.00 35.04 35.04

2020/H1 0.00 35.04 35.04

2020/H2 0.00 35.04 35.04

2021/H1 0.00 35.04 35.04

2021/H2 0.00 35.04 35.04

2022/H1 0.00 35.04 35.04

2022/H2 0.00 35.04 35.04

2023/H1 0.00 35.04 35.04

2023/H2 0.00 35.04 35.04

2024/H1 0.00 35.04 35.04

2024/H2 0.00 35.04 35.04

2025/H1 1,193.00 35.04 1,228.04

Grand Total 1,193.00 560.64 1,753.64

(*)The Projected Global Medium Term Notes (G.M.T.N.) Nominal Value Amounted US$ 1500 MM ,The Applicable

Interest Rate is Fixed : 5.875 % , issued on 11/6/2015 and due on 11/6/2025 .

Table ( 23 )

Projected Global Medium Term Notes (G.M.T.N.) (*)



(US$ million)


2018/H1 0.00 49.79 49.79

2018/H2 0.00 49.79 49.79

2019/H1 0.00 49.79 49.79

2019/H2 0.00 49.79 49.79

2020/H1 0.00 49.79 49.79

2020/H2 0.00 49.79 49.79

2021/H1 0.00 49.79 49.79

2021/H2 0.00 49.79 49.79

2022/H1 1,625.83 49.79 1,675.62

Grand Total 1,625.83 448.11 2,073.94

(*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1750 MM ,The Applicable


Table ( 24 )

Projected Global Medium Term Notes Programme (*)


62

(US$ million)


2018/H1 0.00 34.87 34.87

2018/H2 0.00 34.87 34.87

2019/H1 0.00 34.87 34.87

2019/H2 0.00 34.87 34.87

2020/H1 0.00 34.87 34.87

2020/H2 0.00 34.87 34.87

2021/H1 0.00 34.87 34.87

2021/H2 0.00 34.87 34.87

2022/H1 0.00 34.87 34.87

2022/H2 0.00 34.87 34.87

2023/H1 0.00 34.87 34.87

2023/H2 0.00 34.87 34.87

2024/H1 0.00 34.87 34.87

2024/H2 0.00 34.87 34.87

2025/H1 0.00 34.87 34.87

2025/H2 0.00 34.87 34.87

2026/H1 0.00 34.87 34.87

2026/H2 0.00 34.87 34.87

2027/H1 929.86 34.87 964.73

Grand Total 929.86 662.53 1,592.39



Table ( 25 )




63

(US$ million)

Period Principal Interest Total2018/H1 0.00 53.13 53.132018/H2 0.00 53.13 53.132019/H1 0.00 53.13 53.132019/H2 0.00 53.13 53.132020/H1 0.00 53.13 53.132020/H2 0.00 53.13 53.132021/H1 0.00 53.13 53.132021/H2 0.00 53.13 53.132022/H1 0.00 53.13 53.132022/H2 0.00 53.13 53.132023/H1 0.00 53.13 53.132023/H2 0.00 53.13 53.132024/H1 0.00 53.13 53.132024/H2 0.00 53.13 53.132025/H1 0.00 53.13 53.132025/H2 0.00 53.13 53.132026/H1 0.00 53.13 53.132026/H2 0.00 53.13 53.132027/H1 0.00 53.13 53.132027/H2 0.00 53.13 53.132028/H1 0.00 53.13 53.132028/H2 0.00 53.13 53.132029/H1 0.00 53.13 53.132029/H2 0.00 53.13 53.132030/H1 0.00 53.13 53.132030/H2 0.00 53.13 53.132031/H1 0.00 53.13 53.132031/H2 0.00 53.13 53.132032/H1 0.00 53.13 53.132032/H2 0.00 53.13 53.132033/H1 0.00 53.13 53.132033/H2 0.00 53.13 53.132034/H1 0.00 53.13 53.132034/H2 0.00 53.13 53.132035/H1 0.00 53.13 53.132035/H2 0.00 53.13 53.132036/H1 0.00 53.13 53.132036/H2 0.00 53.13 53.132037/H1 0.00 53.13 53.132037/H2 0.00 53.13 53.132038/H1 0.00 53.13 53.132038/H2 0.00 53.13 53.132039/H1 0.00 53.13 53.132039/H2 0.00 53.13 53.132040/H1 0.00 53.13 53.132040/H2 0.00 53.13 53.132041/H1 0.00 53.13 53.132041/H2 0.00 53.13 53.132042/H1 0.00 53.13 53.132042/H2 0.00 53.13 53.132043/H1 0.00 53.13 53.132043/H2 0.00 53.13 53.132044/H1 0.00 53.13 53.132044/H2 0.00 53.13 53.132045/H1 0.00 53.13 53.132045/H2 0.00 53.13 53.132046/H1 0.00 53.13 53.132046/H2 0.00 53.13 53.132047/H1 1,250.00 53.13 1,303.13

Grand Total 1,250.00 3,134.67 4,384.67



Table ( 26 )




64

(US$ million)


2018/H1 0.00 22.97 22.97

2018/H2 0.00 22.97 22.97

2019/H1 0.00 22.97 22.97

2019/H2 0.00 22.97 22.97

2020/H1 0.00 22.97 22.97

2020/H2 0.00 22.97 22.97

2021/H1 0.00 22.97 22.97

2021/H2 0.00 22.97 22.97

2022/H1 750.00 22.97 772.97

Grand Total 750.00 206.73 956.73



Table ( 27 )




65

(US$ million)


2018/H1 0.00 37.50 37.50

2018/H2 0.00 37.50 37.50

2019/H1 0.00 37.50 37.50

2019/H2 0.00 37.50 37.50

2020/H1 0.00 37.50 37.50

2020/H2 0.00 37.50 37.50

2021/H1 0.00 37.50 37.50

2021/H2 0.00 37.50 37.50

2022/H1 0.00 37.50 37.50

2022/H2 0.00 37.50 37.50

2023/H1 0.00 37.50 37.50

2023/H2 0.00 37.50 37.50

2024/H1 0.00 37.50 37.50

2024/H2 0.00 37.50 37.50

2025/H1 0.00 37.50 37.50

2025/H2 0.00 37.50 37.50

2026/H1 0.00 37.50 37.50

2026/H2 0.00 37.50 37.50

2027/H1 1,000.00 37.50 1,037.50

Grand Total 1,000.00 712.50 1,712.50



Table ( 28 )





(US$ million)


2018/H1 0.00 53.13 53.132018/H2 0.00 53.13 53.132019/H1 0.00 53.13 53.132019/H2 0.00 53.13 53.132020/H1 0.00 53.13 53.132020/H2 0.00 53.13 53.132021/H1 0.00 53.13 53.132021/H2 0.00 53.13 53.132022/H1 0.00 53.13 53.132022/H2 0.00 53.13 53.132023/H1 0.00 53.13 53.132023/H2 0.00 53.13 53.132024/H1 0.00 53.13 53.132024/H2 0.00 53.13 53.132025/H1 0.00 53.13 53.132025/H2 0.00 53.13 53.132026/H1 0.00 53.13 53.132026/H2 0.00 53.13 53.132027/H1 0.00 53.13 53.132027/H2 0.00 53.13 53.132028/H1 0.00 53.13 53.132028/H2 0.00 53.13 53.132029/H1 0.00 53.13 53.132029/H2 0.00 53.13 53.132030/H1 0.00 53.13 53.132030/H2 0.00 53.13 53.132031/H1 0.00 53.13 53.132031/H2 0.00 53.13 53.132032/H1 0.00 53.13 53.132032/H2 0.00 53.13 53.132033/H1 0.00 53.13 53.132033/H2 0.00 53.13 53.132034/H1 0.00 53.13 53.132034/H2 0.00 53.13 53.132035/H1 0.00 53.13 53.132035/H2 0.00 53.13 53.132036/H1 0.00 53.13 53.132036/H2 0.00 53.13 53.132037/H1 0.00 53.13 53.132037/H2 0.00 53.13 53.132038/H1 0.00 53.13 53.132038/H2 0.00 53.13 53.132039/H1 0.00 53.13 53.132039/H2 0.00 53.13 53.132040/H1 0.00 53.13 53.132040/H2 0.00 53.13 53.132041/H1 0.00 53.13 53.132041/H2 0.00 53.13 53.132042/H1 0.00 53.13 53.132042/H2 0.00 53.13 53.132043/H1 0.00 53.13 53.132043/H2 0.00 53.13 53.132044/H1 0.00 53.13 53.132044/H2 0.00 53.13 53.132045/H1 0.00 53.13 53.132045/H2 0.00 53.13 53.132046/H1 0.00 53.13 53.132046/H2 0.00 53.13 53.132047/H1 1,250.00 53.13 1,303.13

Grand Total 1,250.00 3,134.67 4,384.67



Table ( 29 )



67

(US$ million)


2017/H2 25.42 25.42

2018/H1 25.28 691.28

2018/H2 52.58 2,052.58

2019/H1 16.86 683.86

2019/H2 8.48 8.48

2020/H1 8.48 675.48

Grand Total 4,000.00 (*) 137.08 4,137.08

(*) Consists of Two Deposits :

The First Deposit Amounted US$ 2000 MM , Interest Rate is Libor 12 months deposited on 24/9/2013 and

due on 24/9/2018 Paid on annual basis .

The Second Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 21/4/2015 and due on 21/4/2018, 21/4/2019

and 21/4/2020 (Three installments) Interest Paid on Semi-annual basis.


0.00


666.00

0.00

667.00

2,000.00

Table ( 30 )

Projected Medium and Long-Term Deposits for Kuwait

667.00

68

(US$ million)


2017/H2 0.00 250.00

2018/H1 0.00 500.00

Grand Total 750.00 (*) 0.00 750.00

(*) Amounted US$ 2000 MM, no Interest Rate, deposited on 12/4/2013 and due from 11/7/2016 up to 11/4/2018

Quarterly (Each quarter amount: US$ 250 MM).

250.00

500.00


Table ( 31 )

Projected Medium Term Deposits for Libya



(US$ million)


2017/H2 100.00 62.07 162.07

2018/H1 766.00 96.45 862.45

2018/H2 2,100.00 88.63 2,188.63

2019/H1 766.00 86.71 852.71

2019/H2 3,100.00 32.33 3,132.33

2020/H1 768.00 9.15 777.15

Grand Total 7,600.00 (*) 375.35 7,975.35

(*) Consists of Five Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 600 MM) , Interest Rate is Libor 3 months deposited on 9/5/2012

and due from 9/11/2015 up to 9/5/2020 (Equal 10 semiannual installments, USD 100 MM).

The Second Deposit Amounted US$ 2000 MM , no Interest Rate deposited on 19/7/2013 and due on 19/7/2018.

The Third Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 22/4/2018, 22/4/2019

The Fourth Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 4.50 % deposited on 23/9/2016 and due on 1/7/2019

The Fifth Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 4.50 % deposited on 16/5/2017 and due on 1/7/2019

Table ( 32 )

Projected Medium and Long-Term Deposits for Saudi Arabia



Interest Paid on Quarterly-annual basis.

Interest Paid on Quarterly-annual basis.


(US$ million)


2017/H2 47.95 47.95

2018/H1 56.77 723.44

2018/H2 48.82 2,048.82

2019/H1 48.32 1,048.32

2019/H2 36.11 36.11

2020/H1 35.88 1,035.88

2020/H2 23.40 23.40

2021/H1 23.04 356.37

2021/H2 19.17 19.17

2022/H1 18.85 18.85

2022/H2 6.46 943.86

Grand Total 5,937.40 (*) 364.76 6,302.16

(*) Consists of Four Deposits :

The First Deposit Amounted US$ 2000 MM , no Interest Rate deposited on 17/7/2013 and due on 17/7/2018

The Second Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 22/4/2018, 22/4/2019

The Third Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 2.50 % deposited on 31/5/2016 and due on 30/5/2019, 30/5/2020


The Fourth Deposit Amounted US$ 1000 MM (Outstanding is US$ 937.40 MM) , Interest Rate is Fixed 4.00 % deposited on 31/8/2016

and due on 31/8/2022 Interest Paid on monthly basis.

1,000.00

937.40

1,000.00

666.67

0.00

2,000.00


Table ( 33 )

Projected Medium and Long-Term Deposits for United Arab Emirates


0.00

333.33

0.00

0.00

0.00


(US$ million)(1)


October-2017 1,637.05 4.07 1,641.12

November-2017 4,684.59 44.12 4,728.71

December-2017 4,275.75 11.76 4,287.51

January-2018 441.63 1.24 442.87

February-2018 345.61 3.75 349.36

March-2018 432.63 3.43 436.06

April-2018 89.06 0.71 89.77

May-2018 42.04 0.40 42.44

June-2018 23.37 0.09 23.46

July-2018 13.41 0.06 13.47

August-2018 49.44 0.08 49.52

September-2018 40.02 0.00 40.02

Grand Total 12,074.60 69.71 12,144.31


Projected Short-Term Debt


Table ( 34 )


Table ( 35 )

Exchange Rates of the Currencies of External Debt Versus US Dollar

as at End of September

Country Currency 2014 2015 2016 2017

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 0.96 0.97 0.97 0.97

Denmark DKK 5.92 6.66 6.64 6.32

Egypt EGP 7.13 7.72 8.77 17.59

Sweden SEK 7.27 8.39 8.56 8.14

Japan JPY 109.86 120.25 101.48 112.72

India INR 61.61 65.74 66.55 65.76

United Kingdom GBP 0.62 0.66 0.77 0.75

Canada CAD 1.12 1.34 1.31 1.25

Australia AUD 1.15 1.42 1.30 1.28

Norway NOK 6.46 8.49 8.05 7.96

Euro EUR 0.79 0.89 0.89 0.85

Special Drawing Rights SDR 0.67 0.71 0.72 0.71

Kuwait KWD 0.29 0.30 0.30 0.30

United Arab Emirates AED 3.67 3.67 3.67 3.67

Saudi Arabia SAR 3.75 3.75 3.76 3.75

Chinese Yuan CNY 6.14 6.36 6.67 6.66


Appendix III

Box Page

I- Egypt's Subscription to SDDS and Data Quality Dimensions……………… 1 75

II- Egypt's Data Quality Dimensions…………………………………………... 2 76

III- Doing Business in Egypt…………………………………………………… 3 77

IV- Tourism Sector Performance …...…. …………..………………………… 4 78

- Glossary……………………………………………………………………. 79


Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions: In 1996, the International Monetary Fund (IMF) introduced the Special Data Dissemination Standards (SDDS). The SDDS is intended to guide countries that have, or seek to have, access to international capital markets in their provision of economic and financial statistics. Subscription to SDDS is voluntary and it requires subscribers to observe the standard and provide information on data and dissemination practices (the metadata) to the IMF for re-dissemination. The standard identifies 4 dimensions of data dissemination: coverage, periodicity, and timeliness; access by the public; the integrity of the disseminated data; and the quality of the data themselves. In particular, the data dimension lists 18 data category, providing coverage for 4 sectors (real, financial, fiscal and external) of the economy and prescribes minimum timeliness and frequency standard, summarized in the table below.

On January 31, 2005, Egypt became the 59th subscriber to the International Monetary Fund's Special Data Dissemination Standard (SDDS). The report of External Position contains external sector data that cover external debt, balance of payments, international reserves, merchandise trade, international investment position (IIP) and exchange rates. Such data are published in compliance with the requirement under Special Data Dissemination Standards (SDDS) of the IMF. Central Bank of Egypt compiles these statistics and disseminates them through press releases, its website, and at the same time, on the IMF's Dissemination Standard Bulletin Board (DSBB). Also, these data are included in the CBE main publications; quarterly Economic Review, Annual Report and Monthly Statistical Bulletin. As the title indicates, the most comprehensive and complete databases are those available from national sources, supplying high quality, timely and accurate data to international financial community to support investment activity.

SDDS Data Categories and Related Periodicity & Timeliness Standards

SDDS Data Category Periodicity Minimum Timeliness Real Sector National accounts Quarterly 1 Quarter Production indices Monthly 6 weeks Employment, unemployment, wage/earnings Quarterly 1 Quarter Consumer price index Monthly 1 Month

Fiscal Sector General Government operations Annual 2 quarters Central Government operations Monthly 1 Month Central Government debt Quarterly 1 Quarter

Financial Sector Analytical accounts of the banking sector Monthly 1 Month Analytical accounts of the Central Bank Monthly 2 weeks Interest rates and stock market Daily * No timeliness standard set

External Sector Balance of payments Quarterly 1 Quarter International reserves Monthly 1 week Merchandise trade Monthly 8 weeks International Investment Position (IIP) Quarterly 1 quarter External debt Quarterly 1 Quarter Exchange rates Daily *No timeliness standard set Source: IMF's Statistics Department. 1 http://dsbb.imf.org/Pages/SDDS/CtyCtgList.aspx?ctycode=EGY


Box. (2):Egypt's Data Quality Dimensions*: According to international rating agencies, having an efficient, effective and reliable economic data, especially in developing countries, is becoming increasingly crucial to assign an appropriate sovereign credit rating. Thus, a lack of data in this area will automatically translate into a perception of high risk. Therefore, highlighting the dimensions of Egypt's data quality by showing the results of World Bank index (BBSC 2017) will be an appropriate way to show how reliable are the Egyptian official data.

Egypt ranked 25th on World Bank's Bulletin Board on Statistical Capacity index on 146 developing countries and 1st on the MENA and African regions, with an overall statistical capacity index of 83.3 points, compared to 87.8 in 2016.

Statistical Capacity Indicator 2017 (on a scale of 0-100)

Indicator Egypt All Countries

Overall 83.3 68.8 Methodology 70 57.1 Source Data 90 65.8 Periodicity & timeliness 90 83.4

A country's statistical capacity means its ability to extract and publish reliable and timely statistical data, easily accessible by the public. The statistical capacity index, issued annually by the World Bank, consists of three sub-indicators which include; methodology, data sources, and its periodicity and timeliness. The latter measures the degree of information and data dissemination concerning changes in government policy, and how easily that information can be accessed by the public. It is worth mentioning that, aiming to improve the statistical capacity of 146 developing countries, the World Bank provides information on various aspects of national statistical systems through the BBSC indicator at its website.

As can be seen from the table and its chart, Egypt’s score outpaced the average score of all countries, either on the level of the overall index, or on the level of its three sub-indicators. _______________________________________ * Source: bbsc.Worldbank.org, accessed in November, 2017.


Box. (3): Doing Business in Egypt: One of the most important indices and reports that is closely related to investment climate and investor’s decisions is Doing Business. The Report has been designed and issued by the World Bank Group on an annual basis since 2003. It provides objective measures of business regulations for firms in 190 economies worldwide. The 2018 ranking on the ease of doing business is built upon indicator sets that measure and benchmark regulations affecting 10 areas in a business’s life cycle. Doing Business encompasses 2 types of data. The first is “Legal scoring indicators” that provides a measure of legal provisions in the laws and regulations. The other type is “Time and motion indicators”, which measures the efficiency and complexity in achieving a regulatory goal by recording the procedures, time and cost to complete a transaction according to all relevant regulations. By comparing business regulation environments across nations (the ease of doing business ranking) and over time (the distance to frontier score), Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for policymakers and other interested parties.

Topic Rankings 2018 Rank 2017 Rank Change in Rank

Overall index 128 122 -6

Distance to frontier score* 56.22 56.12 0.1

Starting a Business 103 39 -64

Dealing with Construction Permits 66 64 -2

Getting Electricity 89 88 -1

Registering Property 119 109 -10

Getting Credit 90 82 -8

Protecting Investors 81 114 33+

Paying Taxes 167 162 -5

Trading Across Borders 170 168 -2

Enforcing Contracts 160 162 2+

Resolving Insolvency 115 109 -6

* The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics. During 2016/2017, Egypt made starting a business easier by merging procedures at the one-stop shop and strengthened minority investor protections by increasing shareholder rights and role in major corporate decisions and by clarifying ownership and control structures.

Area of Reform DB Year Reform Actions

Starting a Business

2009 It was made easier by reducing the paid-in minimum capital requirement by more

than 80%, abolishing bar association fees, and automating tax registration.

2010 The minimum capital required to start a business was removed.

2011 Egypt reduced the cost to start a business.

2017 Egypt made starting a business easier by merging procedures at the one-stop shop by introducing a follow-up unit in charge of liaising with the tax and labor authority on behalf of the company.

Dealing with Construction

Permits

2009 A new building code was introduced in 2008 aimed at reducing the procedures and

time required to deal with construction permits by establishing a single window for

processing construction-related approvals.

2010 Construction permits were made easier by issuing executive articles for the 2008

construction law and eliminating most pre-approvals for construction permits.

Enforcing Contracts 2010 Contract enforcement was expedited with the creation of commercial courts.

Getting Credit 2009

Thanks to new regulations issued by the Central Bank, borrowers have the right to

inspect their data in the private credit bureau.

2010 Access to credit information has expanded with the addition of retailers to the

database of the private credit bureau.

Registering Property

2009

Simplified administrative procedures for registering property and new time limits have

reduced the time to transfer property in Cairo from 193 days to 72.

Trading Across Borders

2009 Alexandria port continued to upgrade its facilities and speed customs clearance,

reducing the time to export by 1 day and the time to import by 3.

2011 Egypt made trading easier by introducing an electronic system for submitting export

and import documents.

Protecting Minority Investors

2009 New listing rules for the Cairo Stock Exchange strengthened protections for minority

shareholders: now an independent body must assess transactions between

interested parties before they are approved.

2015 Additional requirements have been introduced to strengthen minority investor

protections; An approval of related-party transactions and greater requirements for

disclosure of such transactions to the Egyptian Exchange.

2016 by barring subsidiaries from acquiring shares issued by their parent company.

2017 by increasing shareholder rights and role in major corporate decisions and by

clarifying ownership and control structures.

2018 by increasing shareholder rights and role in major corporate decisions.

Trading Across Borders

2009 upgrading port facilities at Alexandria and speeding up customs clearance, while

greater competition in the banking sector led to a reduction in the time to open a letter

of credit.

2011 Egypt made trading easier by introducing an electronic system for submitting export

and import documents.

Source: www.doingbusiness.org, accessed in November 2017.


Box. (4):Tourism Sector Performance:

On Y-over-Y comparison, the tourism sector experienced a boom in activities during Q1 of 2017/2018, as it witnessed a sharp increase in all tourism indicators; tourism receipts, the number of tourist arrivals, and the number of tourist nights compared to the same period last year. (Lines 1, 2, and 5 in the table below). Ministry of Tourism figures show that a total of around 2,334 thousand tourists came from all over the world and spent 28,209 thousand nights in Q1 of 2017/2018, with an increase of 55.0 percent and 206.9 percent, respectively, compared with the same period of the previous year. The 55.0 percent increase in tourist arrivals resulted from more visitors coming from European countries (76.8 percent of total increase). Meanwhile, there was an increase in the numbers coming from other regions as follows; Middle East region (12.5 percent), African countries (4.3 percent), Asia & the Pacific region (3.9 percent), and the Americas (2.4 percent).

The average expenditure per night scaled up to US$ 95.6/night in Q1 of 2017/2018 from US$ 82.5 /night in the corresponding quarter a year earlier (line 7 in the following table). This increase was mainly attributed to the pick up in the number of tourist arrivals and the huge increase in number of tourist nights. Spurred by the increase in the number of tourist nights (206.9 percent), combined with the increasing effect of the average expenditure per night (15.9 percent), travel receipts' data in the balance of payments recorded an increase of US$ 1,938.5 million or 255.7 percent to US$ 2,696.7 million in the first quarter 2017/18. During Q1 of 2017/2018, data shows that visitors stayed longer on average of 12.1 nights per person compared to 6.1 nights per person in the same period of the previous year (line 6). Moreover, African tourists headed the list in terms of the length of stay per visitor, with an average of (16.9 nights/visitor). The Americas and Middle East countries followed with 16.1 and 14 nights per visitor respectively then the European countries with 10.6 nights/visitor, followed by Asia & the Pacific region (10 nights/visitor).

Indicators of Tourism Activity 2015/16 2016/17 2015/16 2016/17 2017/18

Q1 Q1 Q4 Q1

1. Tourism Receipts (USD mn) 3,767.5 4,380 1,725.5 758.2 1,539 2,697

2. Stay-over Visitors (x 1.000) 6,874.0 6,623 2,629.2 1,505.3 1,823 2,334

3. Market Shares (% of Tourist Arrivals) 100.0 100.0 100.0 100.0 100.0 100.0

a. European Countries 62.8 51.2 72.8 42.3 55.2 54.5

b. Middle East Countries 20.7 26.9 16.8 36.6 22.6 28.1

c. African Countries 6.6 8.4 4.1 9.5 9.3 7.6

d. The Americas 4.1 4.7 3.2 4.9 5.0 4.0

e. Asia & the Pacific 5.5 8.5 2.9 6.4 7.7 5.5

f. Other Countries 0.3 0.3 0.2 0.3 0.2 0.2

4. Market Shares (% of Tourist Nights) 100.0 100.0 100.0 100.0 100.0 100.0

a. European Countries 65.2 49.9 72.9 38.3 51.5 46.3

b. Middle East Countries 21.5 29.6 17.5 42.0 25.4 33.6

c. African Countries 5.4 8.5 4.2 9.4 11.0 9.7

d. The Americas 3.8 5.5 3.2 6.0 5.6 6.0

e. Asia & the Pacific 4.0 6.4 2.2 4.3 6.4 4.2

f. Other Countries 0.1 0.1 0.1 0.1 0.1 0.2

5. Visitor Nights (x 1.000) 51,779.0 50,897 23,734.8 9,190.0 17,448 28,209

6. Average Nights Spent (per Visitor) 7.5 7.7 9.0 6.1 9.6 12.1

7. Receipts per Visitor Nights

(USD/night) 72.8 86.1 72.7 82.5 88.2 95.6

8. Contribution to Current Receipts % 7.2 7.8 12.2 6.1 9.7 15.2

Sources: CBE, MOT, and CAPMAS.


Glossary Balance of Payments: a statistical statement that summarizes, for a specific period of time, the economic transactions of an economy with the rest of the world. Bilateral Debt: Loans extended by a bilateral creditor. Bilateral Rescheduling Agree-ments: Rescheduling agreements reached bilaterally between the debtor and creditor countries. These are legally the equivalent of new loan agreements. After a Paris Club rescheduling, such agreements are required to put the debt restructuring set forth in the multinational Agreed Minute into effect.

Buyer’s Credit: A financial ar-rangement in which a bank or financial institution, or an export credit agency in the exporting country, extends a loan directly to a foreign buyer or to a bank in the importing country to pay for the purchase of goods and services from the exporting country (also known as financial credit). This term does not refer to credit extended directly from the buyer to the seller (for example, through advance payment for goods and services). Capital Account: a BOP account that covers capital transfers and the acquisition or disposal of non-produced non-financial items, such as patents. Current Account: a BOP account that covers all transactions in goods, services, income, and current transfers between residents and non- residents. Cutoff Date: The date (established at the time of a country’s first Paris Club debt reorganization / restruc-turing) before which loans must have been contracted in order for their debt service to be eligible for restructuring. New loans extended after the cutoff date are protected

from future restructuring (subordi-nation strategy). In exceptional cases, arrears on post-cutoff-date debt can be deferred over short periods of time in restructuring agreements. Debt Instruments: Existing debt instruments typically arise out of contractual relationships under which an institutional unit (the debtor) has an unconditional liability to another institutional unit (the creditor) to repay principal with or without interest, or to pay interest without principal. These instruments include debt securities, loans, trade credit, and currency and deposits. Debt instruments may also be created by the force of law—in particular, obligations to pay taxes or to make other compulsory payments— or through rights and obligations that result in a debtor accepting an obligation to make future payment(s) to a creditor. Debt Service: Refers to payments in respect of both principal and interest. Actual debt service is the set of payments actually made to satisfy a debt obligation, including principal, interest, and any late payment fees. Scheduled debt service is the set of payments, including principal and interest, which is required to be made through the life of the debt. Debt Sustainability Analysis: A study of a country’s medium- to long-term debt situation. A country’s eligibility for support under the HIPC Initiative is determined on the basis of such an analysis, jointly under-taken by the staffs of the IMF, the World Bank, and the country concerned. External Debt: Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of interest and/or prin-cipal by the debtor at some point(s)


in the future and that are owed to non-residents by residents of an economy. Financial Account: a BOP account that covers transactions between residents and non-residents in direct, portfolio, other investment, financial derivatives, and reserve assets. Gross Domestic Product (GDP): the value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports. It can be broken down by output, ex-penditure, or income components. The main expenditure aggregates are final consumption of household and government, gross fixed capital formation, changes in inventories and imports and exports of goods and services. International Investment Position (IIP): The IIP is the stock of external financial assets and liabilities on a specified reference date, usually the end of the quarter or year. The change in position between two end- periods reflects financial trans-actions, valuation changes, and other adjustments occurring during the period. Long-Term External Debt: Ex-ternal debt that has a maturity of more than one year. Maturity can be defined either on an original or remaining basis. Multilateral Creditors: These cre-ditors are multilateral institutions such as the IMF and the World Bank, as well as other multilateral development banks. Official Development Assistance (ODA): Flows of official financing administered with the promotion of the economic development and welfare of developing countries as the main objective, and which are concessional in character with a grant element of at least 25 percent (using a fixed 10 percent rate of discount). By convention, ODA flows comprise

contributions of donor government agencies, at all levels, to developing countries (“bilateral ODA”) and to multilateral institutions. ODA receipts comprise disbursements by bilateral donors and multilateral institutions. Lending by export credit agencies - with the pure purpose of export promotion - is excluded. Original Maturity: the period of time from when the financial asset/liability was created to its final maturity date. Paris Club: An informal group of creditor governments that has met regularly in Paris since 1956 to reschedule bilateral debts; the French treasury provides the secretariat. Creditors meet with a debtor country to reschedule its debts as part of the international support provided to a country that is experiencing debt servicing difficulties and is pursuing an adjustment program supported by the IMF. The Paris Club does not have a fixed membership, and its meetings are open to all official creditors that accept its practices and procedures. The core creditors are mainly OECD member countries, but other creditors attend as relevant for a debtor country. Russia became a member in September 1997. Remaining (Residual) Maturity: The period of time until debt payments fall due. In the External Debt Guide, it is recommended that short-term remaining maturity of outstanding external debt be mea-sured by adding the value of outstanding short-term external debt (original maturity) to the value of outstanding long-term external debt (original maturity) due to be paid in one year or less.

Documents

July/September 2017/18 · 1.1: Trade on Goods Trade volume increased by 3.4 percent, to reach US$ 20.6 billion (9.2 percent of GDP) during July/September 2017/18. The trade deficit