Central Bank of Egypt
External Position of the Egyptian Economy
July/March 2016/17
Volume No. (57)
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 three give a performance
portrait of the key components of Egypt's Balance of Payments (BOP), International Investment Position (IIP) and its external liquidity. The fourth and fifth review developments related to Egypt’s external debt in its different classifications, in addition to the Egyptian pound exchange rate performance. The sixth 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 the CBE website www.cbe.org.eg. Hard copies can be obtained from the Economic Research Sector, 8th floor, 54 El Gomhoreya Street, Cairo.
Central Bank of Egypt – External Position
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- 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
Central Bank of Egypt – External Position
Table of Contents (Cont.) Page
Appendix II
A- Medium- and Long-Term External Debt 31-48
B- Projected Medium- and Long-Term Public
and Publicly Guaranteed External Debt
Service
49-66
C- Exchange Rates of the Currencies of
External Debt versus US Dollar
67
Appendix III
Box. (1): Egypt's Subscription to SDDS and
Data Quality Dimensions
73
Box. (2): Egypt's Data Quality Dimensions 74
Box. (3): Doing Business in Egypt 75
Box. (4): Tourism Sector Performance 76
Glossary 77
Central Bank of Egypt – External Position
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. Undoubtedly, the CBE’s Decision to liberalize the exchange rate regime would lead to the steady accumulation of foreign currency reserves through the formal channels. Egypt's transactions with the external world unfolded an overall BOP surplus of US$ 11.0 billion during July/March 2016/2017 (against an overall deficit of US$ 3.6 billion in the same period a year earlier). The capital and financial account unfolded a net inflow of US$ 24.6 billion (against US$ 14.6 billion). The current account deficit fell to US$ 13.2 billion (against US$ 15.0 billion). The capital and financial account revealed the following develop-ments: the net inflow of FDI in Egypt mounted to US$ 6.6 billion, portfolio investment in Egypt achieved a net inflow of US$ 7.8 billion, and the net change in the liabilities of the CBE to the external world increased, thereby registering a net inflow of US$ 7.7 billion. The current account deficit was mainly traceable to the following developments: the trade deficit narrowed to US$ 27.0 billion (versus US$ 29.8 billion), the services surplus declined by 18.7% to register US$ 4.5 billion, and income balance achieved a net outflow of US$ 3.2 billion (against US$ 3.1 billion). Meanwhile, unrequited current
transfers (net) increased to US$ 12.6 billion (from US$ 12.4 billion). Egypt’s International Investment Position (IIP) at end of March 2017 recorded net external liabilities (assets minus liabilities) of about US$ 127.5 billion, up by 12.3 percent compared to end-June 2016. Net International Reserves (NIR) increased by around US$ 11.0 billion to reach US$ 28.5 billion, thus covering 6.0 months of merchandise imports at end of March 2017. The increase in NIR was mainly due to the rise of foreign currencies by just US$ 11.0 billion. During the Report’s preparation, NIR reached US$ 31.3 billion at end of June 2017. Banks’ net foreign assets increased by around US$ 2.0 billion during July/March 2016/2017. Foreign currency deposits with banks increased by 1.9 percent during the period concerned, reaching about US$ 37.3 billion at end of March 2017. As a percentage of total deposits, they made up 28.6 percent. Total external debt increased by about 32.5 percent to about US$ 73.9 billion at end of March 2017, from US$ 55.8 billion at end of June 2016. The external debt remains within manageable limits, and its position continues to have a favorable struc-ture, as 82.9 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 inter-bank rate depreciated by 51.6 percent during July/March 2016/ 2017, as the EGP reached 18.1396 per US dollar at end of March 2017, against EGP 8.7800 per US dollar at end of June 2016. This came in the wake of the decision of the liberalization of the Egyptian pound exchange rate in November 2016.
Section I
Balance of Payments (BOP)
Central Bank of Egypt – External Position 1
BOP Performance
gypt's transactions with the
external world unfolded an overall BOP surplus of US$ 11.0 billion during July/March 2016/2017 (against an overall deficit of US$ 3.6 billion in the same period a year earlier). The capital and financial account unfolded a net inflow of US$ 24.6 billion (against US$ 14.6 billion). The current account deficit registered US$ 13.2 billion (against US$ 15.0 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 narrowed to US$ 27.0 billion (versus US$ 29.8 billion), the services surplus declined by 18.7% to register US$ 4.5 billion, and the income balance achieved a net outflow of US$ 3.2 billion (against US$ 3.1 billion). Meanwhile, un-requited current transfers (net) increased to US$ 12.6 billion (from US$ 12.4 billion).
1.1: Trade on Goods Trade volume increased by 4.2 percent, to reach US$ 59.0 billion (24.9 percent of GDP) during July/March 2016/17. The trade deficit decreased by US$ 2.8 billion, to US$ 27.0 billion (11.4 percent of GDP) from US$ 29.8 billion (8.6 percent of GDP), due to the following developments: Merchandise exports increased by 19.3 percent to US$ 16.0 billion, due to the increase in both non-oil exports by 23.3 percent, to reach US$ 11.3 billion (70.9 percent of total exports) and in oil exports by 10.6 percent to reach US$ 4.7 billion (29.1 percent of total exports). As a result, the exports/imports ratio mounted to 37.2 percent, from 31.0 percent.
Merchandise imports Slightly de-creased by 0.5 percent to US$ 43.0 billion, reflecting the decrease in non-oil imports by 3.7 percent to US$ 34.8 billion (81.0 percent of total imports), and the increase in oil imports by 15.9 percent to US$ 8.2 billion (19.0 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/March 2016/17.
E
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
2014/2015 2015/2016 2016/2017
Chart (٢): Oil & Non-oil Exports and Imports July / March
oil exports non-oil exports oil imports
non-oil imports Trade balance
US$ bn
-10
-5
0
5
10
15
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US$ bnChart (1) : Egypt's BOP Main
Components
Capital & Financial Account Current Account
Overall Balance
Central Bank of Egypt – External Position 2
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, Saudi Arabia, Switzerland, Turkey and India. These countries, combined, ac-counted for some 53.2 percent of total exports.
- As for imports, Egypt's trade
partners were China, USA, UAE, Germany, Saudi Arabia, Russia, Turkey, Italy, Switzerland, UK, Qatar and France. These countries combined, accounted for some 51.9 percent of total imports.
1.2: Services Balance The services surplus fell to about
US$ 4.5 billion (against about US$
5.5 billion) as services receipts
declined and services payments rose,
as follows: 1.2.1: Services receipts fell by 8.0 percent, to some US$ 11.5 billion (against about US$ 12.5 billion), driven by the decrease in most of their items as follows:
Tourism revenues by 12.8 percent
to about US$ 2.8 billion (from
some US$ 3.3 billion), as a result
of the 25.9 percent fall in tourist
nights, which scored 33.4 million
nights (versus 45.1 million). (see
Box 4)
Chart (3): Proceeds of Merchandise Exports US$ 16.0 bn
Fuel, mineral oils &
products 30.2%
Raw materials
7.6 %
Semi-finished goods 18.1%
Finished goods 44.1%
EU27.8%
Other EU Countries
7.3%
Russian Federation &
C.I.S6.9%
USA5.3%
Arab Countries
18.9%
Asian Countries (Non-Arab)
19.1%
African Countries (Non-Arab)
1.4%
Australia& Other
Countries13.3%
Chart (6) : Imports by Geographical DistributionJuly / March 2016/2017
Chart (4): Payments for Merchandise Imports
US$ 43.0 bn, of which
Fuel, mineral oils &
products 19.6%
Raw materials
10.2%
Inter-mediate goods 27.5%
Invest-ment goods
16.5%
Con-sumer goods 23.0%
EU31.2%
Other EU Countries
8.3%
Russian Federation
&C.I.S0.7%
USA7.9%
Arab Countries
30.9%
Asian Countries
(Non-Arab)8.3%
African Countries
(Non-Arab)2.5%
Australia& Other
Countries10.2%
Chart (5) : Exports by Geographical Distribution July / March 2016/2017
-3
-2
-1
0
1
2
3
4
5
6
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US$ bnChart (7) : Services Balance
Services Receipts Services Payments Services Balance
Central Bank of Egypt – External Position 3
Transportation receipts by 7.9 percent to about US$ 6.7 billion (against some US$ 7.3 billion), due to the fall in the receipts of airlines and navigation com-panies, and Suez Canal dues to about US$ 3.7 billion (against some US$ 3.9 billion), which decreased, in turn, as a result of the fall in net tonnage by 1.7 percent, and the 1.6 percent fall of SDR against the US dollar.
Government services receipts by 31.4 percent to US$ 191.3 million (against US$ 278.7 million).
On the other hand, other services receipts rose by 4.6 percent to about US$ 1.8 billion (against about US$ 1.7 billion), due to the rise in the fees of entertainment, cultural & recreational services, advertise- ment & market research services, computer services, and subscription to magazines & newspapers. 1.2.2: Services payments rose by 0.5 percent, to about US$ 7.03 billion (against about US$ 6.99 billion). This was attributed to the following developments: Other services payments rose by
22.6 percent, to about US$ 3.2 billion (against about US$ 2.6 billion), driven by higher payments of computer services,
subscription to magazines & newspapers, and legal fees & consulting fees.
Government services payments rose by 55.6 percent to US$ 700.1 million (against US$ 449.9 million).
On the other hand, Travel payments fell by 24.8
percent to some US$ 2.2 billion (against about US$ 2.9 billion), due to the decline of e-card payments by 17.7 percent to US$ 1.4 billion (against US$ 1.7 billion), as well as the decrease in pilgrimage (Hajj & Umrah) expenses, and expenditure of training & educational missions abroad.
transportation payments fell by
8.3 percent, to US$ 931.5 million (against about US$ 1.0 billion), due to the decline in the amounts transferred for repairs of aircrafts at foreign airports, and the amounts transferred by foreign navigation companies.
1.3: Income Balance The income balance deficit rose by 3.6 percent, to about US$ 3.2 billion (against about US$ 3.1 billion). This was a result of the following developments: Investment income payments rose
by 4.2 percent to some US$ 3.5 billion (against about US$ 3.4 billion.
Investment income receipts rose by 11.7 percent to US$ 305.3 million (from US$ 273.2 million).
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US$ bnChart (8): Service Balances
Other Services Balance Government Services Balance
Tourism Services Balance Transportation Services Balance
Services Balance
Central Bank of Egypt – External Position 4
1.4: Unrequited current transfers (Net) As shown in chart (10), unrequited transfers (net) rose by 1.6 percent, to about US$ 12.6 billion, (from some US$ 12.4 billion). This was mainly due to the increase in net private transfers to about US$ 12.5 billion (against some US$ 12.3 billion), and net official transfers to US$ 82.5 million (from US$ 60.7 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$ 24.6 billion (against some US$ 14.6 billion in the period of comparison) as an outcome of: A- Total FDI inflows rose by 12.1 percent to about US$ 10.8 billion (against US$ 9.6 billion), while total outflows registered about US$ 4.2 billion (versus some US$ 3.7 billion). Accordingly, the net in-flows of FDI in Egypt mounted to about US$ 6.6 billion (from US$ 5.9 billion). To elaborate, net inflows for the oil sector investments rose by about US$ 1.8 billion to about US$ 3.3 billion (from some US$ 1.5 billion). The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share of 61.4 percent. As regards the other sectors, the majority of FDI went to the undistributed sectors with 26.2 percent. The 6.5 percent of the services sectors were distributed as follows: the financial sector (1.8 percent), the real estate sector (0.9 percent), and other services sectors (3.8 percent). The share of the manufacturing sector was 5.0 percent, and the construction sector 0.7 percent. The remaining 0.2 percent went to the agricultural sector.
-1.6-1.4-1.2-1.0-0.8-0.6-0.4-0.20.00.20.4
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US$ bnChart (9): Income Balance
Income Receipts Income PaymentsIncome Balance
0.00.51.01.52.02.53.03.54.04.55.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015/2016 2016/2017
US$ bn
Chart (10) : Remittances of Egyptians working abroad
0
50
100
150
200
Current Receipts /Current Payments
Services Receipts /Services Payments
Merchandise Exports /Merchandise Imports
Chart (11): External Balance Indicators July-March
2015/2016 2016/2017
Central Bank of Egypt – External Position 5
B-Portfolio investment in Egypt achieved a net inflow of about US$ 7.8 billion (against a net outflow of some US$ 1.5 billion). This was ascribable to the rise of foreigners' investments in Egyptian treasury bills, recording net purchases of about US$ 4.3 billion (versus net sales of some US$ 19.1 million). In addition, the Egyptian government has issued bonds abroad by about US$ 3.9 billion in Jan/March 2017. In addition, foreigners' investments on the EGX rose, recording net purchases of US$ 308.9 million (versus net sales of US$ 58.6 million). This came despite the Egyptian authorities' repayment of bonds that had fallen due in the reporting period, in the amount of about US$ 1.0 billion (outflows).
C-Medium-and long-term loans and facilities achieved net disburse-ments of about US$ 5.1 billion (against US$ 504.1 million). D-Short-term suppliers' credit rea-lized net drawings of about US$ 2.1 billion (against about US$ 4.8 billion).
E-The net change in the liabilities of the CBE to the external world increased, thereby registering a net inflow of about US$ 7.7 billion (against some US$ 4.4 billion). F-The net change in banks' liabilities declined, recording as such a net inflow of about US$ 1.0 billion (versus about US$ 4.8 billion).
Agricultural sector0.2%
Petroleum sector61.4%
Construction sector0.7%
Manufacturing sector5.0%
Undustributed sector26.2%
Financial sector
1.8%
Real estate sector0.9%
Other services3.8%
Services sector6.5%
Chart (12) : Total FDI in Egypt by Economic SectorsJuly-March 2016/2017
Section II
International Investment Position (IIP)
Central Bank of Egypt – External Position 7
International Investment Position (IIP) At end of March 2017*
Egypt’s IIP at end of March 2017,
recorded net external liabilities
(assets minus liabilities) of about
US$ 127.5 billion, up by 12.3 percent
compared to end of June 2016. As
such, Egypt’s foreign assets re-
presented about 31.1 percent of its
foreign liabilities.
Source: Appendix I, table (2).
Egypt's preliminary IIP data at end of
March 2017 showed an increase in
both Egypt's total assets and
liabilities compared to the position at
end of June 2016, to record net
liabilities of about US$ 127.5 billion
versus US$ 113.5 billion. Egypt's total financial assets
increased by about US$ 15.0 billion,
to reach US$ 57.5 billion in March
2017, up by 35.3 percent compared
to June 2016. * Released as of September 2009 according to
SDDS requirements.
Total financial liabilities amounted to
US$ 185.0 billion, increasing by
about US$ 29.0 billion or 18.6
percent, compared to the end of June
2016.
Assets and Liabilities by Component: 1- Assets increased by 35.3 percent
to reach US$ 57.5 billion at end of
March 2017, from US$ 42.5
billion at end of June 2016.
This increase was mainly due to
the following developments: - Reserve assets increased by 63.3
percent to about US$ 27.9 billion. - Other investments' assets increased
by about 18.2 percent, to reach
about US$ 20.1 billion.
- Foreign direct investment in-
creased by 2.1 percent to about
US$ 7.3 billion.
-156.0 -162.3 -172.7 -185.0
42.5 44.9 49.0 57.5
-113.5 -117.4 -123.7 -127.5
-250
-150
-50
50
150
Q2 Q3 Q4 Q1
2016 2017
US$ billion
Chart (1)International Investment Position (IIP)
End of
Assets Liabilities Net IIP
Direct investment
abroad12.6%
Portfolio investment
3.8%
Other investment
35.0%
Reserve assets48.6%
Chart (2)Breakdown of Assets by Component
End ofMarch 2017
Central Bank of Egypt – External Position 8
- Portfolio investment abroad
increased by 71.9 percent to about
US$ 2.2 billion.
2- Liabilities to non-residents in-
creased by 18.6 percent to about
US$ 185.0 billion at end of
March 2017.
This increase was mainly due to
the following developments:
- FDI in Egypt increased by 6.6
percent to about US$ 104.6
billion.
- Other investments' liabilities
increased by 28.6 percent to
about US$ 67.2 billion.
- Portfolio investment in Egypt
increased by 132.1 percent to
about US$ 13.2 billion.
Indicators:
- Egypt’s negative net IIP to GDP
at end of March 2017 increased
to about 71.0 percent, versus
about 36.8 percent at end of
June 2016.
- Assets to liabilities increased
from about 27.2 percent, to
about 31.1 percent at end of
March 2017.
Direct investment
in Egypt56.5%Portfol io
investment 7.2%
Other investment
36.3%
Chart (3) Breakdown of Liabilities by Component
End ofMarch 2017
-36.8 -31.8
-69.1
-71.0
-80
-60
-40
-20
0
Q2 Q3 Q4 Q1
2016 2017
%
Chart (4)Egypt's net IIP to GDP at End of
27.2 27.7 28.4 31.1
0
10
20
30
40
Q2 Q3 Q4 Q1
2016 2017
%Chart (5)
Egypt's IIP Assets/LiabilitiesAt End of
Section III
External Liquidity
Central Bank of Egypt – External Position 9
External Liquidity A-Net International Reserves (NIR) In order to quell any distortions in the
domestic foreign currency market,
the CBE announced on November 3,
2016 its decision to move, with
immediate effect, to a liberalized
exchange rate regime. This move
would allow market demand and
supply dynamics to work effectively
in creating an environment of reliable
and sustainable provision of foreign
currencies. Moreover, it would
improve the deepening of foreign
currency liquidity, while streamlining
activity into the formal channels. During July/March 2016/2017, NIR increased by around US$ 11.0 billion (against a decline of US$ 3.5 billion in the corresponding period a year earlier) to reach US$ 28.5 billion, thus covering 6.0 months of merchandise imports at end of March 2017.
The increase in NIR was mainly a result of the rise in foreign currencies by just US$ 11.0 billion.
During the Report’s preparation, NIR reached US$ 31.3 billion at end of June 2017. (US$ mn)
End of June
2016
March
2017
Net International
Reserves (1-2) 17546
28526
1- Gross Official Reserves 17570 28545
Gold 2602 2621
SDRs 793 763
Foreign Currencies 14128 25125
Loans to IMF 47 36
2- Reserve Liabilities 24 19
Reserves/Months of
Imports 3.7 6.0
B- Net Foreign Assets of Banks (NFA)
Banks’ net foreign assets increased by around US$ 2.0 billion during July/March 2016/2017 (against a decline of about US$ 6.1 billion in the corresponding period a year earlier).
0.0
5.0
10.0
15.0
20.0
June 2015 Mar. 2016 June 2016 Mar. 2017
US$ bn
Chart (2): Foreign Assets & Liabilities of Banks
Assets Liabilities
(End of the Month)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
June 2015 Mar.2016 June 2016 Mar.2017
Month
Chart (1): NIR & Months of Imports Covered
US$ bn
Foreign CurrenciesLoans to IMFGoldReserves/Months of Imports
(Balance at End of the Month)
Central Bank of Egypt – External Position 10
Foreign currency deposits with banks
increased by 1.9 percent during the
period concerned, reaching about
US$ 37.3 billion at end of March
2017. Likewise, local currency
deposits increased by 18.3 percent. As such, the ratio of foreign currency
deposits to total deposits made up
28.6 percent at end of March 2017.
0
5
10
15
20
25
0
500
1000
1500
2000
2500
June 2015 Mar.2016 June 2016 Mar.2017
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
Central Bank of Egypt – External Position 11
External Debt
Egypt's external debt of all
maturities increased by US$ 18.1
billion (32.5 percent), to post about
US$ 73.9 billion at end of March
2017 (compared with about US$
55.8 billion at end of June 2016).
This increase came as a result of the
rise in net disbursements of loans
and facilities by US$ 19.1 billion,
and the depreciation of most
currencies of borrowing versus the
US dollar by US$ 1.0 billion.
A- Breakdown by Maturity
By original maturity, external debt
reaffirmed its usual pattern of long-
term external debt predominance at
end of March 2017. Long-term
external debt accounted for US$
43.8 billion or 59.3 percent of the
total, whereas medium-term ex-
ternal debt reached US$ 17.5 billion
or 23.6 percent and short-term
external debt accounted for the
smallest portion of US$ 12.6 billion
or 17.1 percent.
By residual maturity1, medium-
and long-term external debt
decreased, as it represented 74.7
percent of the total debt. In
comparison, they accounted for 82.9
percent of the total by original
maturity. Similarly, short-term debt
showed an increase, as it represented
25.3 percent, compared to 17.1
percent classified by original
maturity.
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.
External Debt by Residual Maturity at end of March 2017
(US$ million)
1. Short-term debt by original maturity 12604.3
2. Medium- & long-term debt maturing within one year 6056.8
3. External debt by residual maturity up to 1 year (1+2) 18661.1
Percentage to total external debt 25.3%
Percentage to NIR 65.4%
4. Medium- & long-term debt by residual maturity 55227.5
Percentage to total external debt 74.7%
Long -term debt
59.3 %
Medium -term debt
23.6 %
Short -term debt
17.1 %
chart (1)
External Debt Structure by Original Maturity
End of March 2017
Central Bank of Egypt – External Position 12 B- Breakdown by Type
Medium- and long-term external debt accounted for 82.9 percent of total debt, of which: Rescheduled bilateral debt
reached about US$ 4.1 billion or 5.6 percent of total debt.
Other bilateral debt amounted to about US$ 5.5 billion or 7.5 percent of total debt.
Buyers' & Suppliers'* credit
reached about US$ 5.7 billion or 7.7 percent of total debt.
International and regional organizations' debt reached about US$ 21.2 billion or 28.7 percent of total debt.
Government bonds and notes reached about US$ 6.7 billion or 9.0 percent of total debt at end of March 2017. These include: (i) US$ 1.0 billion of sovereign notes issued in April 2010 and falling due in 2020 & 2040; (ii) US$ 500.0 million of the 5–year Treasury bonds issued in June 2012 and falling due in June 2017; (iii) US$ 1.3 billion of the Global Medium Term Notes (GMTN) issued in 2015 and falling due in 2025; and (iv) US$ 3.9 billion of the Global Medium Term Notes programme.
Long-term deposits that have been placed at the CBE by some Arab countries valued at US$ 17.9 billion (24.2 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$ 155.5 million (about 0.2 percent of total debt).
Short-term debt increased by about US$ 5.6 billion to about US$ 12.6 billion or 17.1percent 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 70.5 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).
Rescheduled bilateral debt
5.6%
Other bilateral debt
7.5 %
Suppliers' & buyers' Credit
7.7%
International & regional
organizations
28.7%
Egyptian bonds and notes
9.0%
Long-term Deposits
24.2%
Private Sector(Non-
guaranteed)0.2%
Short- term debt
17.1%
Chart (2)External Debt Structure
End of March 2017
Central Bank of Egypt – External Position 13
Other important currencies ac-counted for 28.3 percent of the total debt, as follows: the Euro is the runner-up (10.9 percent), followed by the Special Drawing Rights* (7.5 percent, the Chinese Yuan (3.5 percent), and the Kuwaiti dinar and the Japanese yen (3.2 percent for each).
D- Breakdown by Creditor
Distribution by creditor country indicates that 29.2 percent was owed to Arab countries (mainly United Arab Emirates, Saudi Arabia** and Kuwait), and that 28.7 percent was owed to international organiz-ations*** (mainly the World Bank 5.3 percent, IMF 5.3 percent, ADF & AFDB 3.6 percent and EIB 3.1 percent). Meanwhile, 18.8 percent of Egypt's external debt came from five countries; namely Germany (6.6 percent), UK (5.2 percent), Japan (3.0 percent), USA (2.2 percent), and France (1.8 percent). Including Egypt’s allocation of SDRs by the IMF. It does not include the US$ 500 million which is classified
as a 5-year Treasury bond issued in June 2012 to Saudi Fund for Development.
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$ 32.3 billion at end of March 2017.
- Monetary authority external debt
at end of March 2017, increased by US$ 7.7 billion to US$ 29.9 billion.
- Other sectors' debt increased by US$ 2.5 billion to US$ 7.7 billion.
- Banks' external debt increased by US$ 64.6 million to US$ 4.0 billion.
US dollar 70.5%
Euro10.9%
SDRs7.5%
chinese Yuan3.5%
Kuwaiti dinar3.2%
Japanese yen3.2%
Other currencies
1.2%
Chart (3) External Debt structure by Currency
End of March 2017
Arab Countries29.2%
International & regional
organizations28.7%
Other countries
14.3%
Egyptian bonds and
notes9.0%
Germany6.6%
United Kingdom
5.2% Japan3.0%
USA2.2%
France1.8%
Chart (4)External Debt by Creditor
End of March 2017
0
20
40
60
80
2015 2016 2017
(US$ bn)
Chart (5)External Debt by Debtor
End of March
Other Sectors Banks
Monetary Authority Central & Local Government
(5.0)
(1.2)
7.8
(0.7)
4.5
7.7
0.3
1.4
0.1
(0.8)
0.7
2.5
-5-3-113579
2014/2015 2015/2016 2016/2017
(US$ bn)
Chart (6)External Debt by Debtor
Share in total increase/decreaseDuring July/March
Central & Local Government Monetary Authority
Banks Other Sectors
Central Bank of Egypt – External Position 14
F- External Debt Indicators*
The ratio of short-term external debt to net international reserves increased to 44.2 percent at end of March 2017 (from 41.3 percent at end of March 2016). In addition, its ratio to total debt registered 17.1 percent (against 12.8 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 (41.2
percent) at end of March 2017 (63.3 percent for Emerging & Developing Europe and 18.1 percent for Asian developing countries).
- Egypt's short-term external debt to total external debt at end of March 2017 represented 17.1 percent (81.5 percent for Commonwealth and 14.5 percent for Latin America and the Caribbean).
- Egypt's debt-service ratio*** re-gistered 17.5 percent during July/March 2016/2017 (47.5 percent for East and Central Europe, and 27.4 percent for Middle East and North Africa).
__________________________________ * For more indicators, refer to appendix I,
table No. 6. ** Source: World & Regional Economic Outlook
Reports, April 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.
Medium- and long-term debt service reached US$ 4.8 billion during July/ March 2017 (US$ 4.0 billion for principal repayments and US$ 0.8 billion for interest payments).
010203040506070
2015 2016 2017
%
Chart (7)External Debt Indicators
End of March
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
2014/2015 2015/2016 2016/2017
%during July/March
Debt Service / Current Receipts (includingtransfers)Debt Service / Exports of Goods andServices
Section V
Exchange Rate Developments
Central Bank of Egypt – External Position 15
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 altogether 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/March of FY 2016/2017, the exchange rates of foreign curren-cies appreciated against the Egyptian pound, on the back of the CBE's decision of liberalization of the EGP. The weighted average of the US dollar in the Egyptian inter-bank market recorded EGP 18.1396 at end of March 2017, (against LE 8.7800 at end of June 2016). _________________________ 1 The inter-bank foreign exchange market was
launched in Egypt in December 2004.
(ii) Market Rate: At end of March 2017, according to the foreign exchange market (buying price) and after the decision of liberalization of Egyptian pound exchange rate in November 2016, all foreign currencies rose against the Egyptian pound. To illustrate, the US dollar & Saudi riyal increased by 104.2 percent, the UAE dirham increased by 104.1 percent, Kuwaiti dinar by 102.2 percent, Swiss franc by 100.6 percent, Chinese Yuan by 96.8 percent, the Euro by 97.7 percent, sterling pound by 89.3 percent, and the Japanese yen (100 yens) by 88.3 percent.
6
8
10
12
14
16
18
20
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
2015/2016 2016/2017
EGPChart (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) (Right axis)
Section VI
Statistics
Central Bank of Egypt – External Position
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)
2015/2016* 2016/2017*
Trade Balance -29848.6 -27047.6
Exports** 13405.7 15994.0
Petroleum 4211.1 4656.6
Other Exports 9194.6 11337.4
Imports** -43254.3 -43041.6
Petroleum -7072.1 -8197.1
Other Imports -36182.2 -34844.5
Services (Net) 5520.3 4488.0
Receipts 12515.2 11516.2
Transportation, of which : 7253.0 6678.4
Suez Canal 3877.7 3716.6
Travel 3257.1 2840.7
Government receipts 278.7 191.3
Other 1726.4 1805.8
Payments 6994.9 7028.2
Transportation 1016.3 931.5
Travel 2913.7 2189.7
Government Expenditures 449.9 700.1
Other 2615.0 3206.9
Income Balance (net) -3114.7 -3225.9
Income receipts 273.2 305.3
Income payments 3387.9 3531.2
of which: Interest paid 524.4 824.6
Transfers 12402.5 12606.7
Private Transfers (net) 12341.8 12524.2
of which: Workers' Remittances 12659.6 12625.9
Official Transfers (net) 60.7 82.5
Current Account Balance -15040.5 -13178.8
Table (1) Balance of Payments
Central Bank of Egypt - External Position 19
July /march
(US$ mn)
2015/2016* 2016/2017*
Capital & Financial Account 14550.1 24638.9
Capital Account -130.8 -98.6
Financial Account 14680.9 24737.5
Direct Investment Abroad -113.5 -147.7
Direct Investment in Egypt (Net) 5885.7 6565.0
Portfolio Investment Abroad (Net) 148.6 178.7
Portfolio Investment in Egypt (Net), of which: -1501.4 7801.2
Bonds -1423.7 3190.2
Other Investment (Net) 10261.5 10340.3
Net Borrowing 5272.4 7232.4
M&L-Term Loans (Net) -177.4 4180.7
Drawings 2076.2 6214.1
Repayments -2253.6 -2033.4
MT-Suppliers' Credit (Net) 681.5 929.7
Drawings 703.5 1012.3
Repayments -22.0 -82.6
ST-Suppliers' Credit (Net) 4768.3 2122.0
Other Assets -4275.5 -5635.4
Central Bank -14.6 -1997.8
Banks 1208.9 -3091.9
Other -5469.8 -545.7
Other Liabilities 9264.6 8743.3
Central Bank 4444.2 7737.4
Banks 4820.4 1005.9
Net Errors & Omissions -3150.1 -475.4
Overall Balance -3640.5 10984.7
Change in CBE Reserve Assets ,Increase(-) 3640.5 -10984.7
* Preliminary.
** Include free zones exports and imports.
Central Bank of Egypt - External Position 20
July /march
Table (1) Balance of Payments (contd.)
Central Bank of Egypt - External Position 21
End of
Assets Liabilities Assets Liabilities
Total 42471.9 156038.8 57451.2 184995.5
1-Direct investment 7119.0 98082.3 7266.7 104593.3
2-Portfolio investments 1272.7 5685.1 2188.2 13196.8
Equity security 752.8 2131.5 1679.0 2440.4
Debt security 519.9 3553.6 509.2 10756.4
3-Other investments 16983.4 52271.4 20072.3 67205.4
Trade credits 1905.0 2781.9
General government
Long-term
Short-term
Other sectors 1905.0 2781.9
Long-term
Short-term 1905.0 2781.9
Loans 983.3 31334.0 519.1 40939.5
Monetary authorities 4619.7 7526.6
Use of Fund credit & loans from the Fund
Other long-term 1419.7 2297.0
Short-term 3200.0 5229.6
General government 20943.7 25554.4
Long-term 20943.7 25554.4
Short-term
Banks 983.3 2484.9 519.1 2932.8
Long-term 561.0 2050.5 252.3 2714.8
Short-term 422.3 434.4 266.8 218.0
Other sectors 3285.7 4925.7
Long-term 3285.7 4925.7
Short-term
Currency and deposits 16000.1 17778.3 19553.2 22262.2
Monetary authorities 16300.0 21167.2
Long-term 16300.0 17887.4
Short-term 3279.8
General government
Long-term
Short-term
Banks 6944.1 1478.3 10617.2 1095.0
Long-term
Short-term 1478.3 1095.0
Other sectors 9056.0 8936.0
Long-term
Short-term
Other assets / Liabilities 1254.1 1221.8
Monetary authorities 1254.1 1221.8
Long-term 1254.1 1221.8
Short-term
General government
Banks
Other sectors
4-Reserves assets 17096.8 27924.0
* Preliminary.
(US$ millions)
June 2016 March 2017*
Table (2) International Investment Position (IIP)
22
Country of non-resident issuers Equities long-term debt securities short-term debt securities Total
Bahamas 25.6 25.6
Bahrain 10.6 7.9 18.5
Canada 5.6 5.6
Cayman Islands 17.9 17.9
China, P.R. Mainland 1.5 1.5
Cyprus 8.4 8.4
Ethiopia 0.2 0.2
France 418.0 21.7 5.8 445.5
Germany 123.1 123.1
Holand 1.4 1.4
Indonesia 7.0 7.0
Italy 31.6 31.6
Japan 10.2 10.2
Jordan 54.9 1.3 56.2
Kenya 0.1 0.1
Kuwait 14.9 0.1 15.0
Lebanon 5.6 6.0 4.1 15.7
Luxembourg 9.4 9.4
Malaysia 16.0 8.7 24.7
Malta 1.7 1.7
Mozambique 5.4 5.4
Nigeria 11.7 6.6 18.3
Qatar 29.5 29.5
Saudi Arabia 328.5 29.6 6.8 364.9
Singapore 7.7 0.4 8.1
Syrian Arab Republic 1.2 1.2
Sudan 51.2 51.2
Switzerland 6.2 6.2
Tunisia 1.6 1.6
Turkey 1.0 1.0
United Arab Emirates 12.7 25.1 1.0 38.8
United Kingdom 263.4 45.3 6.1 314.8
United States 39.5 161.2 99.9 300.6
International Organizations 219.4 7.9 227.3
Total 1679.0 363.4 145.8 2188.2
Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of March 2017
(US$ millions)
Breakdown of portfolio investment Assets by country of residence of the Issuers
Central Bank of Egypt - External Position
End of
June
2014 March
2015
June
2015 March
2016
June
2016 March
2017
Net International Reserves (1-2) 16687 15291 20082 16561 17546 28526
1- Gross Official Reserves 16710 15314 20104 16586 17570 28545
Gold 2662 2471 2420 2533 2602 2621
SDRs 1274 1148 1168 1172 793 763
Foreign Currencies 12695 11629 16453 12829 14128 25125
Loans to IMF 79 66 63 52 47 36
2- Reserve Liabilities 23 23 22 25 24 19
Banks’ Net Foreign Assets 11452 4163 3481 -2636 -4844 -2798
Assets 16224 11592 11450 10153 9286 12338
Liabilities 4772 7429 7969 12789 14130 15136
Cen
tral Ban
k of E
gypt - E
xternal P
osition 23
(US$ mn)
Table (4) Net International Reserves & Net Foreign Assets at Banks
(US$ mn)
March 2017 +June 2016 March 2016June 2015End of
73888.655764.453444.948062.9Total External Debt*
61284.348746.746608.845487.61- Medium & long term debt :
4167.05249.65182.56242.9Rescheduled bilateral debt **
3940.64524.54446.94637.2 ODA
226.4725.1735.61605.7 Non-ODA
5537.45399.95609.95491.7Other bilateral debt
3571.13553.53553.52200.9 Paris Club countries
1966.31846.42056.43290.8 Other countries
21174.514089.913810.112246.3International & regional organizations
5679.34018.93566.81546.5Suppliers' & buyers' credits
6683.23493.03514.04937.7Egyptian bonds & notes
17887.416300.014900.015000.0Long-term deposits
155.5195.425.522.5Private sector debt (non-guaranteed)
12604.37017.76836.12575.32- Short-term debt
4374.81478.31345.41295.3 Deposits
8229.55539.45490.71280.0 Other facilities
Source: Loans & External Debt Department - CBE.
+ Provisional
* The difference from World Bank Data is in short-term debt .
** According to the agreement signed with Paris Club countries on May 25, 1991.
Cen
tral B
an
k o
f Egyp
t - Extern
al P
ositio
n 2
4
Table (5) External Debt by Type
(%)
2017+2016201520142013End of March
41.217.312.314.814.0External Debt /GDP (at current market prices)
17.112.87.46.117.7Short-term Debt / total external debt
44.241.319.415.950.8Short-term Debt / Net International Reserves
759.4549.3425.8497.9422.0External Debt per capita (US$)
4804.14218.95193.62669.12624.2Debt Service (Principal & Interest) (US$ mn)* (during July/March)
17.516.315.48.37.0Debt Service / Exports (G&S) (during July/March) %
11.910.910.24.85.1Debt Service / Current Receipts (during July/March) %
2.72.21.61.71.4Interest / Exports (G&S) (during July/March) %
203.1147.788.4103.479.1External Debt / Exports (G&S) (during the year) %
+ Provisional.
* includes interest payments on Egypt's US dollar-denominated bonds and notes issued abroad.
Table (6) External Debt Indicators
Cen
tral Ban
k o
f Eg
yp
t - Ex
ternal P
ositio
n2
5
26
(US$ mn)
End of June 2016 % March 2017* % Change (-) %
External Debt 55764.4 100.0 73888.6 100.0 18124.2 32.5
Total Medium- & Long-Term 48746.7 87.4 61284.3 82.9 12537.6 25.7
Total Short-Term 7017.7 12.6 12604.3 17.1 5586.6 79.6
Central & Local Government 24436.7 43.9 32237.6 43.6 7800.9 31.9
Medium- & Long-Term 24436.7 43.9 32237.6 43.6 7800.9 31.9
Bonds & Notes 3493.0 6.3 6683.2 9.0 3190.2 91.3
Loans 20943.7 37.6 25554.4 34.6 4610.7 22.0
Currency and Deposits
Other Liabilities
Short-Term 0.0 0.0 0.0 0.0 0.0 0.0
Money Market Instruments
Loans
Currency and Deposits
Other Liabilities
Monetary Authority 22173.8 39.6 29915.6 40.4 7741.8 34.9
Medium- & Long-Term 18973.8 33.9 21406.2 28.9 2432.4 12.8
Bonds & Notes
Loans 1419.7 2.5 2297.0 3.1 877.3 61.8
Currency and Deposits 16300.0 29.2 17887.4 24.2 1587.4 9.7
Other Liabilities 1254.1 2.2 1221.8 1.6 (32.3) (2.6)
Short-Term 3200.0 5.7 8509.4 11.5 5,309.4 165.9
Money Market Instruments
Loans 3200.0 5.7 5229.6 7.1 2029.6 63.4
Currency and Deposits 0.0 0.0 3279.8 4.4 3279.8 0.0
Other Liabilities
Banks 3963.2 7.2 4027.8 5.5 64.6 1.6
Medium- & Long-Term Loans 2050.5 3.7 2714.8 3.7 664.3 32.4
Bonds & Notes
Loans 2050.5 3.7 2714.8 3.7 664.3 32.4
Currency and Deposits
Other Liabilities
Short-Term Loans 1912.7 3.5 1313.0 1.8 (599.7) (31.4)
Money Market Instruments
Loans 434.4 0.8 218.0 0.3 (216.4) (49.8)
Currency and Deposits 1478.3 2.7 1095.0 1.5 (383.3) (25.9)
Other Liabilities 0.0
Other Sectors 5190.7 9.3 7707.6 10.5 2516.9 48.5
Medium- & Long-Term 3285.7 5.9 4925.7 6.7 1640.0 49.9
Loans from Direct Investors
Bonds & Notes
Trade Credits
Loans 3285.7 5.9 4925.7 6.7 1640.0 49.9
Currency and Deposits
Other Liabilities
Short-Term 1905.0 3.4 2781.9 3.8 876.9 46.0
Loans from Direct Investors
Money Market Instruments
Trade Credits 1905.0 3.4 2781.9 3.8 876.9 46.0
Loans
Currency and Deposits
Other Liabilities
* Provisional.
Table (7) External Debt by Debtor
Central Bank of Egypt - External Position
First: Interbank Rates *
Minimum
Maximum
Weighted average
Second : Market Rates Buy Sell Buy Sell
US Dollar 8.8571 8.8800 18.0835 18.1882
Euro 9.8172 9.8479 19.4091 19.5251
Pound Sterling 11.8960 11.9312 22.5230 22.6589
Swiss Franc 9.0434 9.0696 18.1398 18.2466
100 Japanese Yens 8.6226 8.6491 16.2403 16.3402
Saudi Riyal 2.3616 2.3680 4.8220 4.8501
Kuwaiti Dinar 29.3350 29.4342 59.3194 59.7217
UAE Dirham 2.4114 2.4183 4.9228 4.9527
Chinese Yuan 1.3331 1.3367 2.6242 2.6406
Source: CBE daily exchange rates.
* The interbank rates were launched on December 23, 2004.
18.1396
8.7800
8.7800
8.7800
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 2016 March 2017
Central Bank of Egypt – External Position
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. Supplier's 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- Saudi Bonds ……………………………………………........................ 23 60
4- Global Medium Term Notes (GMTN)....………………………..……... 24 61
5- Global Medium Term Notes Programme...………………………..…… 25 62
6- Global Medium Term Notes Programme...………………………..……. 26 63
7- Global Medium Term Notes Programme...………………………..……. 27 64
8- Medium- and Long-Term Deposits for Kuwait..……………………..... 28 65
9- Medium- and Long-Term Deposits for Libya..………………………… 29 66
10- Medium- and Long-Term Deposits for Saudi Arabia…………………. 30 67
11- Medium- and Long-Term Deposits for United Arab Emirates………... 31 68
V- Projected Short-Term Debt…………………………………………….. 32 69
VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 33 70
2014 2015 2016 2017
1- Medium-and Long-Term Public
& Publicly Guaranteed Debt 42,494.34 36,860.56 46,583.28 61,128.79
A. Paris Club Debt 12,706.13 9,832.69 9,658.78 10,769.21
1-Rescheduled Debt 8,439.51 6,179.68 5,182.45 4,166.99
2-Non Rescheduled Debt 4,266.62 3,653.01 4,476.33 6,602.22
B- Supplier's Credit 10.34 6.23 5.87 5.47
C. Non-Paris Club Debt 2,468.26 2,395.04 4,694.52 4,609.03
D. Multilateral Institutions 12,209.84 12,050.97 13,810.12 21,174.46 (1)
E. Bonds &Notes 6,099.77 3,575.63 3,513.99 6,683.22 1-Guaranteed Notes 1,250.00 1,250.00 0.00 0.00 2-Sovereign Notes 849.77 825.63 798.82 978.22 3-Saudi Bond 500.00 500.00 500.00 500.00 4-Euro-Medium Term Notes ( E.M.T.N.) 3,500.00 1,000.00 1,000.00 0.00
5-Global Medium Term Notes ( G.M.T.N.) (2)0.00 0.00 1,215.17 1,257.00
6. Global Medium Term Notes Programme(3)0.00 0.00 0.00 3,948.00
F. Deposits 9,000.00 9,000.00 14,900.00 17,887.40 (4)
2- Medium and Long-Term
Private Sector Non-Guaranteed 20.00 25.00 25.44 155.51
3- Short-Term Debt 2,774.54 2,967.58 6,836.15 12,604.26
Currency and Deposits (Non-Residents) 865.74 1,238.66 4,545.41 4,374.78 (5)
Trade Credits 1,408.80 1,717.92 1,526.24 2,781.83
Qatar Deposits 500.00 0.00 0.00 0.00
Loans 0.00 11.00 764.50 5,447.65 (6)
Grand Total 45,288.88 39,853.14 53,444.87 73,888.56
Using end of period exchange rate.
(1) Includes US$ 2,679.11 million representing extended fund facility by IMF (amounted SDR 1970.05 million), US$ 1,221.82 million representing SDR allocation
by IMF to its member countries, Egypt’s share is SDR 898.45 million and US$ 500 million representing African Export-Import Bank loan .
(2) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1257 million ) due in June 2025.
(3) Representing Global Medium Term Notes Programme with nominal value US$ 4,000 million (non-residents' subscriptions amounted US$ 3,948 million) .
(4) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 6700, 1250 ,5937.40 and 4000 million respectively .
(5) Includes US$ 2,612.09 million representing Chinese Currency Swap Arrangement .
(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
Central Bank of Egypt- External Position 31
(US$ million)
Table ( 1 )
Outstanding Stock as at End of March
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 March
C
entral B
ank
of E
gy
pt- E
xtern
al Po
sition
32
Figure 1-2
Paris Club Debt14.57 %
Multilateral Institutions28.66%
Bonds & Notes 9.04 %
Deposits24.21 %
Non-Paris Club Debt 6.24%
Supplier's Credit0.01%
Short-Term Debt17.06%
Private Sector Non-Guaranteed0.21%
Outstanding Stock as at End of March 2017
Figure 1-2
2014 2015 2016 2017
Creditor Countries
Germany 3,517.74 2,726.64 3,378.03 4,665.23
Japan 2,772.55 2,231.77 2,258.29 2,226.02
China 345.01 332.29 1,951.17 1,926.52
United States 2,284.82 2,026.01 1,761.16 1,490.28
France 2,400.98 1,526.64 1,227.24 1,085.28
Kuwait 1,002.05 915.89 929.37 933.26
United Arab Emirates 19.09 40.83 590.78 632.71
Italy 250.14 350.57 347.47 511.99
Saudi Arabia 102.12 106.03 121.55 439.54
Turkey 1,000.00 1,000.00 800.00 400.00
United Kingdom 98.55 62.68 34.00 265.34
Bahrain 0.00 0.00 253.51 242.33
Spain 437.00 313.11 245.88 192.29
Denmark 218.96 150.20 132.71 102.65
Austria 207.90 115.95 67.89 66.00
The Netherlands 84.73 63.69 64.88 57.46
Belgium 35.83 20.20 12.43 47.20
Canada 109.27 76.56 52.87 37.89
Qatar 0.00 0.00 48.14 34.67
Switzerland 210.02 127.60 62.41 22.96
Finland 0.00 0.00 1.91 2.95
Norway 3.56 2.60 1.67 1.07
Sweden 15.33 7.41 2.83 0.07
Australia 69.08 37.29 12.98 0.00
Multilateral Institutions {2}12,209.84 12,050.97 13,810.12 21,174.46
Deposits , Bonds and Notes
Deposits 9,000.00 9,000.00 14,900.00 17,887.40{3}
Saudi Arabia 3,000.00 3,000.00 4,900.00 6,700.00
United Arab Emirates 2,000.00 2,000.00 4,000.00 5,937.40
Kuwait 2,000.00 2,000.00 4,000.00 4,000.00
Libya 2,000.00 2,000.00 2,000.00 1,250.00
Guaranteed Notes 1,250.00 1,250.00 0.00 0.00
Sovereign Notes 849.77 825.63 798.82 978.22
Saudi Bond 500.00 500.00 500.00 500.00
Euro-Medium Term Notes ( E.M.T.N.) 3500.00 1000.00 1000.00 0.00
Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,215.17 1,257.00
Global Medium Term Notes Programme 0.00 0.00 0.00 3,948.00
Medium and Long-Term Private Sector Non-Guaranteed 20.00 25.00 25.44 155.51
Short-Term Debt 2,774.54 2,967.58 6,836.15 12,604.26
African Export - Import Bank 0.00 0.00 3,200.00 3,200.00
Arab Trade Financing Program 0.00 0.00 0.00 29.62
REPO Transactions 0.00 0.00 0.00 2,000.00
Currency Swap Agreement (China) 0.00 0.00 0.00 2,612.09
others 2,774.54 2,967.58 3,636.15 4,762.55
Grand Total 45,288.88 39,853.14 53,444.87 73,888.56
(1) Using end of period exchange rate.
(2) Includes US$ 2,679.11 million representing extended fund facility by IMF (amounted SDR 1970.05 million), US$ 1,221.82 million representing SDR allocation
by IMF to its member countries, Egypt’s share is SDR 898.45 million and US$ 500 million representing African Export-Import Bank loan .
(3) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 6700, 1250 ,5937.40 and 4000 million respectively .
Total Debt(US$ million){1}
Central Bank of Egypt- External Position 33
Table ( 2 )
Outstanding Stock as at End of March
Cen
tral Ban
k o
f Eg
yp
t- Ex
ternal P
ositio
n 3
4
Figure 2
Multilateral Institutions28.66%
Short-Term Debt17.06%
Others 8.22%France
1.47%United States2.02%
Germany6.31%
Japan3.01%
Bonds &Notes9.04%
Deposits24.21%
Outstanding Stock as at End of March 2017
2014 2015 2016 2017
Germany 3,517.74 2,726.64 3,378.03 4,665.23
Japan 2,769.43 2,231.77 2,258.29 2,226.02
United States 2,284.82 2,026.01 1,761.16 1,490.28
France 2,400.99 1,526.64 1,227.24 1,085.29
Italy 250.05 350.51 347.45 511.98
United Kingdom 98.54 62.68 33.99 265.34
Spain 437.00 313.11 245.88 192.29
Denmark 218.96 150.20 132.71 102.64
Austria 207.90 115.95 67.90 66.01
The Netherlands 84.73 63.69 64.88 57.46
Belgium 35.83 20.20 12.43 47.20
Canada 102.14 70.39 47.02 32.42
Switzerland 210.02 127.60 62.41 22.96
Finland 0.00 0.00 1.91 2.95
Norway 3.56 2.60 1.67 1.07
Sweden 15.34 7.41 2.83 0.07
Australia 69.08 37.29 12.98 0.00
Grand Total 12,706.13 9,832.69 9,658.78 10,769.21
{1} This table sums up tables 4 and 5.
{2} Using end of period exchange rate.
Country
Central Bank of Egypt- External Position 35
Table ( 3 ) {1}
Medium and Long-Term
Public & Publicly Guaranteed External Debt By Creditor Country
Paris Club Debt
Outstanding Stock as at End of March
Total Debt
(US$ million){2}
0.0
5.0
10.0
15.0
20.0
2011 2012 2013 2014 2015 2016 2017
( U
S$b
n )
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Paris Club DebtOutstanding Stock as at End of March
Figure 3
2014 2015 2016 2017
Germany 1,855.53 1,395.52 1,422.44 1,254.41
Japan 1,847.62 1,424.17 1,337.25 1,196.24
United States 1,887.42 1,658.28 1,423.11 1,181.90
France 1,507.96 835.34 471.13 224.92
Spain 267.67 188.89 107.40 61.09
The Netherlands 84.73 63.69 64.88 57.46
Denmark 99.51 68.94 62.35 51.24
Italy 167.84 119.06 70.16 41.64
Canada 102.14 70.39 47.02 32.42
Austria 205.36 111.87 64.08 30.58
United Kingdom 98.52 62.67 33.99 15.34
Switzerland 195.06 115.79 50.86 13.66
Belgium 32.24 17.80 10.31 4.95
Norway 3.56 2.60 1.67 1.07
Sweden 15.27 7.38 2.82 0.07
Australia 69.08 37.29 12.98 0.00
Grand Total 8,439.51 6,179.68 5,182.45 4,166.99
{1} Using end of period exchange rate.
(US$ million){1}
Country
Central Bank of Egypt- External Position 36
Total Debt
Table ( 4 )
Medium and Long-Term
Public & Publicly Guaranteed External Debt By Creditor Country
Paris Club Debt
Rescheduled Debt
Outstanding Stock as at End of March
0.0
5.0
10.0
15.0
2011 2012 2013 2014 2015 2016 2017
( U
S$
bn
)
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Paris Club DebtRescheduled Debt
Outstanding Stock as at End of March
Figure 4
2014 2015 2016 2017
Germany 1,662.21 1,331.12 1,955.59 3,410.82
Japan 921.81 807.60 921.04 1,029.78
France 893.03 691.30 756.11 860.37
Italy 82.21 231.45 277.29 470.34
United States 397.40 367.73 338.05 308.38
United Kingdom 0.02 0.01 0.00 250.00
Spain 169.33 124.22 138.48 131.20
Denmark 119.45 81.26 70.36 51.40
Belgium 3.59 2.40 2.12 42.25
Austria 2.54 4.08 3.82 35.43
Switzerland 14.96 11.81 11.55 9.30
Finland 0.00 0.00 1.91 2.95
Sweden 0.07 0.03 0.01 0.00
Grand Total 4,266.62 3,653.01 4,476.33 6,602.22
{1} Using end of period exchange rate.
Total DebtCountry
Central Bank of Egypt- External Position 37
Table ( 5 )
Medium and Long-TermPublic & Publicly Guaranteed External Debt By Creditor Country
Paris Club Debt
Non-Rescheduled Debt
Outstanding Stock as at End of March
(US$ million){1}
0
1
2
3
4
5
6
7
2011 2012 2013 2014 2015 2016 2017
( U
S$
bn
)
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Paris Club Debt Non-Rescheduled Debt
Outstanding Stock as at End of March
Figure 5-1
Ce
ntra
l Ba
nk o
f Eg
yp
t- Exte
rna
l Po
sitio
n 3
8
Rescheduled Debt38.69%
Non Rescheduled Debt61.31%
Medium and Long-TermPublic and Publicly Guaranteed External Debt
Paris Club DebtOutstanding Stock as at End of March 2017
Figure 5-2
2014 2015 2016 2017
Canada 7.13 6.17 5.85 5.47
Italy 0.09 0.06 0.02 0.00
Japan 3.12 0.00 0.00 0.00
Grand Total 10.34 6.23 5.87 5.47
{1} Using end of period exchange rate.
Central Bank of Egypt- External Position 39
(US$ million){1}
CountryTotal Debt
Table ( 6 )
Supplier's Credit
Outstanding Stock as at End of March
Medium and Long-Term
Public & Publicly Guaranteed External Debt By Creditor Country
0.00
5.00
10.00
15.00
20.00
25.00
30.00
2011 2012 2013 2014 2015 2016 2017
( U
S$m
n )
Medium and Long-TermPublic &Publicly Guaranteed External Debt
Supplier's CreditOutstanding Stock as at End of March
Figure 6
2014 2015 2016 2017
China 345.00 332.29 1,951.17 1,926.52 {2}
Kuwait 1,002.05 915.89 929.37 933.26
United Arab Emirates 19.09 40.83 590.78 632.71
Saudi Arabia 102.12 106.03 121.55 439.54
Turkey 1,000.00 1,000.00 800.00 400.00
Bahrain 0.00 0.00 253.51 242.33
Qatar 0.00 0.00 48.14 34.67
Grand Total 2,468.26 2,395.04 4,694.52 4,609.03
{1} Using end of period exchange rate.
(2) Includes US$ 900 million representing China facility agreement .
Country
Central Bank of Egypt- External Position 40
Table ( 7 )
Medium and Long-Term
Public & Publicly Guaranteed External Debt By Creditor Country
Non-Paris Club Debt
Outstanding Stock as at End of March
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
)
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Non-Paris Club DebtOutstanding Stock as at End of March
Figure 7
2014 2015 2016 2017
IBRD 3,504.17 4,108.05 4,949.50 7,332.05
IMF {2} 1,388.67 1,239.41 1,265.76 3,900.93
African Development Bank 1,611.52 1,513.48 2,041.02 2,519.03
European Investment Bank 1,905.68 1,672.02 1,645.31 2,254.19
Arab Fund for Economic and Social Development 1,519.07 1,493.66 1,461.44 1,424.01
Arab Monetary Fund 344.67 168.89 536.31 932.66
IDA 1,170.83 1,001.68 920.75 792.18
African Export - Import Bank 0.00 0.00 67.39 560.67
Islamic Development Bank 225.66 289.01 328.32 459.15
OPEC 162.74 193.04 206.48 230.96
International Islamic Trade Finance Corporation 0.00 0.00 0.00 200.00
African Development Fund 207.80 176.21 175.73 165.94
European Bank For Reconstruction and Development 0.00 0.00 14.17 130.99
International Fund for Agricultural Development 104.44 95.91 109.43 116.26
Arab Petroleum Investments Corporation (APICORP) 0.00 0.00 0.00 100.00
Clean Technology Fund 0.00 9.73 45.88 55.44
Arab Trade Financing Program 64.59 89.88 42.63 0.00
Grand Total 12,209.84 12,050.97 13,810.12 21,174.46
{1} Using end of period exchange rate.
(2) Includes SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.
Creditor
Central Bank of Egypt- External Position 41
Total Debt
Table ( 8 )
Medium and Long-Term
Public & Publicly Guaranteed External Debt
Multilateral Institutions
Outstanding Stock as at End of March
(US$ million){1}
0
5,000
10,000
15,000
20,000
25,000
2011 2012 2013 2014 2015 2016 2017
( U
S$
mn
)
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Multilateral InstitutionsOutstanding Stock as at End of March
Figure 8-1
Centra
l Bank o
f Egypt- E
xte
rnal P
ositio
n 4
2
I.D.A3.74%
European Investment Bank 10.64%
Arab Fund for Economic and Social Development
6.73%
Others9.54%
IBRD34.63%
African Development Bank 11.90%
AMF4.40%
IMF18.42%
Medium and Long-TermPublic & Publicly Guaranteed External Debt
Multilateral InstitutionsOutstanding Stock as at End of March
Figure 8 - 2
2014 2015 2016 2017
Guaranteed Notes 1,250.00 1,250.00 0.00 0.00
Sovereign Notes 849.77 825.63 798.82 978.22
Saudi Bond 500.00 500.00 500.00 500.00
Euro-Medium Term Notes ( E.M.T.N.) 3,500.00 1,000.00 1,000.00 0.00
Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,215.17 1,257.00
Global Medium Term Notes Programme 0.00 0.00 0.00 3,948.00
Grand Total 6,099.77 3,575.63 3,513.99 6,683.22
(US$ million)
Total Debt
Central Bank of Egypt- External Position 43
Table ( 9)Bonds &Notes
Outstanding Stock as at End of March
2014 2015 2016 2017
Saudi Arabia 3,000.00 3,000.00 4,900.00 6,700.00
United Arab Emirates 2,000.00 2,000.00 4,000.00 5,937.40
Kuwait 2,000.00 2,000.00 4,000.00 4,000.00
Libya 2,000.00 2,000.00 2,000.00 1,250.00
Grand Total 9,000.00 9,000.00 14,900.00 17,887.40
(US$ million)
CountryTotal Debt
Central Bank of Egypt- External Position 44
Table ( 10 )
DepositsOutstanding Stock as at End of March
Medium and Long-Term
2014 2015 2016 2017
Multilateral Institutions 20.00 25.00 25.44 124.96
Germany 0.00 0.00 0.00 15.55
Bahrain 0.00 0.00 0.00 15.00
Grand Total 20.00 25.00 25.44 155.51
{1} Using end of period exchange rate.
Country
Central Bank of Egypt- External Position 45
Total Debt
Table ( 11 )
Medium and Long-Term
Private Sector Non-Guaranteed External Debt By Creditor Country
Outstanding Stock as at End of March
(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
Outstanding Stock as at End of March
Figure 9
2014 2015 2016 2017
Short-Term Debt
Loans 0.00 11.00 764.50 5,447.65 {2}
Currency and Deposits (Non-Residents) 865.74 1,238.66 4,545.41 4,374.78 {3}
Trade Credits 1,408.80 1,717.92 1,526.24 2,781.83
Qatar Deposits 500.00 0.00 0.00 0.00
Grand Total 2,774.54 2,967.58 6,836.15 12,604.26
(1) Using end of period exchange rate.
(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$ 2,612.09 million representing Chinese Currency Swap Arrangement .
Central Bank of Egypt- External Position 46
Short-Term Debt
Table ( 12 )
Outstanding Stock as at End of March
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$m
n )
Short-Term DebtOutstanding Stock as at End of March
Figure 10
(US$ million) (*)
2014 2015 2016 2017
US Dollar 27,602.73 25,430.88 38,274.32 52,065.99
EURO 8,299.03 6,138.69 6,679.90 8,023.23
Special Drawing Rights 2,711.65 2,243.72 2,587.90 5,522.97
Chinese Yuan 0.00 0.00 0.00 2,612.09
Kuwaiti Dinar 2,521.12 2,409.55 2,390.81 2,357.27
Japanese Yen 2,923.39 2,358.35 2,395.92 2,326.23
Egyptian Pound 352.12 557.81 557.64 227.04
Swiss Franc 388.28 297.51 215.12 164.36
Saudi Riyal 104.50 108.24 128.60 441.36
Danish Kroner 88.71 63.31 62.60 51.58
Canadian Dollar 88.63 62.82 46.81 36.27
U.A.E. Dirham 19.14 41.72 38.30 31.07
British Pound Sterling 120.31 104.92 50.08 26.84
Norwegian Kroner 3.68 2.49 2.21 1.97
Swedish Kroner 14.47 6.89 5.55 0.29
Australian Dollar 51.12 26.24 9.11 0.00
Total 45,288.88 39,853.14 53,444.87 73,888.56
(*) Using end of period exchange rate .
CurrencyTotal Debt
Outstanding Stock as at End of March
Central Bank of Egypt- External Position 47
Table ( 13 )
Medium and Long-Term
Signed Amount Disbursed Undisbursed
1- Medium and Long-Term Public
& Publicly Guaranteed Debt 34,941.57 25,102.85 9,837.27
A. Paris Club Debt 6,837.74 3,133.76 3,703.98
Non-Rescheduled Debt 6,837.74 3,133.76 3,703.98
B. Non-Paris Club Debt 5,021.34 2,897.90 2,123.44
C. Multilateral Institutions 13,082.49 9,071.19 4,009.85
D. Deposits 10,000.00 10,000.00 0.00
2- Medium and Long-Term Private 440.00 159.96 280.04
Sector Non-Guaranteed Debt
Grand Total 35,381.57 25,262.81 10,117.31
{1} Using end of period exchange rate.
Disbursed and Undisbursed Amounts for Signed Loans and Deposit
(US$ million){1}
Table ( 14 )
from 1/4/2014 to 31/3/2017
Central Bank of Egypt- External Position 48
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
18,000.00
2011 2012 2013 2014 2015 2016 2017
Signed Loans and Deposit Disbursed Undisbursed
Medium and Long-Term Disbursed and Undisbursed Amountsfor Signed Loans and Deposits
from 1/4/2011 to 31/3/2017
( U
S$m
n )
Period Principal Interest Total Period Total
2017/H1(2)1480.42 319.90 1,800.32 2036/H1 243.98
2017/H2(3)
1937.53 740.43 2,677.96 2036/H2 234.17
2018/H1 (4)
4741.08 677.29 5,418.37 2037/H1 215.57
2018/H2 (5)
7922.51 673.74 8,596.24 2037/H2 196.50
2019/H1 (6)3936.87 602.07 4,538.94 2038/H1 182.73
2019/H2 (7)4298.22 555.71 4,853.93 2038/H2 164.82
2020/H1 (8)4413.74 517.91 4,931.65 2039/H1 154.18
2020/H2 1675.26 459.55 2,134.82 2039/H2 153.08
2021/H1(9)1950.92 430.47 2,381.39 2040/H1(14)
529.542021/H2 1548.36 413.59 1,961.94 2040/H2 135.82
2022/H1(10)
3135.89 390.82 3,526.71 2041/H1 124.00
2022/H2 (11)2349.87 314.77 2,664.64 2041/H2 123.07
2023/H1 1390.92 288.87 1,679.79 2042/H1 118.222023/H2 1430.75 277.71 1,708.45 2042/H2 116.072024/H1 1291.19 257.84 1,549.04 2043/H1 114.112024/H2 1156.55 247.80 1,404.35 2043/H2 107.18
2025/H1 (12)2320.00 233.86 2,553.86 2044/H1 103.71
2025/H2 1020.10 190.22 1,210.32 2044/H2 102.882026/H1 1039.34 191.17 1,230.51 2045/H1 102.202026/H2 945.34 172.90 1,118.24 2045/H2 101.73
2027/H1 (13)
1488.24 163.51 1,651.75 2046/H1 100.642027/H2 506.32 124.75 631.07 2046/H2 97.92
2028/H1 410.35 119.64 529.99 2047/H1(15)
1,346.352028/H2 398.82 117.04 515.86 2047/H2 42.722029/H1 352.97 112.89 465.87 2048/H1 41.712029/H2 346.23 110.36 456.59 2048/H2 40.862030/H1 317.50 107.24 424.74 2049/H1 38.582030/H2 302.40 104.83 407.23 2049/H2 38.252031/H1 261.69 102.61 364.30 2050/H1 37.562031/H2 259.69 100.45 360.14 2050/H2 34.972032/H1 252.02 98.59 350.61 2051/H1 19.422032/H2 236.64 96.48 333.11 2051/H2 17.332033/H1 227.14 94.61 321.75 2052/H1 0.522033/H2 213.65 92.70 306.35 2052/H2 0.522034/H1 207.57 91.10 298.67 2053/H1 0.512034/H2 198.51 89.38 287.89 2053/H2 0.512035/H1 188.57 87.92 276.49 2054/H1 0.512035/H2 183.86 86.34 270.20
Grand Total 59,906.97 (16) 11,469.52 (17) 71,376.49
(1) The exchange rate of March 31, 2017 .
(2) Includes US$ 500.00 million Saudi bond maturing 2017 & US$ 350.00 million deposits maturing 2017 .
(3) Includes US$ 600.00 million deposits maturing 2017.
(4) Includes US$ 2598.67 million deposits maturing 2018.
(5) Includes US$ 6100.00 million deposits maturing 2018.
(6) Includes US$ 2433 million deposits maturing 2019.
(7) Includes US$ 2100 million deposits maturing 2019.
(8) Includes US$ 600 million sovereign notes & US$ 2435 million deposits maturing 2020.
(9) Includes US$ 333.33 million deposits maturing 2021.
(10) Includes US$ 1732.00 million Global Medium Term Notes Programme maturing 2022 .
(11) Includes US$ 937.40 million deposits maturing 2022.
(12) Includes US$ 1257.00 million Global Medium Term Notes ( G.M.T.N.) maturing 2025.
(13) Includes US$ 966.00 million Global Medium Term Notes Programme maturing 2027 .
(14) Includes US$ 378.22 million sovereign notes maturing 2040.
(15) Includes US$ 1250.00 million Global Medium Term Notes Programme maturing 2047 .
(16) Excludes US$ 1221.82 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MN.
(17) Includes US$ 129.33 million representing forecast interest of SDR allocation.
451.8271.72
Central Bank of Egypt - External Position 49
Table ( 15 )
Projected Medium and Long-Term Public & Publicly Guaranteed
External Debt Service
133.15
115.21
75.2974.82
102.39
85.28
(US$ million)(1)
as of April 1, 2017
78.27
InterestPrincipal
159.01
150.54
84.97
83.64
32.2817.10
63.50
42.20
41.5139.17
42.9942.56
60.08
1287.9837.8437.2036.71
55.7254.05
42.30
82.43
81.28
4.51
80.34
79.54
78.90
77.72
62.5062.03
64.10
63.00
60.72
61.5546.0952.56
60.50
0.510.510.510.51
2.32
3.02
0.51
0.00
2.170.010.010.01
59.53
0.00
2.69
3.754.15
59.1358.76
15.17
34.54
59.91
61.10
3.42
60.32
34.8334.83
58.364.88
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 April 1 , 2017US$ mn
Period Principal Interest Total Period Principal Interest Total
2017/H1 118.53 24.90 143.44 2036/H1 29.07 1.33 30.402017/H2 439.58 108.83 548.40 2036/H2 28.50 1.23 29.722018/H1 422.47 95.16 517.63 2037/H1 26.37 1.12 27.492018/H2 540.31 98.54 638.85 2037/H2 25.20 1.03 26.232019/H1 579.97 82.29 662.26 2038/H1 23.81 0.94 24.752019/H2 750.79 83.70 834.49 2038/H2 21.63 0.86 22.492020/H1 630.45 66.94 697.39 2039/H1 18.46 0.78 19.242020/H2 795.91 67.08 862.99 2039/H2 18.03 0.71 18.742021/H1 618.62 51.57 670.19 2040/H1 17.40 0.65 18.052021/H2 602.94 50.89 653.84 2040/H2 17.02 0.59 17.612022/H1 439.48 39.09 478.57 2041/H1 15.84 0.52 16.362022/H2 459.73 39.80 499.53 2041/H2 15.41 0.47 15.882023/H1 440.65 30.95 471.60 2042/H1 13.91 0.41 14.322023/H2 456.74 30.95 487.69 2042/H2 12.23 0.37 12.602024/H1 404.85 22.86 427.71 2043/H1 11.82 0.32 12.142024/H2 377.67 22.65 400.32 2043/H2 11.40 0.28 11.682025/H1 303.86 15.87 319.73 2044/H1 8.76 0.24 9.002025/H2 324.82 15.90 340.72 2044/H2 8.33 0.21 8.542026/H1 314.62 10.24 324.87 2045/H1 8.07 0.18 8.242026/H2 280.72 9.60 290.33 2045/H2 7.97 0.15 8.122027/H1 92.97 5.11 98.07 2046/H1 7.28 0.12 7.402027/H2 110.46 6.29 116.75 2046/H2 4.94 0.09 5.032028/H1 80.75 4.31 85.06 2047/H1 3.75 0.07 3.832028/H2 92.72 4.98 97.70 2047/H2 3.61 0.06 3.672029/H1 77.80 3.75 81.56 2048/H1 3.23 0.05 3.272029/H2 80.81 3.95 84.77 2048/H2 3.06 0.04 3.102030/H1 69.98 3.24 73.22 2049/H1 1.18 0.03 1.212030/H2 80.14 3.20 83.34 2049/H2 1.18 0.02 1.212031/H1 56.03 2.80 58.82 2050/H1 0.89 0.02 0.912031/H2 55.60 2.60 58.20 2050/H2 0.89 0.02 0.912032/H1 52.98 2.40 55.38 2051/H1 0.51 0.01 0.522032/H2 41.35 2.21 43.56 2051/H2 0.51 0.01 0.522033/H1 36.95 2.06 39.01 2052/H1 0.51 0.01 0.522033/H2 35.39 1.93 37.32 2052/H2 0.51 0.01 0.522034/H1 33.92 1.81 35.73 2053/H1 0.51 0.01 0.512034/H2 32.71 1.68 34.39 2053/H2 0.51 0.00 0.512035/H1 32.02 1.57 33.59 2054/H1 0.51 0.00 0.512035/H2 31.16 1.45 32.60
Grand Total 10,769.21 1,036.06 11,805.27(1) The exchange rate of March 31, 2017 .
(US$ million)(1)
as of April 1 , 2017
Paris Club Debt
External Debt Service
Projected Medium and Long-Term Public & Publicly Guaranteed
Table ( 16 )
Central Bank of Egypt - External Position 51
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
2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053
Principal Interest Total
Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of April 1 , 2017
Paris Club DebtUS$ mn
Period Principal Interest Total Period Principal Interest Total
2017/H1 2.40 2.83 5.23 2022/H1 146.47 18.49 164.96
2017/H2 273.42 51.56 324.98 2022/H2 148.72 16.62 165.34
2018/H1 287.20 48.57 335.77 2023/H1 150.99 14.97 165.96
2018/H2 290.57 44.48 335.05 2023/H2 153.30 13.08 166.38
2019/H1 292.36 41.19 333.55 2024/H1 155.43 11.36 166.79
2019/H2 295.82 37.12 332.93 2024/H2 153.43 9.45 162.88
2020/H1 297.70 33.70 331.39 2025/H1 155.69 7.63 163.31
2020/H2 301.24 29.71 330.95 2025/H2 158.16 5.68 163.83
2021/H1 303.41 26.05 329.46 2026/H1 160.47 3.79 164.26
2021/H2 280.36 22.02 302.37 2026/H2 159.88 1.81 161.69
Grand Total 4,166.99 440.10 4,607.08
(1) The exchange rate of March 31, 2017 .
(US$ million)(1)
Table ( 17 )
Projected Medium and Long-Term Public & Publicly Guaranteed
External Debt Service as of April 1 , 2017
Paris Club Debt
Rescheduled Debt
Central Bank of Egypt - External Position 53
Period Principal Interest Total Period Principal Interest Total2017/H1 116.13 22.08 138.21 2036/H1 29.07 1.33 30.402017/H2 166.16 57.27 223.42 2036/H2 28.50 1.23 29.722018/H1 135.28 46.58 181.86 2037/H1 26.37 1.12 27.492018/H2 249.74 54.06 303.80 2037/H2 25.20 1.03 26.232019/H1 287.61 41.10 328.71 2038/H1 23.81 0.94 24.752019/H2 454.97 46.58 501.55 2038/H2 21.63 0.86 22.492020/H1 332.75 33.25 366.00 2039/H1 18.46 0.78 19.242020/H2 494.67 37.37 532.04 2039/H2 18.03 0.71 18.742021/H1 315.21 25.52 340.73 2040/H1 17.40 0.65 18.052021/H2 322.59 28.88 351.47 2040/H2 17.02 0.59 17.612022/H1 293.01 20.60 313.62 2041/H1 15.84 0.52 16.362022/H2 311.01 23.19 334.19 2041/H2 15.41 0.47 15.882023/H1 289.66 15.98 305.63 2042/H1 13.91 0.41 14.322023/H2 303.44 17.87 321.31 2042/H2 12.23 0.37 12.602024/H1 249.42 11.50 260.92 2043/H1 11.82 0.32 12.142024/H2 224.24 13.19 237.43 2043/H2 11.40 0.28 11.682025/H1 148.17 8.24 156.42 2044/H1 8.76 0.24 9.002025/H2 166.66 10.22 176.89 2044/H2 8.33 0.21 8.542026/H1 154.16 6.45 160.61 2045/H1 8.07 0.18 8.242026/H2 120.85 7.79 128.64 2045/H2 7.97 0.15 8.122027/H1 92.97 5.11 98.07 2046/H1 7.28 0.12 7.402027/H2 110.46 6.29 116.75 2046/H2 4.94 0.09 5.032028/H1 80.75 4.31 85.06 2047/H1 3.75 0.07 3.832028/H2 92.72 4.98 97.70 2047/H2 3.61 0.06 3.672029/H1 77.80 3.75 81.56 2048/H1 3.23 0.05 3.272029/H2 80.81 3.95 84.77 2048/H2 3.06 0.04 3.102030/H1 69.98 3.24 73.22 2049/H1 1.18 0.03 1.212030/H2 80.14 3.20 83.34 2049/H2 1.18 0.02 1.212031/H1 56.03 2.80 58.82 2050/H1 0.89 0.02 0.912031/H2 55.60 2.60 58.20 2050/H2 0.89 0.02 0.912032/H1 52.98 2.40 55.38 2051/H1 0.51 0.01 0.522032/H2 41.35 2.21 43.56 2051/H2 0.51 0.01 0.522033/H1 36.95 2.06 39.01 2052/H1 0.51 0.01 0.522033/H2 35.39 1.93 37.32 2052/H2 0.51 0.01 0.522034/H1 33.92 1.81 35.73 2053/H1 0.51 0.01 0.512034/H2 32.71 1.68 34.39 2053/H2 0.51 0.00 0.512035/H1 32.02 1.57 33.59 2054/H1 0.51 0.00 0.512035/H2 31.16 1.45 32.60
Grand Total 6,602.22 595.97 7,198.19(1) The exchange rate of March 31, 2017 .
(US$ million)(1)
Table ( 18 )
External Debt Service as of April, 2017
Paris Club Debt
Non-Rescheduled Debt
Projected Medium and Long-Term Public & Publicly Guaranteed
Central Bank of Egypt - External Position 54
Period Principal Interest Total Period Principal Interest Total
2017/H1 0.04 0.00 0.04 2028/H2 0.13 0.00 0.13
2017/H2 0.13 0.00 0.13 2029/H1 0.13 0.00 0.13
2018/H1 0.13 0.00 0.13 2029/H2 0.13 0.00 0.13
2018/H2 0.13 0.00 0.13 2030/H1 0.13 0.00 0.13
2019/H1 0.13 0.00 0.13 2030/H2 0.13 0.00 0.13
2019/H2 0.13 0.00 0.13 2031/H1 0.13 0.00 0.13
2020/H1 0.13 0.00 0.13 2031/H2 0.13 0.00 0.13
2020/H2 0.13 0.00 0.13 2032/H1 0.13 0.00 0.13
2021/H1 0.13 0.00 0.13 2032/H2 0.13 0.00 0.13
2021/H2 0.13 0.00 0.13 2033/H1 0.13 0.00 0.13
2022/H1 0.13 0.00 0.13 2033/H2 0.13 0.00 0.13
2022/H2 0.13 0.00 0.13 2034/H1 0.13 0.00 0.13
2023/H1 0.13 0.00 0.13 2034/H2 0.13 0.00 0.13
2023/H2 0.13 0.00 0.13 2035/H1 0.13 0.00 0.13
2024/H1 0.13 0.00 0.13 2035/H2 0.13 0.00 0.13
2024/H2 0.13 0.00 0.13 2036/H1 0.13 0.00 0.13
2025/H1 0.13 0.00 0.13 2036/H2 0.13 0.00 0.13
2025/H2 0.13 0.00 0.13 2037/H1 0.13 0.00 0.13
2026/H1 0.13 0.00 0.13 2037/H2 0.04 0.00 0.04
2026/H2 0.13 0.00 0.13 2038/H1 0.04 0.00 0.04
2027/H1 0.13 0.00 0.13 2038/H2 0.04 0.00 0.04
2027/H2 0.13 0.00 0.13 2039/H1 0.04 0.00 0.04
2028/H1 0.13 0.00 0.13
Grand Total 5.47 0.00 5.47(1) The exchange rate of March 31, 2017 .
Supplier's Credit
as of April 1 , 2017
(US$ million)(1)
Table ( 19 )
Projected Medium and Long-Term Public & Publicly GuaranteedExternal Debt Service
Central Bank of Egypt - External Position 55
Period Principal Interest Total Period Principal Interest Total
2017/H1 249.56 31.80 281.36 2028/H1 33.38 1.83 35.21
2017/H2 290.57 83.74 374.32 2028/H2 23.42 1.36 24.78
2018/H1 485.92 81.70 567.62 2029/H1 13.03 1.05 14.09
2018/H2 338.99 71.37 410.35 2029/H2 11.29 0.89 12.18
2019/H1 248.94 65.28 314.22 2030/H1 11.29 0.74 12.03
2019/H2 245.11 59.14 304.25 2030/H2 5.14 0.60 5.74
2020/H1 257.92 53.86 311.78 2031/H1 5.14 0.55 5.69
2020/H2 334.97 47.92 382.88 2031/H2 5.24 0.50 5.73
2021/H1 254.58 40.25 294.83 2032/H1 5.24 0.45 5.68
2021/H2 219.46 34.68 254.14 2032/H2 5.24 0.39 5.63
2022/H1 240.16 30.32 270.47 2033/H1 4.50 0.34 4.84
2022/H2 227.21 25.32 252.53 2033/H2 3.77 0.30 4.07
2023/H1 238.98 20.77 259.75 2034/H1 3.77 0.26 4.03
2023/H2 269.12 15.90 285.02 2034/H2 3.77 0.22 3.99
2024/H1 185.78 9.87 195.65 2035/H1 3.77 0.18 3.96
2024/H2 79.16 6.36 85.52 2035/H2 3.77 0.14 3.92
2025/H1 83.55 5.26 88.81 2036/H1 2.13 0.11 2.24
2025/H2 39.67 4.38 44.05 2036/H2 2.13 0.09 2.22
2026/H1 50.22 3.81 54.03 2037/H1 2.13 0.06 2.19
2026/H2 34.61 3.28 37.89 2037/H2 2.13 0.04 2.17
2027/H1 47.56 2.80 50.36 2038/H1 2.13 0.02 2.15
2027/H2 34.61 2.32 36.92
Grand Total 4,609.03 710.23 5,319.27
(1) The exchange rate of March 31, 2017 .
(US$ million)(1)
Non-Paris Club Debt
External Debt Service as of April 1 , 2017
Projected Medium and Long-Term Public & Publicly Guaranteed
Table ( 20 )
Central Bank of Egypt - External Position 56
Period Principal Interest Total Period Total2017/H1 262.29 78.39 340.68 2034/H2 183.25
2017/H2 607.25 185.05 792.30 2035/H1 172.69
2018/H1 1233.88 170.82 1404.70 2035/H2 167.42
2018/H2 943.08 167.22 1110.30 2036/H1 145.07
2019/H1 674.83 151.22 826.04 2036/H2 135.97
2019/H2 1202.19 143.99 1346.18 2037/H1 119.63
2020/H1 490.25 134.16 624.41 2037/H2 101.93
2020/H2 544.26 128.83 673.09 2038/H1 89.66
2021/H1 744.26 123.28 867.54 2038/H2 76.16
2021/H2 725.82 116.53 842.35 2039/H1 68.78
2022/H1 724.12 110.24 834.36 2039/H2 68.22
2022/H2 725.40 103.91 829.31 2040/H1 67.14
2023/H1 711.16 97.87 809.04 2040/H2 65.09
2023/H2 704.75 91.58 796.34 2041/H1 54.51
2024/H1 700.43 85.84 786.26 2041/H2 54.06
2024/H2 699.59 79.52 779.10 2042/H1 50.77
2025/H1 675.46 73.45 748.91 2042/H2 50.34
2025/H2 655.48 67.58 723.06 2043/H1 48.84
2026/H1 674.37 74.76 749.12 2043/H2 42.37
2026/H2 629.88 57.66 687.54 2044/H1 41.58
2027/H1 381.59 53.24 434.83 2044/H2 41.22
2027/H2 361.12 50.01 411.13 2045/H1 40.83
2028/H1 296.09 47.36 343.46 2045/H2 40.49
2028/H2 282.56 44.56 327.12 2046/H1 40.11
2029/H1 262.01 41.96 303.96 2046/H2 39.77
2029/H2 254.00 39.39 293.38 2047/H1 39.39
2030/H1 236.09 37.13 273.23 2047/H2 39.05
2030/H2 216.99 34.90 251.89 2048/H1 38.43
2031/H1 200.40 33.13 233.53 2048/H2 37.76
2031/H2 198.72 31.23 229.95 2049/H1 37.37
2032/H1 193.67 29.62 223.29 2049/H2 37.04
2032/H2 189.92 27.75 217.67 2050/H1 36.66
2033/H1 185.56 26.08 211.64 2050/H2 34.07
2033/H2 174.36 24.34 198.70 2051/H1 18.90
2034/H1 169.75 22.90 192.65 2051/H2 16.81
Grand Total 19,952.64 (2) 3,105.77 (3) 23,058.41(1) The exchange rate of March 31, 2017 .
(2) Excludes US$ 1,221.82 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.
(3) Includes US$ 129.33 million representing forecast interest of SDR allocation.
Principal Interest161.89
152.65
(US$ million)(1)
Central Bank of Egypt - External Position 57
Multilateral Institutions
External Debt Service as of April 1 , 2017
Projected Medium and Long-Term Public & Publicly Guaranteed
Table ( 21 )
41.81
40.74
148.80
127.67
119.78
104.51
87.85
76.41
63.61
56.79
56.79
56.19
54.71
44.66
44.66
41.81
31.39
16.59
34.69
34.23
34.23
34.23
34.23
34.23
34.23
34.23
34.23
33.98
33.65
33.65
33.65
33.65
14.66
21.36
20.04
18.62
17.40
16.20
15.11
14.08
13.25
12.55
5.88
5.54
11.99
11.43
10.95
10.38
9.85
9.40
8.96
8.53
8.10
7.69
7.35
6.98
6.60
6.25
5.16
4.82
2.31
2.15
4.46
4.11
3.72
3.39
3.00
2.68
Cen
tral B
an
k o
f Eg
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t - Ex
terna
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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
Principal Interest Total
Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service Multilateral Institutions
as of April 1 , 2017
US$ mn
Period Principal Interest Total Period Principal Interest Total
2017/H1 0.00 30.25 30.25 2029/H1 0.00 13.00 13.00
2017/H2 0.00 30.25 30.25 2029/H2 0.00 13.00 13.00
2018/H1 0.00 30.25 30.25 2030/H1 0.00 13.00 13.00
2018/H2 0.00 30.25 30.25 2030/H2 0.00 13.00 13.00
2019/H1 0.00 30.25 30.25 2031/H1 0.00 13.00 13.00
2019/H2 0.00 30.25 30.25 2031/H2 0.00 13.00 13.00
2020/H1 600.00 30.25 630.25 2032/H1 0.00 13.00 13.00
2020/H2 0.00 13.00 13.00 2032/H2 0.00 13.00 13.00
2021/H1 0.00 13.00 13.00 2033/H1 0.00 13.00 13.00
2021/H2 0.00 13.00 13.00 2033/H2 0.00 13.00 13.00
2022/H1 0.00 13.00 13.00 2034/H1 0.00 13.00 13.00
2022/H2 0.00 13.00 13.00 2034/H2 0.00 13.00 13.00
2023/H1 0.00 13.00 13.00 2035/H1 0.00 13.00 13.00
2023/H2 0.00 13.00 13.00 2035/H2 0.00 13.00 13.00
2024/H1 0.00 13.00 13.00 2036/H1 0.00 13.00 13.00
2024/H2 0.00 13.00 13.00 2036/H2 0.00 13.00 13.00
2025/H1 0.00 13.00 13.00 2037/H1 0.00 13.00 13.00
2025/H2 0.00 13.00 13.00 2037/H2 0.00 13.00 13.00
2026/H1 0.00 13.00 13.00 2038/H1 0.00 13.00 13.00
2026/H2 0.00 13.00 13.00 2038/H2 0.00 13.00 13.00
2027/H1 0.00 13.00 13.00 2039/H1 0.00 13.00 13.00
2027/H2 0.00 13.00 13.00 2039/H2 0.00 13.00 13.00
2028/H1 0.00 13.00 13.00 2040/H1 378.22 13.00 391.22
2028/H2 0.00 13.00 13.00
Grand Total 978.22 731.75 1,709.97
(*) 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 April 1 , 2017
Central Bank of Egypt - External Position 59
(US$ million)
Period Principal Interest Total
2017/H1 500.00 12.50 512.50
Grand Total 500.00 12.50 512.50
(*) The Applicable Interest Rate is Fixed : 5.00 % , issued on 1/6/2012 and due on 1/6/2017 .
Debt Service as of April 1 , 2017
Table ( 23 )
Projected Saudi Bond (*)
Central Bank of Egypt - External Position 60
(US$ million)
Period Principal Interest Total
2017/H1 0.00 36.92 36.92
2017/H2 0.00 36.92 36.92
2018/H1 0.00 36.92 36.92
2018/H2 0.00 36.92 36.92
2019/H1 0.00 36.92 36.92
2019/H2 0.00 36.92 36.92
2020/H1 0.00 36.92 36.92
2020/H2 0.00 36.92 36.92
2021/H1 0.00 36.92 36.92
2021/H2 0.00 36.92 36.92
2022/H1 0.00 36.92 36.92
2022/H2 0.00 36.92 36.92
2023/H1 0.00 36.92 36.92
2023/H2 0.00 36.92 36.92
2024/H1 0.00 36.92 36.92
2024/H2 0.00 36.92 36.92
2025/H1 1,257.00 36.92 1,293.92
Grand Total 1,257.00 627.64 1,884.64
(*)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 ( 24 )
Projected Global Medium Term Notes (G.M.T.N.) (*)
Debt Service as of April 1 , 2017
Central Bank of Egypt - External Position 61
(US$ million)
Period Principal Interest Total
2017/H2 0.00 53.04 53.04
2018/H1 0.00 53.04 53.04
2018/H2 0.00 53.04 53.04
2019/H1 0.00 53.04 53.04
2019/H2 0.00 53.04 53.04
2020/H1 0.00 53.04 53.04
2020/H2 0.00 53.04 53.04
2021/H1 0.00 53.04 53.04
2021/H2 0.00 53.04 53.04
2022/H1 1,732.00 53.04 1,785.04
Grand Total 1,732.00 530.40 2,262.40
(*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1750 MM ,The Applicable
Interest Rate is Fixed : 6.125 % , issued on 31/1/2017 and due on 31/1/2022 .
Table ( 25 )
Projected Global Medium Term Notes Programme (*)
Debt Service as of April 1 , 2017
Central Bank of Egypt - External Position 62
(US$ million)
Period Principal Interest Total
2017/H2 0.00 36.23 36.23
2018/H1 0.00 36.23 36.23
2018/H2 0.00 36.23 36.23
2019/H1 0.00 36.23 36.23
2019/H2 0.00 36.23 36.23
2020/H1 0.00 36.23 36.23
2020/H2 0.00 36.23 36.23
2021/H1 0.00 36.23 36.23
2021/H2 0.00 36.23 36.23
2022/H1 0.00 36.23 36.23
2022/H2 0.00 36.23 36.23
2023/H1 0.00 36.23 36.23
2023/H2 0.00 36.23 36.23
2024/H1 0.00 36.23 36.23
2024/H2 0.00 36.23 36.23
2025/H1 0.00 36.23 36.23
2025/H2 0.00 36.23 36.23
2026/H1 0.00 36.23 36.23
2026/H2 0.00 36.23 36.23
2027/H1 966.00 36.23 1,002.23
Grand Total 966.00 724.60 1,690.60
(*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1000 MM ,The Applicable
Interest Rate is Fixed : 7.500 % , issued on 31/1/2017 and due on 31/1/2027 .
Table ( 26 )
Projected Global Medium Term Notes Programme (*)
Debt Service as of April 1 , 2017
Central Bank of Egypt - External Position 63
Central Bank of Egypt - External Position 64
(US$ million)
Period Principal Interest Total2017/H2 0.00 53.13 53.132018/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 3,187.80 4,437.80
(*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1250 MM ,The Applicable
Interest Rate is Fixed : 8.500 % , issued on 31/1/2017 and due on 31/1/2047 .
Table ( 27 )
Projected Global Medium Term Notes Programme (*)
Debt Service as of April 1 , 2017
(US$ million)
Period Principal Interest Total
2017/H1 25.28 25.28
2017/H2 57.18 57.18
2018/H1 25.28 691.28
2018/H2 48.98 2,048.98
2019/H1 16.86 683.86
2019/H2 8.48 8.48
2020/H1 8.48 675.48
Grand Total 4,000.00 (*) 190.53 4,190.53
(*) 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
Central Bank of Egypt - External Position 65
667.00
667.00
0.00
666.00
2,000.00
Table ( 28 )
Projected Medium and Long-Term Deposits for Kuwait
and 21/4/2020 ( Three installment) Interest Paid on Semi-annual basis.
as of April 1 , 2017
0.00
0.00
(US$ million)
Period Principal Interest Total
2017/H1 0.00 250.00
2017/H2 0.00 500.00
2018/H1 0.00 500.00
Grand Total 1,250.00 (*) 0.00 1,250.00
(*) 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
Central Bank of Egypt - External Position 66
500.00
Table ( 29 )
Projected Medium Term Deposits for Libyaas of April 1 , 2017
(US$ million)
Period Principal Interest Total
2017/H1 32.33 132.33
2017/H2 38.77 138.77
2018/H1 38.00 804.00
2018/H2 29.24 2,129.24
2019/H1 28.54 794.54
2019/H2 14.72 2,114.72
2020/H1 9.01 777.01
Grand Total 6,700.00 (*) 190.60 6,890.60
(*) Consists of Four Deposits :
The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 700 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 installment, 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 1.00 % deposited on 23/9/2016 and due on 23/9/2019
766.00
2,100.00
766.00
Table ( 30 )
Projected Medium and Long-Term Deposits for Saudi Arabia
Central Bank of Egypt - External Position 67
as of April 1 , 2017
and 22/4/2020 ( Three installment) Interest Paid on Semi-annual basis.
Interest Paid on Quarterly-annual basis.
2,100.00
768.00
100.00
100.00
(US$ million)
Period Principal Interest Total
2017/H1 47.53 47.53
2017/H2 57.29 57.29
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 23.04 356.38
2021/H2 19.17 19.17
2022/H1 18.85 18.85
2022/H2 6.46 943.86
Grand Total 5,937.40 (*) 421.63 6,359.04
(*) Consists of Four Deposits :
The First Deposit Amounted US$ 2000 MM (Outstanding now is US$ 1937.40 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
and 30/5/2021 (Three installment) Interest Paid on Semi-annual basis.
The Fourth Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 4.00 % deposited on 31/8/2016 and due on 31/8/2022
0.00
333.33
2,000.00
1,000.00
0.00
1,000.00
0.00
666.67
Table ( 31 )
Projected Medium and Long-Term Deposits for United Arab Emirates
Central Bank of Egypt - External Position 68
0.00
0.00
937.40
Interest Paid on monthly basis.
as of April 1 , 2017
and 22/4/2020 ( Three installment) Interest Paid on Semi-annual basis.
0.00
(US$ million)(1)
Period Principal Interest Total
April-171,577.51 7.94 1,585.45
May-17793.46 41.17 834.63
June-17850.82 14.10 864.92
July-17416.55 3.00 419.55
August-17338.40 39.75 378.15
September-17235.84 12.37 248.21
October-17237.25 0.18 237.43
November-174,034.98 38.71 4,073.69
December-173,825.66 9.18 3,834.84
January-1834.32 0.18 34.50
February-18224.42 1.16 225.58
March-1835.05 0.00 35.05
Grand Total 12,604.26 167.74 12,772.00
(1) The exchange rate of March 31, 2017 .
Table ( 32 )
Projected Short-Term Debt
Debt Service as of April 1 , 2017
Central Bank of Egypt - External Position 69
Table ( 33 )
Exchange Rates of the Currencies of External Debt Versus US Dollar
as at End of March
Country Currency 2014 2015 2016 2017
United States USD 1.00 1.00 1.00 1.00
Switzerland CHF 0.88 0.97 0.96 1.00
Denmark DKK 5.41 6.96 6.54 6.93
Egypt EGP 6.95 7.52 8.77 18.08
Sweden SEK 6.49 8.66 8.10 8.91
Japan JPY 103.23 119.99 112.34 111.16
India INR 60.03 62.59 66.33 64.93
United Kingdom GBP 0.60 0.68 0.70 0.80
Canada CAD 1.10 1.28 1.29 1.33
Australia AUD 1.08 1.32 1.30 1.30
Norway NOK 5.99 8.12 8.28 8.54
Euro EURO 0.73 0.93 0.88 0.93
Special Drawing Rights SDR 0.65 0.72 0.71 0.74
Kuwait KWD 0.28 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 3.75 3.75
Chinese Yuan CNY 6.22 6.20 6.46 6.89
Central Bank of Egypt - External Position 70
Central Bank of Egypt – External Position
Appendix III
Box Page
I- Egypt's Subscription to SDDS and Data Quality Dimensions……………… 1 73
II- Egypt's Data Quality Dimensions…………………………………………... 2 74
III- Doing Business in Egypt…………………………………………………… 3 75
IV- Tourism Sector Performance…. …………..………………………………. 4 76
- Glossary……………………………………………………………………. 77
Central Bank of Egypt – External Position 73
Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions: In 1996, the International Monetary Fund (IMF) introduced the Special Data Dissemination Standard (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 categories, 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 requirements under Special Data Dissemination Standard (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 Bulletins. 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 Statistics Department. 1 http://dsbb.imf.org/Pages/SDDS/CtyCtgList.aspx?ctycode=EGY
Central Bank of Egypt – External Position 74
Box. (2):Egypt's Data Quality Dimensions*: According to international rating agencies, having 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 2016) will be an appropriate way to show how reliable the Egyptian official data are.
Egypt ranked 15th on World Bank's Bulletin Board on Statistical Capacity index on 147 developing countries and 1st on the MENA and African regions, with an overall statistical capacity index of 87.8 points, compared to 91.1 points in 2015. This score puts Egypt among the top 15 country group score list, ranging between 90-100 points. These countries can be distinguished and noticed easily on the map by countries colored dark green, as shown above.
Statistical Capacity Indicator 2015 (on a scale of 0-100)
Indicator Egypt All Countries
Overall 87.8 69.0 Methodology 80 58.4 Source Data 100 67.0 Periodicity & timeliness 83.3 81.7
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 147 developing countries, the World Bank provides information on various aspects of national statistical systems through the BBSC indicator at its website.
0 20 40 60 80 100
Overall
Methodology
Source Data
Periodicity & Timeliness
Egypt All Countries
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, getting the highest score of 100 points on the scale in the source data sub-indicator. _______________________________________ * Source: bbsc.Worldbank.org, accessed in December, 2016.
Central Bank of Egypt – External Position 75
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 2017 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 required 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 regulations; offers measurable benchmarks for reform; and serves as a resource for policymakers and other interested parties.
Topic Rankings 2017 Rank 2016 Rank Change in Rank
Overall index 122 131 +9
Distance to frontier score* 56.64 54.43 2.21
Starting a Business 39 73 +34
Dealing with Construction Permits 64 113 +49
Getting Electricity 88 144 +56
Registering Property 109 111 +2
Getting Credit 82 79 -3
Protecting Investors 114 122 +8
Paying Taxes 162 151 -11
Trading Across Borders 168 157 -11
Enforcing Contracts 162 155 -7
Resolving Insolvency 109 119 +10 * The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics.
During 2015/2016, 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. Egypt overall index stepped up 9 ranks to occupy the 122nd rank in 2017.
Area of Reform Year Reform Actions
Starting a Business
2008 The minimum capital required to start a business was cut from EGP 50,000 to EGP
1,000, and halved start-up time and cost.
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
2008 The cost of dealing with licenses was reduced.
2009 A new building code introduced in 2008 is 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 2008 Registering property was reduced from 3% of the property value to a low fixed fee.
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
2008 New one-stop shops were launched for traders at the ports, cutting the time to import
by 7 days and the time to export by 5 days.
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 days.
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.
Trading Across Borders
2011 Egypt made trading easier by introducing an electronic system for submitting export
and import documents.
Source: www.doingbusiness.org, accessed in December 2016.
Central Bank of Egypt – External Position 76 Sources: CBE, MOT, and CAPMAS.
Box. (4):Tourism Sector Performance:
On Q-over-Q comparison, the tourism sector experienced a boom in activities during Q3 of 2016/2017, 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 1,738 thousand tourists came from all over the world and spent 14,249 thousand nights in Q3 of 2016/2017, with an increase of 51.0 percent and 107.6 percent, respectively, compared with the same period of the previous year. About 51.0 percent increase in tourist arrivals resulted from more visitors coming from European countries (55.7 percent of total increase). Concurrently, there was an increase in the numbers coming from other regions as follows; Middle East region (20.0 percent), Asia & Pacific region (14.3 percent), African countries (7.1 percent), and Americas countries (2.6 percent).
The average expenditure per night scaled up to US$ 88.2/night in Q3 of 2016/2017 from US$ 80.2 /night in the corresponding quarter a year earlier (line 7 in the following table). This increase was mainly attributable to an increase in the number of tourist arrivals and the huge increase in the number of tourist nights. Spurred by the increase in the number of tourist nights (107.6 percent), combined with the increasing effect of the average expenditure per night (10 percent), travel receipts' data in the balance of payments recorded an increase of US$ 706.2 million or 128.3 percent to US$ 1,256.7 million Q-over-Q in the third quarter 2016/17. During Q3 of 2016/2017, data show that visitors stayed longer on average of 8.4 nights per person compared to 6 nights per person in the same period of the previous year (line 6). Moreover, American tourists headed the list in terms of the length of stay per visitor, with an average of (10.6 nights/visitor). African and Middle East countries followed with 9.1 nights per visitor. European countries were the runner up with 8.2 nights/visitor, followed by Asia & Pacific region (6.3 nights/visitor).
Indicators of Tourism Activity 2014/15 2015/16 2014/15 2015/16 2016/2017
Q3 Q3 Q2 Q3
1. Tourism Receipts (USD mn) 7370.3 3767.5 1458.1 550.5 825.8 1256.7 2. Stay-over Visitors (x 1.000) 10242.5 6874.0 2153.0 1150.7 1557.5 1737.8 3. Market Shares (% of Tourist Arrivals) 100 100 100 100 100 100 a. European Countries 75.6 62.8 73.5 49.9 54.4 51.9 b. Middle East Countries 13.9 20.7 14.4 27.9 24.2 25.2 c. African Countries 4 6.6 4.1 7.8 7.3 7.6 d. The Americas 2.7 4.1 2.9 5.1 4.7 4.3 e. Asia & Pacific 3.5 5.5 4.8 8.9 9.0 10.7 f. Other Countries 0.3 0.3 0.3 0.3 0.3 0.3 4. Market Shares (% of Tourist Nights) 100 100 100 100 100 100 a. European Countries 76.9 65.2 73.7 47.7 54.3 52.5 b. Middle East Countries 15.5 21.5 18.3 33.0 28.6 27.5 c. African Countries 3 5.4 2.9 6.5 5.6 6.8 d. The Americas 2.5 3.8 2.1 5.5 4.8 5.7 e. Asia & Pacific 2 4.0 2.9 7.2 6.6 7.3 f. Other Countries 0.1 0.1 0.1 0.1 0.1 0.1 5. Visitor Nights (x 1.000) 99,246 51,779 20,001 6,864 10,010 14,248 6. Average Nights Spent (per Visitor) 10 7.5 9.3 5.9 6.7 8.4 7. Receipts per Visitor a Night (USD/night) 74.3 72.8 72.9 80.2 82.5 88.2 8. Contribution to Current Receipts % 11.1 7.2 10.3 4.6 6.1 8.7
Central Bank of Egypt – External Position 77
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 pay-ments— or through rights and obligations that results 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 undertaken 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)
Central Bank of Egypt – External Position 78
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.