central bank of egypt us$ bn chart (7) : services balance services payments services balance eu...

Central Bank of Egypt

External Position of the Egyptian Economy

FY 2018/19

Volume No. (66)

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

The Report contains 6 sections. The first section gives a performance portrait of the key components of Egypt's Balance of Payments (BOP). The second and third review developments related to the International Investment Position (IIP) and external liquidity. The fourth and fifth show Egypt's external debt in its different classifications and the exchange rate developments. The last section is a statistical part that provides more details on the above mentioned five sections. This is in addition to a glossary.

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


Table of Contents

Page

Overview

Section I: Balance of Payments (BOP)

BOP Performance 1

1- Current Account 1

2-Capital and Financial Account 4

Section II: International Investment Position (IIP) 7

Section III: External Liquidity

A -Net International Reserves (NIR) 9

B -Net Foreign Assets of Banks (NFA) 9

Section IV: External Debt

A - Breakdown by Maturity 11

B - Breakdown by Type 12

C - Breakdown by Currency 12

D - Breakdown by Creditor 13

E - Breakdown by Debtor 13

F - External Debt Service 14

G- External Debt Indicators 14

Section V: Exchange Rate Developments 15

Section VI: Statistics

Appendix I

1- Balance of Payments 19

2- International Investment Position (IIP) 21

3 3- Coordinated Portfolio Investment

Survey (CPIS)

22

4- NIR & NFA at Banks 23

5- External Debt by Type 24

6- External Debt Indicators 25

7- External Debt by Debtor 26

8- Foreign Exchange Rates 27


Table of Contents (Cont.) Page

Appendix II

A- Outstanding External Debt 31-42

B- Outstanding External Debt by Currency 43

C- Projected Medium- and Long-Term Public and

Publicly Guaranteed External Debt Service 44-55

D- Projected Private Sector Non-Guaranteed

Debt Service 56

E- Projected Short-Term Debt Service 57

F- Exchange Rates of the Currencies of External

Debt versus US Dollar 58

Glossary 59


Overview Following the liberalization of the exchange rate in late 2016, the Central Bank decided to abolish the repatriation mechanism on December 4, 2018, which was put in place for any new investments in foreign currency. As a result, official reserves were strongly rebuilt again through official channels, and the Egyptian pound improved against the US dollar. Egypt's transactions with the external world recorded an overall BOP deficit of only US$ 102.5 million during FY 2018/2019 (against a surplus of about US$ 12.8 billion during FY 2017/2018). The current account deficit increased to about US$ 8.2 billion (against about US$ 6.0 billion). The capital and financial account resulted in a net inflow of about US$ 8.5 billion (against about US$ 22.0 billion). The increase in the current account deficit was due to the following developments:

- The trade deficit increased by 2.0 percent to about US$ 38.0 billion.

- The income balance ran a deficit of about US$ 8.3 billion (against about US$ 6.3 billion).

- Net unrequited current transfers declined by 5.1 percent to about US$ 25.1 billion.

- On the other hand, the services balance surplus surged by 17.2 percent, recording about US$ 13.0 billion.

The capital and financial account revealed a decline in net inflows to about US$ 8.5 billion (against about US$ 22.0 billion). Egypt’s International Investment Position (IIP) at end of June 2019 recorded net external liabilities (assets minus liabilities) of about US$ 166.3

billion, up by 12.9 percent compared to end of June 2018. Net International Reserves (NIR) increased by US$ 0.2 billion to reach US$ 44.5 billion, covering 8.0 months of merchandise imports at end of June 2019. The increase was a result of the rise in foreign currencies by US$ 2.3 billion and of gold by about US$ 0.2 billion and the decrease in SDRs by US$ 2.3 billion. During the preparation of the Report, NIR reached US$ 45.4 billion at end of November 2019. Banks’ net foreign assets increased by US$ 1.7 billion during FY 2018/2019. Foreign currency deposits with banks increased by 6.8 percent during the period concerned, reaching US$ 42.9 billion at end of June 2019. As a percentage of total deposits, they made up 21.2 percent. Total external debt recorded US$ 108.7 billion at end of June 2019, up by 17.3 percent (compared with about US$ 92.6 billion at end of June 2018). The external debt remains within manageable limits, and its position continues to have a favorable structure, as 89.8 percent of the debt is medium- and long-term. The weighted average of the inter-bank foreign exchange market rate revealed that the Egyptian pound interbank rate appreciated by 7.1 percent during FY 2018/2019, as the EGP reached 16.7057 per US dollar at end of June 2019, against EGP 17.8878 per US dollar at end of June 2018.

Section I

Balance of Payments (BOP)

Central Bank of Egypt – External Position 1

BOP Performance

gypt's transactions with the external world recorded an

overall BOP deficit of only US$ 102.5 million during FY 2018/2019 (against a surplus of about US$ 12.8 billion during FY 2017/2018), as the overall surplus of US$ 1.7 billion during the second half of FY 2018/2019 broadly offset the overall deficit during the first half of the year. The current account deficit increased to about US$ 8.2 billion (against about US$ 6.0 billion). The capital and financial account recorded a net inflow of about US$ 8.5 billion (against about US$ 22.0 billion). Chart (1) shows the developments in Egypt’s BOP main components, on quarterly basis.

1- Current Account The increase in the current account deficit was mainly traceable to the following developments: - The trade deficit increased by 2.0

percent to about US$ 38.0 billion (against about US$ 37.3 billion).

- The income balance ran a deficit of about US$ 8.3 billion (against about US$ 6.3 billion).

- Net unrequited current transfers declined by 5.1 percent to about US$ 25.1 billion (against about US$ 26.5 billion).

- On the other hand, the services balance surplus surged by 17.2 percent, recording about US$ 13.0 billion (against about US$ 11.1 billion).

1.1: Trade in Goods Trade volume increased by 6.9 percent, to reach US$ 95.0 billion (31.4 percent of GDP) during FY 2018/19. The trade deficit increased by US$ 0.8 billion, to reach US$ 38.0 billion (12.6 percent of GDP) against US$ 37.3 billion, due to the following developments: Merchandise exports increased by 10.3 percent to reach US$ 28.5 billion, due to the increase in oil exports by 31.7 percent, to US$ 11.6 billion (40.6 percent of total exports) and the decrease in non-oil exports by 0.7 percent to US$ 16.9 billion (59.4 percent of total exports). As a result, the exports/ imports ratio mounted to 42.8 percent, from 40.9 percent.

Merchandise imports increased by 5.4 percent to reach US$ 66.5 billion, due to the increase in non-oil imports by 8.6 percent to US$ 55.0 billion (82.6 percent of total imports) and the decrease in oil imports by 7.5 percent to US$ 11.5 billion (17.4 percent of total imports).

The following charts illustrate the distribution of commodity exports by

degree of processing and imports by degree of use during FY 2018/19.

E

-70.0-60.0-50.0-40.0-30.0-20.0-10.0

0.010.020.030.0

2016/2017 2017/2018 2018/2019

Chart (2): Oil & Non-oil Exports and Imports Fiscal Years

oil exports non-oil exports

oil imports non-oil imports

trade balance

US$ bn

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017/2018 2018/2019

US$ bnChart (1) : Egypt's BOP Main

Components

Capital & Financial Account Current Account

Overall Ba lance


Hereunder is the geographical distri-bution of merchandise exports and imports: - Egypt's main trade partners in terms

of exports were USA, Italy, UAE, UK, Germany, India, Malta, Saudi Arabia, Turkey and Switzerland. These countries combined, accounted for some 55.2 percent of total exports.

- As for imports, Egypt's trade partners were China, Saudi Arabia, Russia, UAE, USA, Germany, Turkey, UK, Switzerland, and Kuwait. These countries combined, accounted for some 52.7 percent of total imports.

1.2: Services Balance Services surplus surged by 17.2 percent to about US$ 13.0 billion (against about US$ 11.1 billion), as the increase in services receipts outpaced that in services payments, as follows: 1.2.1: Services receipts increased by 13.7 percent to some US$ 24.4 billion (against about US$ 21.5 billion), driven by the increase in most of its items as follows: Tourism revenues increased by

28.2 percent to about US$ 12.6 billion (against about US$ 9.8 billion), driven by the increase in the number of tourist nights to 131.5 million nights (against 102.6 million nights). It is worth mentioning that tourism revenues represented 51.5% of services receipts.

Chart (3): Proceeds of Merchandise Exports US$ 28.5 bn

Fuel, mineral oils &

products 41.6%

Raw materials

8.4%

Semi-finished goods 12.8%

Finished goods 37.2%

Chart (4): Payments for Merchandise Imports

US$ 66.5 bn, of which

Fuel, mineral oils &

products 18.2%

Raw materials

9.2%

Inter-mediate goods 31.5%

Invest-ment goods

15.9%

Con-sumer goods 22.5%

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017/2018 2018/2019

US$ bn

Chart (7) : Services Balance

Services ReceiptsServices Payments Services Balance

EU Countries

35.7%

Arab Countries

21.6%

Asian Countries (Non-Arab)

11.9%

Australia & Other

Countries10.5%

USA 10.0%

Other EU Countries

7.3%

Af rican Countries (Non-Arab)

2.1%Russian

Federation &C.I.S0.9%

Chart (5): Exports by Geographical Distribution FY 2018/2019

EU Countries

26.7%

Asian Countries

(Non-Arab)21.7%

Arab Countries

19.3%

Australia & Other

Countries9.4%

Other EU Countries

8.0%

Russian Federation

& C.I.S 9.1%

USA 5.1%

African Countries

(Non-Arab)0.7%

Chart (6): Imports by Geographical DistributionFY 2018/2019

Central Bank of Egypt – External Position 3 Other services receipts increased

by 8.4 percent to about US$ 2.5 billion (against about US$ 2.3 billion), due to the increase in the receipts of communication services, legal & consulting fees, machinery maintenance & rental services, insurance services, and advertising & market research services.

Government services receipts increased by 12.9 percent to US$ 718.8 million (against US$ 636.7 million), due to the increase in other government services receipts.

On the other hand, transportation receipts decreased by 1.2 percent to about US$ 8.6 billion (against some US$ 8.7 billion), due to the decrease in receipts of Egyptian aviation companies. Meanwhile, Suez Canal dues increased by 0.4 percent to about US$ 5.73 billion, as a result of the rise in net tonnage by 7.5 percent, despite SDR depreciation against the US dollar by 2.3 percent.

1.2.2: Services payments increased by 9.9 percent, to about US$ 11.4 billion (against about US$ 10.4 billion), driven by the increase in most of its items as follows: Other services payments increased

by 21.5 percent to about US$ 6.0 billion (against about US$ 4.9 billion), driven by the increase in the amounts transferred abroad by foreign petroleum companies, construction fees, insurance fees, legal & consulting fees, computer services & subscription to magazines & newspapers fees, and fees for entertainment, cultural & recreational services.

Travel payments increased by 18.4 percent to about US$ 2.9 billion (against about US$ 2.5 billion), due to the increase in e-card payments abroad, expenses of tourism, and expenses for training, technical & educational missions abroad.

Transportation payments increased by 21.1 percent, to about US$ 1.8 billion (against about US$ 1.5 billion), due to the rise in the amounts transferred abroad by foreign navigation companies, and amounts transferred abroad for rental of aircrafts at foreign airports and repair of ships at foreign ports.

On the other hand, government services payments fell by 53.6 percent to US$ 692.4 million (against about US$ 1.5 billion), reflecting the decline in other governmental expenses, and the salaries of governmental employees seconded abroad.

1.3: Income Balance Investment income deficit recorded about US$ 8.3 billion (against about US$ 6.3 billion), on the back of the rise in investment income payments by about US$ 2.2 billion to US$ 9.3 billion, due to the increase in profit transfers of foreign petroleum companies and interest on external debt. On the other hand, investment income receipts scaled up to about US$ 1.0 billion (against US$ 835.4 million), reflecting the rise in interest on Egyptians’ deposits abroad, and profit transfers of Egyptian companies' branches abroad.

-2.0-1.00.01.02.03.04.05.06.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017/2018 2018/2019

US$ bnChart (8): Services Balance &

Its Components

Transportat ion Services Balance To urism Services Balance

Gove rnment Services Ba lance Other Services Ba lance

Services Balance

-3.0-2.5-2.0-1.5-1.0-0.50.00.5

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017/2018 2018/2019

US$ bn

Chart (9): Income Balance

Income Receipts Income Payments Income Balance (net)


1.4: Unrequited Current Transfers (Net)

Net unrequited current transfers

declined by 5.1 percent to about US$

25.1 billion (from about US$ 26.5

billion), mainly due to the decline in

net private transfers from about US$

26.3 billion to about US$ 24.8 billion,

driven by the decline in workers’

remittances by 4.7 percent. This came

despite the increase in net official

transfers to US$ 350.5 million (against

US$ 206.2 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$ 8.5 billion during FY 2018/2019 (against about US$ 22.0 billion during FY 2017/2018), as an outcome of the following developments: A- Total FDI inflows registered about US$ 13.7 billion (against about US$ 13.2 billion), while total outflows posted about US$ 7.7 billion (against about US$ 5.4 billion). Accordingly, net FDI in Egypt amounted to about US$ 5.9 billion, as the net inflows for oil sector reached about US$ 3.6 billion, and the net inflows for the greenfield investments reached about US$ 1.4 billion. Also, transfers for buying real estates in Egypt by non-residents increased to US$ 825.6 million. The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share (74.3 percent). As for the other sectors, the majority of FDI went to the services sectors, with 14.2 percent distributed as follows: the real estate sector (6.0 percent), the financial sector (3.3 percent), the communi-cation and information technology sector (1.4 percent), tourism sector (0.6 percent), and other services sectors (2.9 percent). The share of the manufacturing sector was (5.1 percent), the construction sector (2.0 percent), the agricultural sector (0.4 percent), and the remaining portion was acquired by undistributed sectors.


B- Portfolio investment in Egypt

registered a net inflow of about US$ 4.2 billion (compared to about US$ 12.1 billion). However, net portfolio investment in Egypt recorded net purchases of about US$ 10.1 billion in the second half of the year against net sales of US$ 5.9 billion in the first half of the year. This was mainly due to the volatility observed in global financial markets and especially emerging markets during that time.

C- Medium- and long-term loans &

facilities recorded net disburse-ments of about US$ 4.2 billion (against about US$ 7.9 billion). This was due to the retreat in disbursements of medium- and long-term loans and facilities to about US$ 6.7 billion (from about US$ 10.2 billion), while total repayments increased to about US$ 2.5 billion (from about US$ 2.3 billion).

D- Short-term suppliers' credit registered net disbursements of

about US$ 2.1 billion (against about US$ 2.4 billion).

E- The net change in the liabilities of

the CBE to the external world posted a net disbursement of about US$ 1.5 billion (against a net repayment of about US$ 3.9 billion).

Petroleum sector74.3%

Construction sector2.0%

Agricultural sector0.4%

Manufacturing sector5.1%

Undistributed sectors

4.0%

Real estate sector6.0%

Financial sector3.3%

Communication & IT sector 1.4%

Tourism sector 0.6%

Other services2.9%

Services sector 14.2%

Chart (12): Total FDI in Egypt by Economic SectorFY 2018/2019

Section II

International Investment Position (IIP)

-225.5 -223.9 -226.7 -242.1-247.5

78.2 73.3 71.1 79.6 81.2

-147.3 -150.6 -155.6 -162.5 -166.3

-300-250-200-150-100-50050100

June Sept. Dec. March June

2018 2019

US$ billion

Chart (1)International Investment Position (IIP)

End of

Assets Liabilities Net IIP


International Investment Position (IIP) End of June 2019*

Egypt’s IIP at end of June 2019 recorded net external liabilities (assets minus liabilities) of about US$ 166.3 billion, up by 12.9 percent, compared to US$ 147.3 billion at end of June 2018. The increase in negative net IIP came as a result of the slight increase in Egypt's total assets versus the increase in Egypt's total liabilities compared to end of June 2018.

Source: Appendix I, table (2). Assets and Liabilities by Component:

1-Assets increased by 3.8 percent to reach about US$ 81.2 billion at end of June 2019, from about US$ 78.2 billion at end of June 2018.

* Released as of September 2009 according to SDDS

requirements.

The increase was mainly due to the following developments: - Other investment assets increased by

about 10.5 percent, to reach about

US$ 28.4 billion.

- Foreign direct investment increased by 4.9 percent to about US$ 7.9 billion.

- Reserve assets increased by 0.8 percent to about US$ 43.9 billion.

- However, portfolio investments

abroad decreased by 32.4 percent to

about US$ 1.0 billion.


2- Liabilities increased by 9.8 percent to about US$ 247.5 billion at end of June 2019, from about US$ 225.5 billion at end of June 2018.

The increase was mainly due to the following developments:

- Portfolio investment in Egypt increased by 15.6 percent to about US$ 38.8 billion.

- Other investment liabilities increased by 14.0 percent to about US$ 89.3 billion.

- FDI in Egypt increased by 5.1 percent to about US$ 119.4 billion.

Indicators:

- Egypt’s negative net IIP to GDP at end of June 2019 decreased to about 55.0 percent, from about 58.9 percent at end of June 2018.

- Assets to liabilities decreased to about 32.8 percent at end of June 2019, from about 34.7 percent at end of June 2018.

-58.9-49.8

-51.5 -53.8 -55.0

-80

-60

-40

-20

0


2018 2019

% Chart (4)

Egypt's Net IIP to GDPEnd of

34.7 32.7 31.4 32.9 32.8

0

10

20

30

40


2018 2019

% Chart (5)

Egypt's IIP Assets/LiabilitiesEnd of

Section III

External Liquidity


External Liquidity

A-Net International Reserves (NIR) As the gains of the reform program became clear and the foreign exchange resources increased, the CBE decided on 4 December, 2018 to terminate the Repatriation Mechanism for any new foreign currency portfolio investments. During FY 2018/2019, NIR increased by US$ 0.2 billion (against an increase of US$ 13.0 billion a year earlier) to reach US$ 44.5 billion, thus covering 8.0 months of merchandise imports at end of June 2019. The increase was a result of the rise in foreign currencies by US$ 2.3 billion and of gold by about US$ 0.2 billion and the decrease of SDRs by US$ 2.3 billion. During the preparation of the report, NIR reached US$ 45.4 billion at end of November 2019.

(US$ mn)

B- Net Foreign Assets of Banks (NFA)

Banks' net foreign assets increased by US$ 1.7 billion during FY 2018/2019 (against a decline of around US$ 2.7 billion a year earlier).

End of June

2018

June

2019

Net International

Reserves (1-2) 44259 44481

1- Gross Official Reserves 44262 44485

Gold 2641 2821

SDRs 2706 453

Foreign Currencies 38898 41204

Loans to IMF 17 7

2- Reserve Liabilities 3 4

Reserves/Months of Imports 8.4 8.0


Foreign currency deposits with banks increased by 6.8 percent during the period concerned, reaching US$ 42.9 billion at end of June 2019. Likewise, local currency deposits increased by 15.8 percent. As such, the ratio of foreign currency deposits to total deposits made up 21.2 percent at end of June 2019.

Section IV

External Debt


External Debt

External debt recorded US$ 108.7

billion at end of June 2019, up by 17.3

percent compared to June 2018. This

increase came as a result of the rise in

net disbursements of loans and

facilities by US$ 16.5 billion, while

most currencies of borrowing

depreciated versus the US dollar by

US$ 0.4 billion.

A- Breakdown by Maturity

By original maturity, external debt

reaffirmed its usual pattern of long-

term external debt predominance at

end of June 2019. Long-term external

debt accounted for US$ 82.4 billion or

75.8 percent of the total external debt,

whereas medium-term external debt

reached US$ 15.2 billion or 14.0

percent and short-term external debt

accounted for US$ 11.1 billion or 10.2

percent.

By residual maturity1, short-term

debt accounted for 21.2 percent of the

total external debt at end of June 2019,

compared to 10.2 percent classified by

original maturity. Meanwhile, medium-

and long-term external debt repre-

sented 78.8 percent of the total debt, in

comparison to 89.8 percent 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 June 2019

(US$

million)

1. Short-term debt by original

maturity 11055.4

2. Medium- & long-term debt

maturing within one year

12028.1

3. External debt by residual

maturity up to 1 year (1+2)

23083.5

Percentage to total external debt 21.2

Percentage to NIR 52.0

4. Medium- & long-term debt by

residual maturity

85615.6

Percentage to total external debt 78.8

Long-term debt

75.8%

Medium-term debt

14.0%

Short-term debt

10.2%

Chart (1)

External Debt Structure by Original MaturityEnd of June 2019

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

1- Medium-and long-term external debt increased by about US$ 17.3 billion to about US$ 97.6 billion (89.8 percent of total debt) at end of June 2019, up by 21.5 percent compared to June 2018. This change is attributed to the following developments according to their contribution in total external debt change: Bonds issued abroad (non-resident

holdings) reached about US$ 19.4 billion, up by 35.7 percent. These include:

i. about US$ 0.9 billion of

sovereign notes issued in April 2010 and falling due in 2020 & 2040.

ii. about US$ 14.1 billion of Eurobonds issued in US$, in June 2015 (falling due in 2025), Jan. & May 2017 (falling due in 2022/2027/2047), Feb. 2018 (falling due in 2023/2028/2048), and Feb. 2019 (falling due in 2024/2029/2049);

iii. about US$ 4.4 billion of Euro-bonds denominated in euro, issued in April 2018 and falling due in 2026 & 2030, and April 2019 (falling due in 2025 & 2031).

Multilateral institutions' debt

reached about US$ 32.8 billion, up by 15.5 percent.

Re-purchase Agreements (Repo) recorded US$ 3.8 billion at end of June 2019.

Buyers' & suppliers' credit reached about US$ 11.3 billion, increasing by 33.8 percent.

Other bilateral debt2 amounted to

about US$ 9.6 billion, up by 26.0 percent compared to June 2018.

Rescheduled bilateral debt reached

about US$ 3.1 billion, down by 16.1 percent.

Long-term deposits that have been placed at the CBE by some Arab countries fell slightly to US$ 17.2 billion, down by 1.1 percent.

Non-guaranteed debt of the private sector registered US$ 0.4 billion, down by 11.2 percent.

2- Short-term external debt decreased by about US$ 1.2 billion to about US$ 11.1 billion or 10.2 percent of total debt. Its ratio to net international reserves decreased to 24.9 percent at end of June 2019 against 27.8 percent at end of June 2018.

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 to currency markets' volatility. The currency composition of external debt indicates that the US dollar is the main borrowing currency, with a value of US$ 69.4 billion. This includes other outstanding obligations in US dollar to creditors other than the USA such as international institutions.

_________________________

2 Including Liquidity Support Facility (LSF) from China Development Bank (CDB) to CBE that amounted to about US$ 1.9 billion at June 2019.

Private sector (non-

guaranteed)0.4%

Rescheduled bilateral

debt 2.9%

Repo 3.5%Other

bilateral

debt8.8

Suppliers' & buyers'

credit10.4%

Short-term debt 10.2%

Bonds 17.8%

Deposits15.8%

Multilateralinstitutions

30.2%

Chart (2)

External Debt StructureEnd of June 2019


Other important currencies recorded US$ 39.3 billion distributed as follows: the Euro was the runner-up (US$ 16.3 billion), followed by the Special Drawing Rights3 (US$ 12.2 billion), the Chinese yuan (US$ 3.6 billion), the Kuwaiti dinar (US$ 2.6 billion), the Japanese yen (US$ 2.5 billion), and other currencies (US$ 2.1 billion).

D- Breakdown by Creditor

Debt distribution by creditor country indicates that US$ 32.8 billion was owed to multilateral institutions4 (mainly; IMF US$ 11.2 billion, IBRD US$ 10.6 billion, EIB US$ 3.2 billion and ADF & AfDB US$ 3.0 billion). Another US$ 23.5 billion was owed to Arab countries mainly; Saudi Arabia (8.3 percent) of total external debt, UAE (8.1 percent), and Kuwait (5.0 percent). Meanwhile, US$ 9.4 billion came from five members of Paris Club countries, namely; Germany (US$ 3.0 billion), Japan (US$ 2.5 billion), France (US$ 1.5 billion), USA (US$ 1.3 billion), and UK (US$ 1.1 billion). In addition, US$ 6.5 billion of the total debt was owed to China. ___________________ 3 Including Egypt’s allocation of SDRs by the IMF & extended

fund facility by IMF. 4 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 sector at end of June 2019 reveals that:

- The general government remains

the main debtor, with a share of 52.7 percent of external debt. Its debt increased by US$ 9.6 billion compared to June 2018, reaching US$ 57.3 billion.

- Central Bank’s external debt increased by about US$ 1.4 billion to US$ 28.0 billion.

- Banks' external debt increased by about US$ 3.5 billion to US$ 9.5 billion.

- Other sectors' debt increased by about US$ 1.6 billion to US$ 13.9 billion.

Other currencies

2.0%

Japanese yen

2.3%Kuwaiti dinar2.4%

Chinese yuan3.3%

SDRs11.2%Euro

15.0%

US dollar 63.8%

Chart (3) External Debt Structure by Currencies

End of June 2019

UK1.0% USA

1.2%

France1.5%

Japan2.3%

Germany2.8%

China6.0%

Other countries

15.8%

Bonds17.8%

Arab countries

21.4%

Multilateral institutions

30.2%

Chart (4)External Debt by Creditor

End of June 2019

020406080

100120

June 2017 June 2018 June 2019

(US$ bn)

Chart (5)

External Debt Structure by Debtor

General Government Central Bank

Banks Other Sectors


F- External Debt Service

Debt service reached US$ 13.4 billion during FY 2018/2019 compared to US$ 13.3 billion during FY 2017/2018. This increase was mainly due to the increase in paid interest by about US$ 1.1 billion to record US$ 3.2 billion. On the other hand, installments repayment slightly decreased by about US$ 0.9 billion to reach US$ 10.2 billion.

G- External Debt Indicators5 As for the external debt in terms of international comparison, Egypt's debt remains within manageable limits. Based on IMF classification, comparing Egypt's key debt indicators with those of other regional country groups6 shows that: - Egypt's debt stock to GDP

represented 36.0 percent at end of June 2019 (48.7 percent for Latin America and the Caribbean and 47.5 percent for Middle East and Central Asia).

- Egypt's short-term external debt to

total external debt at end of June 2019 represented 10.2 percent (14.2 percent for Latin America and the Caribbean, and 21.3 percent for the Middle East and Central Asia).

____________________ 5 For more indicators, refer to appendix I, table No. 6. 6 Source: World & Regional Economic Outlook

Reports, Oct. 2019, and CBE database.

- Egypt's debt-service ratio7 re-gistered 25.3 percent during the year ended in June 2019 (46.4 percent for Latin America and the Caribbean, and 23.1 percent for Middle East and Central Asia).

___________________ 7 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.

010002000300040005000600070008000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017/2018 2018/2019

Chart(6)Debt Service Repayments

Interest Installments Debt Service

(US$ mn)

0

10

20

30

40

50

60

June 2017 June 2018 June 2019

%Chart (7)

External Debt Indicators

Government External Debt/Total External Debt

External Debt/ GDP

Short-term Debt/ Net International R eserves

Short-term Debt/ Total External Debt

05

10152025303540

Q42016/2017

Q42017/2018

Q42018/2019

% Debt Service Indicators(Annual)

Debt Service/ Current Receipts (includingtransfers)Debt Service/ Exports of Goods & Services

Section V

Exchange Rate Developments


Exchange Rate Developments On the 3rd of November 2016, the CBE took the decision of the liberalization of the Egyptian pound exchange rate, to be quoted according to the dynamics of supply and demand. This decision came as part of the economic reform program.

(i) Inter-bank Rate1: During FY 2018/2019, the weighted average of the US dollar in the Egyptian inter-bank market dep-reciated by 6.6 percent to EGP 16.7057 at end of June 2019, (against EGP 17.8878 at end of June 2018). ______________________________ 1 The inter-bank foreign exchange market was launched in Egypt in December 2004.

(ii) Market Rate: At end of June 2019, according to the foreign exchange market (buying price), all currencies depreciated versus Egyptian pound, as follows; Chinese yuan by 10.0 percent, pound sterling by 9.3 percent, euro by 8.3 percent, Kuwaiti dinar by 6.8 percent, US dollar, Saudi riyal, and UAE dirham by 6.6 percent each, the Swiss franc by 4.7 percent, and Japanese yen by 4.6 percent.

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

Se

p-1

6

De

c-16

Ma

r-1

7

Jun

-17

Se

p-1

7

De

c-17

Ma

r-1

8

Jun

-18

Se

p-1

8

De

c-18

Ma

r-1

9

Jun

-19

2016/2017 2017/2018 2018/ 2019

EGP

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

USD Interbank rate(average)

USD market rate(buying price)

Euro market rate(buying price)

Section VI

Statistics


Appendix I

Table Page

I- Balance of Payments

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

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

II- International Investment Position (IIP) 2 21

III- Coordinated Portfolio Investment Survey (CPIS) 3 22

IV- External Liquidity

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

V- External Debt

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

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

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

6

7

25

26

VI- Exchange Rate Developments

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

(US$ mn)

2017/2018* 2018/2019*

Trade Balance -37276.0 -38034.4

Exports** 25827.0 28495.0

Petroleum 8773.0 11557.0

Other Exports 17054.0 16938.0

Imports** -63103.0 -66529.4

Petroleum -12489.8 -11548.9

Other Imports -50613.2 -54980.5

Services Balance 11122.4 13036.5

Receipts 21486.9 24423.6

Transportation 8707.9 8600.3

of which: Suez Canal 5706.7 5730.7

Travel 9804.3 12570.6

Government receipts 636.7 718.8

Other 2338.0 2533.9

Payments 10364.5 11387.1

Transportation 1480.2 1792.4

Travel 2451.5 2902.9

Government Expenditures 1493.5 692.4

Other 4939.3 5999.4

Income Balance -6279.6 -8309.8

Income receipts 835.4 1014.1

Income payments 7115.0 9323.9

of which: Interest paid 1616.1 2574.1

Transfers (Net) 26470.9 25113.6

Private Transfers (Net) 26264.7 24763.1

of which: Workers' Remittances 26392.9 25150.8

Official Transfers (Net) 206.2 350.5

Current Account Balance -5962.3 -8194.1

Central Bank of Egypt - External Position 19

Fiscal year

Table (1) Balance of Payments

20

(US$ mn)

2017/2018* 2018/2019*

Capital & Financial Account 21996.5 8523.5

Capital Account -150.7 -129.2

Financial Account 22147.2 8652.7

Direct Investment Abroad -271.2 -374.0

Direct Investment in Egypt (Net) 7719.5 5902.9

Portfolio Investment Abroad (Net) -20.8 -96.4

Portfolio Investment in Egypt (Net) 12094.8 4230.1

of which: Bonds 5293.2 5094.2

Other Investment (Net) 2624.9 -1009.9

Net Borrowing 10278.8 6253.4

M&L-Term Loans (Net) 6738.5 3333.7

Drawings 8846.4 5525.2

Repayments -2107.9 -2191.5

MT-Suppliers' Credit (Net) 1118.5 828.8

Drawings 1313.6 1160.8

Repayments -195.1 -332.0

ST-Suppliers' Credit (Net) 2421.8 2090.9

Other Assets -4511.9 -8881.6

Central Bank -116.4 -23.4

Banks 2161.7 -1764.7

Other -6557.2 -7093.5

Other Liabilities -3142.0 1618.3

Central Bank -3879.2 1537.8

Banks 737.2 80.5

Net Errors & Omissions -3246.5 -431.9

Overall Balance 12787.7 -102.5

Change in CBE Reserve Assets ,Increase(-) -12787.7 102.5

* Preliminary.

** Include free zones exports and imports.

Central Bank of Egypt - External Position

Table (1) Balance of Payments (contd.)

Fiscal year


End of

Assets Liabilities Assets Liabilities

Total 78229.3 225526.0 81188.6 247526.7

1- Direct investment 7565.3 113593.2 7939.3 119390.2

2- Portfolio investments 1456.5 33566.6 984.7 38809.3

Equity security 869.3 2948.9 376.5 2813.0

Debt security 587.2 30617.7 608.2 35996.3

3- Other investments 25709.9 78366.2 28414.3 89327.2

Trade credits 0.0 4115.4 0.0 4151.8

General government 0.0 0.0 0.0 0.0

Long-term 0.0 0.0 0.0 0.0

Short-term 0.0 0.0 0.0 0.0

Other sectors 0.0 4115.4 0.0 4151.8

Long-term 0.0 0.0 0.0 0.0

Short-term 0.0 4115.4 0.0 4151.8

Loans 350.7 51804.6 391.6 63016.3

Monetary authorities 0.0 5182.6 0.0 6910.4

long-term 0.0 1573.6 0.0 6323.8

Short-term 0.0 3609.0 0.0 586.6


Long-term 0.0 33371.1 0.0 37900.1

Short-term 0.0 0.0 0.0 0.0

Banks 350.7 4978.3 391.6 8420.2

Long-term 130.7 4202.9 190.0 5810.1

Short-term 220.0 775.4 201.6 2610.1

Other sectors 0.0 8272.6 0.0 9785.6

Long-term 0.0 8272.6 0.0 9785.6

Short-term 0.0 0.0 0.0 0.0

Currency and deposits 25359.2 21183.9 28022.7 20910.2


Long-term 0.0 17400.0 0.0 17203.3

Short-term 0.0 2715.4 0.0 2616.7


Long-term 0.0 0.0 0.0 0.0

Short-term 0.0 0.0 0.0 0.0

Banks 15433.2 1068.5 17299.7 1090.2

Long-term 0.0 0.0 0.0 0.0

Short-term 0.0 1068.5 0.0 1090.2

Other sectors 9926.0 0.0 10723.0 0.0

Long-term 0.0 0.0 0.0 0.0

Short-term 0.0 0.0 0.0 0.0

Other assets / Liabilities 0.0 1262.3 0.0 1248.9


Long-term 0.0 1262.3 0.0 1248.9

Short-term 0.0 0.0 0.0 0.0


Banks 0.0 0.0 0.0 0.0

Other sectors 0.0 0.0 0.0 0.0

4- Reserves assets 43497.6 0.0 43850.3 0.0

* Preliminary.

(US$ mn)

June 2018 June 2019*

Table (2) International Investment Position (IIP)

22

Country of non-resident issuer Equities Long-term debt securities Short-term debt securities Total

Bahrain 11.0 1.5 0.0 12.5

Belgium 0.0 0.0 3.8 3.8

Canada 0.0 8.4 18.4 26.8

China, P.R. Mainland 0.3 0.0 40.1 40.4

Czech Republic 0.0 0.0 7.3 7.3

France 0.3 1.5 0.5 2.3

Ghana 0.0 0.0 6.1 6.1

India 0.0 0.0 2.7 2.7

Indonesia 0.0 7.9 4.5 12.4

Italy 23.0 0.0 1.7 24.7

Japan 0.3 5.0 0.0 5.3

Jordan 4.3 0.0 0.1 4.4

kenya 0.0 0.0 0.3 0.3

Kuwait 0.0 15.0 0.0 15.0

Lebanon 8.0 10.6 0.1 18.7

Luxembourg 0.4 0.0 0.0 0.4

Malaysia 16.0 8.4 0.0 24.4

Netherlands 2.5 0.0 0.0 2.5

Nigeria 11.6 0.0 0.7 12.3

Oman 0.0 12.8 0.0 12.8

Qatar 0.0 10.0 0.0 10.0

Saudi Arabia 27.3 80.5 11.9 119.7

Singapore 16.1 0.0 8.3 24.4

Spain 1.2 0.0 2.4 3.6

Syrian Arab Republic 3.2 0.0 0.0 3.2

Sudan 1.4 0.0 0.0 1.4

Sweden 0.0 1.6 0.0 1.6

Switzerland 16.8 0.0 0.0 16.8

Tunisia 1.2 0.0 0.4 1.6

Turkey 0.0 0.0 0.3 0.3

United Arab Emirates 2.9 53.6 2.8 59.3

United Kingdom 4.2 45.6 0.4 50.2

United States 8.6 128.5 104.5 241.6

International Organizations 215.9 0.0 0.0 215.9

Total 376.5 390.9 217.3 984.7

Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of June 2019

(US$ mn)

Breakdown of portfolio investment assets by economy of residence of the issuer


End of June 2014 2015 2016 2017 2018 2019

Net International Reserves (1-2) 16687 20082 17546 31305 44259 44481

1- Gross Official Reserves 16710 20104 17570 31307 44262 44485

Gold 2662 2420 2602 2602 2641 2821

SDRs 1274 1168 793 770 2706 453

Foreign Currencies 12695 16453 14128 27904 38898 41204

Loans to IMF 79 63 47 31 17 7

2- Reserve Liabilities 23 22 24 2 3 4

Banks' Net Foreign Assets 11452 3481 -4844 3171 449 2141

Assets 16224 11450 9286 18746 16761 18533

Liabilities 4772 7969 14130 15575 16312 16392

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

(US$ mn)23

Cen

tral B

ank

of Eg

yp

t - Extern

al Position

(US$ mn)

End of June 2015 2016 2017 2018 2019 +

Total External Debt 48062.9 55764.4 79032.8 92643.9 108699.1

1- Long term debt 45487.6 48746.7 66758.4 80360.2 97643.7

Rescheduled bilateral debt * 6242.9 5249.6 4252.0 3727.9 3126.6

ODA 4637.2 4524.5 4015.0 3536.5 2989.1

Non-ODA 1605.7 725.1 237.0 191.4 137.5

Other bilateral debt 5491.7 6299.9 6572.4 7644.0 9632.5

Paris Club countries 2200.9 3553.5 3710.8 4430.5 5021.2

Other countries 3290.8 2746.4++ 2861.6++ 3213.5++ 4611.3++

Multilateral Institutions 12246.3 14089.9 21751.6 28416.8 32808.5

Suppliers' & buyers' credits 1546.5 3118.9 6505.2 8433.9 11283.6

Repo 0.0 0.0 0.0 0.0 3808.7

Bonds 4937.7 3493.0 8984.5 14277.7 19371.9

Deposits 15000.0 16300.0 18537.4 17400.0 17203.3

Private sector debt (non-guaranteed) 22.5 195.4 155.3 459.9 408.6

2- Short-term debt 2575.3 7017.7 12274.4 12283.7 11055.4

Currency and deposits 1295.3 1478.3 3824.1 3783.9 3706.9

Loans & trade credits 1280.0 5539.4 8450.3 8499.8 7348.5

Source: Central Bank of Egypt.

+ Provisional

++ Including liquidity support facility agrement provided by China Development Bank to the Central Bank of Egypt.* According to the agreement signed with Paris Club countries on May 25, 1991.

Table (5) External Debt by Type

Cen

tral Ban

k of E

gypt - E

xternal P

osition

24

FY 2014/2015 2015/2016 2016/2017 2017/2018+

2018/2019+

External Debt /GDP* (at current market prices) % 14.4 16.6 33.6 37.0 36.0

External Debt / Exports (G&S) (annually) % 109.1 160.3 212.9 195.8 205.4

Short-term Debt / External Debt % 5.4 12.6 15.5 13.3 10.2

Short-term Debt / Net International Reserves % 12.8 40.0 39.2 27.8 24.9

Debt Service **

(Principal & Interest) (US$ mn.) 5609.1 5084.7 7320.1 13253.5 13380.8

Debt Service / Exports (G&S) % 12.7 14.6 19.7 28.0 25.3

Debt Service / Current Receipts % 8.5 9.8 12.3 17.8 16.9

Interest / Exports (G&S) % 1.5 2.4 3.3 4.6 6.1

External Debt per Capita (US$) 513.5 578.5 786.4 879.0 1013.0

+ Provisional

* The annual GDP is calculated in US dollar by having the sum total of the quarterly GDP released by the Ministry of planning,

Monitoring and Adminstrative Reform after being evaluated in US dollar based on the average exchange rate for each quarter.

**Including interest payments on bonds floated abroad.

Table (6) External Debt Indicators

Cen

tral B

ank

of E

gy

pt - E

xterna

l Positio

n2

5

26

(US$ mn)

End of June 2018 % June 2019* % Change +/ (-) %

Total External Debt 92643.9 100.0 108699.1 100.0 16055.2 17.3

Long-term 80360.2 86.7 97643.7 89.9 17283.5 21.5

Short-term 12283.7 13.3 11055.4 10.1 (1228.3) (10.0)

General Government 47648.8 51.4 57272.0 52.7 9623.2 20.2

Long-Term debt 47648.8 51.4 57272.0 52.7 9623.2 20.2

Bonds 14277.7 15.4 19371.9 17.8 5094.2 35.7

Loans 33371.1 36.0 37900.1 34.9 4529.0 13.6

Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0

Other Debt Liabilities 0.0 0.0 0.0 0.0 0.0 0.0

Short-Term debt 0.0 0.0 0.0 0.0 0.0 0.0

Debt securities 0.0 0.0 0.0 0.0 0.0 0.0

Loans 0.0 0.0 0.0 0.0 0.0 0.0



Central Bank 26560.3 28.7 27979.3 25.7 1419.0 5.3

Long-Term debt 20235.9 21.9 24776.0 22.8 4540.1 22.4

Bonds 0.0 0.0 0.0 0.0 0.0 0.0

Loans 1573.6 1.7 6323.8 5.8 4750.2 301.9

Currency and Deposits 17400.0 18.8 17203.3 15.8 (196.7) (1.1)

Special Drawing Rights 1262.3 1.4 1248.9 1.2 (13.4) (1.1)

Short-Term debt 6324.4 6.8 3203.3 2.9 (3121.1) (49.4)

Debt securities 0.0 0.0 0.0 0.0 0.0 0.0

Loans 3609.0 3.9 586.6 0.5 (3022.4) (83.7)

Currency and Deposits 2715.4 2.9 2616.7 2.4 (98.7) (3.6)


Banks 6046.8 6.5 9510.4 8.8 3463.6 57.3

Long-Term debt 4202.9 4.5 5810.1 5.4 1607.2 38.2

Bonds 0.0 0.0 0.0 0.0 0.0 0.0

Loans 4202.9 4.5 5810.1 5.4 1607.2 38.2



Short-Term debt 1843.9 2.0 3700.3 3.4 1856.4 100.7

Debt securities 0.0 0.0 0.0 0.0 0.0 0.0

Loans 775.4 0.8 2610.1 2.4 1834.7 236.6



Other Sectors 12388.0 13.4 13937.4 12.8 1549.4 12.5

Long-Term debt 8272.6 8.9 9785.6 9.0 1513.0 18.3

Bonds 0.0 0.0 0.0 0.0 0.0 0.0

Trade Credits 0.0 0.0 0.0 0.0 0.0 0.0

Loans 8272.6 8.9 9785.6 9.0 1513.0 18.3



Short-Term debt 4115.4 4.5 4151.8 3.8 36.4 0.9

Debt securities 0.0 0.0 0.0 0.0 0.0 0.0

Trade Credits 4115.4 4.5 4151.8 3.8 36.4 0.9

Loans 0.0 0.0 0.0 0.0 0.0 0.0



* Provisional.

Table (7) External Debt by Debtor


First: Interbank Rates *

Weighted average

Second : Market Rates Buy Sell Buy Sell

US Dollar 17.8348 17.9343 16.6528 16.7528

Euro 20.6437 20.7662 18.9359 19.0513

Pound Sterling 23.3189 23.4563 21.1557 21.2894

Swiss Franc 17.8669 17.9739 17.0256 17.1331

100 Japanese Yens 16.1810 16.2758 15.4321 15.5291

Saudi Riyal 4.7554 4.7821 4.4401 4.4672

Kuwaiti Dinar 58.8703 59.2361 54.8727 55.2186

UAE Dirham 4.8550 4.8830 4.5332 4.5613

Chinese Yuan 2.6905 2.7093 2.4214 2.4368

Source: CBE daily exchange rates.

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

16.7057

June 2019

17.8878

Cen

tral B

an

k of E

gyp

t - Ex

terna

l Positio

n

2

7

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

End of June 2018


Appendix II Table Page

I- Outstanding External Debt

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

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

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

By Creditor:

a. Rescheduled Debt………………………………………………….... 3 35

b. Non-Rescheduled Debt………………………………........................ 4 36

c. Multilateral Institutions…………………………………………… 5 37

d. Bonds & Notes …………………………………....…………… 6 39

e. Deposits…………………………………………………………… 7 40

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

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

8

41

- Short-Term External Debt ……………………………………...…………. 9 42

II- Outstanding External Debt by Currency…….……………………………. 10 43

III- Projected Medium- and Long-Term Public and Publicly Guaranteed

External Debt Service……………………..…………………………………. 11 44

a- Rescheduled Debt …………………...……………………….…................. 12 46

b- Non-Rescheduled Debt…………..……………………………………........ 13 47

c- Multilateral Institutions……………………………………….................... 14 48

d- Bonds & Notes:

- Sovereign Notes……………………………………………………......... 15 50

- Eurobond issued in USD……………………………………................... 16 51

- Eurobond dominated in EUR….……………………..………………….. 17 52

e- Deposits

- Medium- and Long-Term Deposits for Kuwait..…………………........... 18 53

- Medium- and Long-Term Deposits for Saudi Arabia…………………… 19 54

- Medium- and Long-Term Deposits for United Arab Emirates…………. 20 55

IV- Projected Private Sector Non-Guaranteed Debt Service………………… 21 56

V- Projected Short-Term Debt Service……………………………………….. 22 57

VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 23 58


2016 2017 2018 2019

1- Medium-and Long-Term Public

& Publicly Guaranteed Debt 48,551.33 66,603.08 79,900.29 97,235.07

A. Rescheduled Debt 5,249.64 4,251.99 3,727.95 3,126.60

B. Non Rescheduled Debt 9,418.81 13,077.52 16,077.90 24,724.77 (1)

C. Multilateral Institutions 14,089.93 21,751.64 28,416.76 32,808.55 (2)

D. Bonds &Notes 3,492.95 8,984.53 14,277.68 19,371.90

1-Sovereign Notes 797.78 988.59 1,002.28 936.50

2- Euro-bond issued in US$ 1,195.17 7,995.94 11,114.21 14,103.23 (3)

3- Euro-bond dominated in EUR currency 0.00 0.00 2,161.19 4,332.17 (4)

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

5-Saudi Bond 500.00 0.00 0.00 0.00

E. Deposits 16,300.00 18,537.40 17,400.00 17,203.25 (5)

2- Medium and Long-Term

Private Sector Non-Guaranteed 195.44 155.30 459.91 408.61

3- Short-Term Debt 7,017.66 12,274.42 12,283.68 11,055.45

Currency and Deposits (Non-Residents) 4,678.31 3,824.14 3,783.86 3,706.94 (6)

Trade Credits 1,904.97 3,036.01 4,115.39 4,151.82

Loans 434.38 3,414.27 1,284.43 2,696.69 (7)

Repo 0.00 2,000.00 3,100.00 500.00

Grand Total 55,764.43 79,032.80 92,643.88 108,699.13

Using end of period exchange rate.

(1) Includes US$ 11,278.68 million buyer credits, US$ 3,808.68 million Repo Transaction, US$ 1,927.62 million representing China facility agreements and US$ 4.95 million Supplier credits.

(2) Includes US$ 9,958.55 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million,

Third, Fourth and Fifth Tranches amounted SDR 1,432.76 million each) and US$ 1,248.96 million representing SDR allocation by IMF to its member countries,

Egypt’s share is SDR 898.45 million.

(3) Representing Euro-bond with nominal value US$ 16,500 million (non-residents' subscriptions amounted US$ 14,103.23 million) .

(4) Representing Euro-bond Dominated in EUR Currency with nominal value EUR 4,000 million (non-residents' subscriptions amounted US$ 4,332.17 million) .

(5) Representing Saudi, United Arab Emirates, & Kuwait deposits amounted US$ 7500, 5703 and 4000 million respectively .

Figure 1-1

(7) Includes US$ 1,750 million representing AFREXIM Bank Loans.

(6) Includes US$ 2,616.75 million representing Chinese Currency Swap Arrangement .

(US$ million)

Table ( 1 )

External Debt

Outstanding Stock as at End of June

Total Debt

0.010.020.030.040.050.060.070.080.090.0100.0110.0

2016 2017 2018 2019

( U

S$b

n )

External Debt Outstanding Stock as at End of June

Cen

tral B

ank

of E

gyp

t - Extern

al Po

sition3

2

Figure 1-2

Rescheduled Debt2.88%

Multilateral Institutions30.18%

Bonds & Notes 17.82%

Deposits15.83%

Non Rescheduled Debt 22.75%

Short-Term Debt10.17%

Private Sector Non-Guaranteed

0.37%

Outstanding Stock as at End of June 2019


2016 2017 2018 2019

Medium and Long-Term Public & Publicly Guaranteed Debt

Creditor Countries

Group of Banks (2)

0.00 0.00 0.00 12,310.17

China 1,940.55 2,019.20 2,144.34 3,744.45

Germany 3,605.82 6,178.83 6,974.66 2,796.63(3)

Japan 2,458.25 2,207.08 2,243.59 2,420.75

Saudi Arabia 129.30 459.31 996.19 1,326.21

France 1,198.86 1,186.73 1,663.38 1,279.64(4)

Kuwait 918.26 926.79 990.06 1,065.82

United States 1,761.16 1,490.28 1,207.34 1,024.84

United Arab Emirates 680.20 705.13 915.96 880.94(5)

Russia 0.00 0.00 0.00 373.86

Spain 246.05 216.20 263.78 265.95

Korea 0.00 0.00 0.00 73.65

Denmark 122.59 107.70 88.62 67.94

Austria 66.11 74.94 67.33 57.73

Italy 396.34 814.30 956.42 54.82(6)

The Netherlands 63.17 58.33 54.01 47.49

Canada 52.66 38.54 34.95 32.16

Switzerland 60.03 22.73 18.00 12.77

United Kingdom 31.72 265.80 797.63 9.18(7)

Belgium 12.12 79.12 104.97 3.51(8)

Finland 3.21 2.95 2.65 2.25

Norway 1.67 1.07 0.83 0.57

Sweden 2.70 0.07 0.06 0.04

Bahrain 255.00 241.47 257.55 0.00(9)

Qatar 50.00 32.94 23.53 0.00(10)

Turkey 600.00 200.00 0.00 0.00

Australia 12.68 0.00 0.00 0.00

Multilateral Institutions 14,089.93 21,751.64 28,416.76 32,808.55

Deposits , Bonds and Notes

Deposits 16,300.00 18,537.40 17,400.00 17,203.25

Saudi Arabia 4,800.00 7,600.00 7,500.00 7,500.00

United Arab Emirates 5,000.00 5,937.40 5,900.00 5,703.25

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

Libya 2,000.00 1,000.00 0.00 0.00

African Export-Import Bank 500.00 0.00 0.00 0.00

Bonds & Notes 3,492.95 8,984.53 14,277.68 19,371.90

Sovereign Notes 797.78 988.59 1,002.28 936.50

Euro-bond issued in US$ 1,195.17 7,995.94 11,114.21 14,103.23

Euro-bond dominated in EUR currency 0.00 0.00 2,161.19 4,332.17

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

Saudi Bond 500.00 0.00 0.00 0.00

Medium and Long-Term Private Sector Non-Guaranteed 195.44 155.30 459.91 408.61

Short-Term Debt 7,017.66 12,274.42 12,283.68 11,055.45

Currency Swap Agreement (China) 0.00 2,646.68 2,715.34 2,616.75

African Export - Import Bank 3,200.00 3,200.00 400.00 1,750.00

REPO Transactions 0.00 2,000.00 3,100.00 500.00

Arab Trade Financing Program 0.00 134.27 109.03 86.55

Others 3,817.66 4,293.47 5,959.31 6,102.15

Grand Total 55,764.43 79,032.80 92,643.88 108,699.13

(1) Using end of period exchange rate.

(2) Includes US$ 3,808.68 million Repo Transaction, and loans from Germany, France, United Arab Emirates, Italy, United Kingdom, Belgium, Bahrain and Qatar

(3) Excludes US$ 4179 million reclassified as loans from Group of Banks








Total Debt(US$ million)

(1)

Table ( 2 )


External Debt by Creditor

Cen

tral B

an

k o

f Egy

pt - E

xtern

al P

ositio

n34

Figure 2

Multilateral Institutions30.18%

Short-Term Debt10.17%

Others 6.43%

Group of Banks11.33%

China3.44%

Germany2.57%

Japan2.23%

Bonds &Notes17.82%

Deposits15.83%

Outstanding Stock as at End of June 2019


2016 2017 2018 2019

Germany 1,385.09 1,328.94 1,226.38 1,075.68

Japan 1,462.75 1,185.68 1,084.44 981.34

United States 1,423.11 1,181.90 928.64 663.31

France 459.42 238.20 207.93 168.27

Spain 107.31 61.16 54.85 48.28

The Netherlands 63.17 58.33 54.01 47.49

Denmark 60.83 54.30 50.11 43.98

Italy 70.08 41.70 36.62 31.28

Canada 46.87 33.04 29.77 27.21

Austria 62.39 32.40 26.83 19.93

United Kingdom 31.71 15.80 12.95 9.18

Switzerland 49.81 14.18 10.53 7.38

Belgium 10.06 5.22 4.02 2.66

Norway 1.67 1.07 0.83 0.57

Sweden 2.69 0.07 0.06 0.04

Australia 12.68 0.00 0.00 0.00

Grand Total 5,249.64 4,251.99 3,727.95 3,126.60


(US$ million)(1)

CountryTotal Debt

Table ( 3 )Medium and Long-Term

Public & Publicly Guaranteed External Debt By Creditor Country

Rescheduled Debt


0.0

2.0

4.0

6.0

2016 2017 2018 2019

( U

S$b

n )

Medium and Long-TermPublic & Publicly Guaranteed External Debt

Rescheduled Debt Outstanding Stock as at End of June

Figure 3


2016 2017 2018 2019

Group of Banks (2)0.00 0.00 0.00 12,310.17

China 1,940.55 2,019.20 2,144.34 3,744.45

Germany 2,220.73 4,849.89 5,748.28 1,720.95

Japan 995.50 1,021.40 1,159.15 1,439.41

Saudi Arabia 129.30 459.31 996.19 1,326.21

France 739.44 948.54 1,455.45 1,111.37

Kuwait 918.26 926.80 990.06 1,065.82

United Arab Emirates 680.20 705.12 915.96 880.94

Russia 0.00 0.00 0.00 373.86

United States 338.05 308.38 278.70 361.53

Spain 138.74 155.04 208.93 217.67

Korea 0.00 0.00 0.00 73.65

Austria 3.72 42.54 40.50 37.80

Denmark 61.75 53.40 38.51 23.96

Italy 326.27 772.59 919.80 23.54

Switzerland 10.23 8.55 7.47 5.39

Canada 5.79 5.50 5.18 4.95

Finland 3.21 2.95 2.65 2.25

Belgium 2.06 73.90 100.95 0.85

United Kingdom 0.00 250.00 784.68 0.00

Bahrain 255.00 241.47 257.55 0.00

Qatar 50.00 32.94 23.53 0.00

Turkey 600.00 200.00 0.00 0.00

Sweden 0.01 0.00 0.00 0.00

Grand Total 9,418.81 13,077.52 16,077.90 24,724.77


(2) Includes US$ 3,808.68 million Repo Transaction, and loans from Germany, France, United Arab

Emirates, Italy, United Kingdom, Belgium, Bahrain and Qatar

Total DebtCountry

Table ( 4 )

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

Non-Rescheduled Debt


(US$ million)(1)

0.0

5.0

10.0

15.0

20.0

25.0

2016 2017 2018 2019

( U

S$b

n )


Non-Rescheduled DebtOutstanding Stock as at End of June

Figure 4


2016 2017 2018 2019

IMF 1,254.12 3,980.25 9,313.92 11,207.51

IBRD 5,105.81 7,510.88 9,092.62 10,607.40

European Investment Bank 1,669.10 2,269.68 2,417.29 3,216.27

African Development Bank 2,054.36 2,535.38 2,403.43 2,798.63

Arab Fund for Economic and Social Development 1,472.21 1,414.80 1,535.67 1,589.77

Islamic Development Bank 320.06 504.80 557.02 827.77

I.D.A. 890.11 777.59 671.35 545.59

Arab Monetary Fund 519.17 877.91 573.64 423.17

European Bank For Reconstruction and Development 107.03 132.43 373.28 364.38

African Export - Import Bank 70.00 857.65 404.36 355.95

OPEC Fund 220.39 224.35 285.45 301.19

African Development Fund 176.08 167.34 162.01 154.33

International Fund for Agricultural Development 107.61 118.01 149.21 152.39

Arab Petroleum Investments Corporation (APICORP) 0.00 100.00 162.50 112.50

Clean Technology Fund 50.04 55.57 60.01 92.65

Green Fund 0.00 0.00 30.00 27.06

Islamic Corporation for Development 0.00 25.00 25.00 18.75

Arab Trade Financing Program 73.84 0.00 0.00 13.11

Africa Growing Together Fund 0.00 0.00 0.00 0.13

International Islamic Trade Finance Corporation 0.00 200.00 200.00 0.00

Grand Total 14,089.93 21,751.64 28,416.76 32,808.55


CreditorTotal Debt

Table ( 5 )

Medium and Long-Term

Public & Publicly Guaranteed External Debt

Multilateral Institutions


(US$ million)(1)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2016 2017 2018 2019

( U

S$b

n )


Multilateral InstitutionsOutstanding Stock as at End of June

Figure 5-1

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

38

Figure 5 - 2

IBRD32.33%

IMF34.16%

ADB8.53%

EIB9.80% AFESD

4.85%

IDA1.66%

IDB2.52%

AMF1.29%

EBRD1.11%

Others3.75%


Multilateral InstitutionsOutstanding Stock as at End of June 2019


2016 2017 2018 2019

Euro-bond issued in US$ 1,195.17 7,995.94 11,114.21 14,103.23

Euro-bond dominated in EUR currency 0.00 0.00 2,161.19 4,332.17

Sovereign Notes 797.78 988.59 1,002.28 936.50

Saudi Bond 500.00 0.00 0.00 0.00

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

Grand Total 3,492.95 8,984.53 14,277.68 19,371.90

Figure 6

(US$ million)

Total Debt

Table ( 6 )

Bonds & NotesOutstanding Stock as at End of June


0.0

5.0

10.0

15.0

20.0

2016 2017 2018 2019

( U

S$b

n )

Medium and Long-Term Bonds & Notes



2016 2017 2018 2019

Saudi Arabia 4,800.00 7,600.00 7,500.00 7,500.00

United Arab Emirates 5,000.00 5,937.40 5,900.00 5,703.25

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

Libya 2,000.00 1,000.00 0.00 0.00

African Export-Import Bank 500.00 0.00 0.00 0.00

Grand Total 16,300.00 18,537.40 17,400.00 17,203.25

Figure 7

(US$ million)

CountryTotal Debt

Table ( 7 )

Deposits



10

12

14

16

18

20

2016 2017 2018 2019

( U

S$b

n )

Medium and Long-Term Deposits



2016 2017 2018 2019

Multilateral Institutions 195.44 124.75 340.21 311.64

Kuwait 0.00 0.00 55.00 55.00

Germany 0.00 15.55 30.00 25.55

France 0.00 0.00 19.70 16.42

Bahrain 0.00 15.00 15.00 0.00

Grand Total 195.44 155.30 459.91 408.61


CountryTotal Debt

Table ( 8 )


Private Sector Non-Guaranteed External Debt By Creditor Country


(US$ million)(1)

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2016 2017 2018 2019

( U

S$m

n )

Medium and Long-TermPrivate Sector Non-Guaranteed External Debt


Figure 8


2016 2017 2018 2019

Trade Credits 1,904.97 3,036.01 4,115.39 4,151.82

Currency and Deposits (Non-Residents) 4,678.31 3,824.14 3,783.86 3,706.94 (2)

Loans 434.38 3,414.27 1,284.43 2,696.69

Repo 0.00 2,000.00 3,100.00 500.00

Grand Total 7,017.66 12,274.42 12,283.68 11,055.45


(2) Includes US$ 2,616.75 million representing Chinese Currency Swap Arrangement .

Short-Term Debt

Table ( 9 )


Total Debt

(US$ million)(1)

Figure 9

0

2

4

6

8

10

12

14

2016 2017 2018 2019

( U

S$b

n )

Short-Term DebtOutstanding Stock as at End of June


(US$ million) (*)

2016 2017 2018 2019

US Dollar 40,046.46 55,199.29 58,836.85 69,352.22

EURO 6,904.09 9,991.39 13,935.00 16,320.23

Special Drawing Rights 2,534.47 5,543.09 10,516.57 12,166.07

Chinese Yuan 0.00 2,646.68 2,715.34 3,634.97

Kuwaiti Dinar 2,390.47 2,341.58 2,525.87 2,605.59

Japanese Yen 2,593.44 2,303.94 2,353.86 2,508.66

Saudi Riyal 133.74 461.54 998.39 1,330.10

Egyptian Pound 731.84 235.85 459.74 484.82

Swiss Franc 222.83 159.13 163.48 174.82

Danish Kroner 62.19 54.64 51.61 44.80

Canadian Dollar 34.24 29.01 31.22 30.52

U.A.E. Dirham 46.64 36.73 33.22 26.99

British Pound Sterling 46.48 25.41 20.75 17.27

Norwegian Kroner 2.17 1.99 1.92 1.71

Korean Won 0.00 0.00 0.00 0.35

Swedish Kroner 6.57 2.53 0.06 0.04

Australian Dollar 8.80 0.00 0.00 0.00

Total 55,764.43 79,032.80 92,643.88 108,699.13

(*) Using end of period exchange rate .

CurrencyTotal Debt


Table ( 10 )

External Debt


Period Principal Interest Total Period Total

2019/H2 4621.04 1806.66 6,427.70 2045/H2 127.66 263.99 391.652020/H1 7300.89 1943.92 9,244.81 2046/H1 126.95 261.94 388.89

2020/H2 7844.78 1511.05 9,355.83 2046/H2 124.37 260.04 384.412021/H1 5276.33 1633.85 6,910.18 2047/H1 2623.37 257.99 2,881.362021/H2 5217.98 1292.84 6,510.82 2047/H2 123.37 149.87 273.242022/H1 6025.01 1420.53 7,445.54 2048/H1 1623.21 147.91 1,771.112022/H2 3841.89 1036.55 4,878.45 2048/H2 120.08 86.71 206.792023/H1 4167.90 1207.72 5,375.62 2049/H1 1617.49 84.64 1,702.132023/H2 3667.58 885.11 4,552.68 2049/H2 117.49 17.56 135.052024/H1 3370.13 1067.67 4,437.80 2050/H1 115.03 15.52 130.552024/H2 2098.00 772.74 2,870.74 2050/H2 92.41 13.74 106.152025/H1 3665.29 984.90 4,650.19 2051/H1 76.11 12.04 88.152025/H2 2086.61 704.37 2,790.98 2051/H2 70.31 10.84 81.152026/H1 2965.00 918.24 3,883.24 2052/H1 55.15 2.45 57.602026/H2 1988.06 663.92 2,651.98 2052/H2 43.84 1.50 45.342027/H1 3089.77 796.19 3,885.96 2053/H1 23.26 0.74 24.002027/H2 1512.13 570.02 2,082.15 2053/H2 18.83 0.34 19.172028/H1 2182.60 707.99 2,890.58 2054/H1 4.02 0.04 4.062028/H2 1133.30 509.09 1,642.39 2054/H2 3.13 0.03 3.162029/H1 2721.08 649.74 3,370.81 2055/H1 3.13 0.03 3.162029/H2 879.87 421.06 1,300.93 2055/H2 3.12 0.03 3.152030/H1 1946.07 565.43 2,511.50 2056/H1 3.12 0.03 3.142030/H2 771.38 401.98 1,173.36 2056/H2 3.10 0.02 3.122031/H1 2008.69 483.74 2,492.42 2057/H1 1.26 0.02 1.282031/H2 525.46 386.07 911.53 2057/H2 1.11 0.02 1.132032/H1 496.99 379.89 876.87 2058/H1 1.11 0.02 1.132032/H2 491.26 373.41 864.66 2058/H2 1.11 0.02 1.132033/H1 459.99 366.63 826.62 2059/H1 1.11 0.01 1.122033/H2 450.72 360.57 811.29 2059/H2 1.11 0.01 1.122034/H1 448.30 354.77 803.07 2060/H1 1.11 0.01 1.122034/H2 440.15 348.86 789.01 2060/H2 1.11 0.01 1.122035/H1 427.08 343.16 770.24 2061/H1 1.11 0.01 1.122035/H2 424.16 337.39 761.55 2061/H2 1.11 0.01 1.122036/H1 337.17 331.97 669.14 2062/H1 1.11 0.01 1.122036/H2 325.11 327.23 652.34 2062/H2 1.11 0.01 1.122037/H1 308.76 322.52 631.28 2063/H1 1.11 0.01 1.122037/H2 305.15 318.14 623.29 2063/H2 1.11 0.01 1.122038/H1 264.25 313.84 578.09 2064/H1 1.11 0.01 1.122038/H2 235.54 310.19 545.74 2064/H2 1.11 0.01 1.122039/H1 219.93 306.94 526.87 2065/H1 1.11 0.01 1.122039/H2 210.10 303.96 514.07 2065/H2 1.11 0.01 1.122040/H1 558.81 301.29 860.10 2066/H1 1.11 0.01 1.122040/H2 199.44 286.34 485.77 2066/H2 1.11 0.01 1.122041/H1 183.54 283.50 467.05 2067/H1 1.11 0.01 1.122041/H2 176.14 280.94 457.08 2067/H2 1.11 0.01 1.122042/H1 155.80 278.43 434.23 2068/H1 1.11 0.00 1.112042/H2 150.24 276.21 426.45 2068/H2 1.11 0.00 1.112043/H1 138.40 273.94 412.34 2069/H1 1.11 0.00 1.112043/H2 134.52 271.93 406.45 2069/H2 1.11 0.00 1.112044/H1 131.27 270.01 401.28 2070/H1 1.11 0.00 1.112044/H2 127.94 268.02 395.96 2070/H2 1.11 0.00 1.112045/H1 127.66 265.90 393.56 2071/H1 1.11 0.00 1.11

Grand Total 95,986.11 (2) 33,385.62 (3) 129,371.73

(1) The exchange rate of June 30, 2019.

(2) Excludes US$ 1248.96 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.

(3) Includes US$ 464 million representing forecast interest of SDR allocation.

Interest

(US$ million)(1)

as of July 1, 2019

Principal

Table ( 11 )Projected Medium and Long-Term Public & Publicly Guaranteed

External Debt Service

Cen

tral B

an

k o

f Egyp

t - Extern

al P

ositio

n45

Figure 10

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Principal Interest Total

Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of July 1, 2019US$ mn


Period Principal Interest Total Period Principal Interest Total

2019/H2 303.10 38.26 341.35 2023/H2 160.20 13.62 173.82

2020/H1 305.05 34.77 339.82 2024/H1 162.43 11.83 174.26

2020/H2 308.77 30.70 339.47 2024/H2 160.30 9.84 170.15

2021/H1 311.03 26.97 338.00 2025/H1 162.66 7.94 170.60

2021/H2 286.93 22.85 309.78 2025/H2 165.24 5.91 171.15

2022/H1 153.05 19.25 172.30 2026/H1 167.66 3.95 171.61

2022/H2 155.40 17.31 172.71 2026/H2 166.98 1.88 168.86

2023/H1 157.78 15.60 173.37

Grand Total 3,126.60 260.67 3,387.27


(US$ million)(1)

Table ( 12 )

Projected Medium and Long-Term Public & Publicly Guaranteed

External Debt Service as of July 1, 2019

Rescheduled Debt



2019/H2 761.64 463.19 1224.83 2045/H2 28.54 2.37 30.912020/H1 1230.65 433.68 1664.33 2046/H1 27.83 2.16 29.992020/H2 1755.04 407.58 2162.61 2046/H2 25.25 1.98 27.232021/H1 2238.00 358.06 2596.06 2047/H1 24.25 1.78 26.032021/H2 2863.69 305.19 3168.88 2047/H2 24.25 1.61 25.862022/H1 1755.70 225.87 1981.57 2048/H1 23.94 1.43 25.372022/H2 1667.69 187.74 1855.44 2048/H2 21.54 1.25 22.792023/H1 1664.27 141.75 1806.03 2049/H1 18.95 1.08 20.042023/H2 1086.98 105.28 1192.27 2049/H2 18.95 0.94 19.892024/H1 816.99 83.49 900.48 2050/H1 18.49 0.78 19.272024/H2 519.31 73.38 592.69 2050/H2 14.68 0.63 15.312025/H1 509.08 65.08 574.16 2051/H1 13.60 0.48 14.082025/H2 516.90 63.36 580.25 2051/H2 13.60 0.34 13.952026/H1 488.60 55.84 544.44 2052/H1 13.13 0.20 13.332026/H2 493.48 54.07 547.55 2052/H2 4.21 0.06 4.272027/H1 485.53 47.89 533.42 2053/H1 4.13 0.06 4.182027/H2 438.51 45.54 484.05 2053/H2 4.13 0.05 4.182028/H1 451.22 40.56 491.77 2054/H1 4.02 0.04 4.062028/H2 504.87 37.98 542.85 2054/H2 3.13 0.03 3.162029/H1 442.61 33.07 475.67 2055/H1 3.13 0.03 3.162029/H2 461.62 30.20 491.82 2055/H2 3.12 0.03 3.152030/H1 410.20 26.14 436.34 2056/H1 3.12 0.03 3.142030/H2 407.65 23.13 430.78 2056/H2 3.10 0.02 3.122031/H1 234.28 19.68 253.96 2057/H1 1.26 0.02 1.282031/H2 165.08 17.96 183.04 2057/H2 1.11 0.02 1.132032/H1 161.48 16.71 178.19 2058/H1 1.11 0.02 1.132032/H2 157.04 15.52 172.56 2058/H2 1.11 0.02 1.132033/H1 131.31 13.95 145.26 2059/H1 1.11 0.01 1.122033/H2 129.11 13.06 142.17 2059/H2 1.11 0.01 1.122034/H1 127.50 12.06 139.56 2060/H1 1.11 0.01 1.122034/H2 124.55 11.16 135.71 2060/H2 1.11 0.01 1.122035/H1 121.44 10.21 131.64 2061/H1 1.11 0.01 1.122035/H2 119.18 9.35 128.53 2061/H2 1.11 0.01 1.122036/H1 78.37 8.46 86.83 2062/H1 1.11 0.01 1.122036/H2 66.51 7.96 74.47 2062/H2 1.11 0.01 1.122037/H1 62.96 7.51 70.46 2063/H1 1.11 0.01 1.122037/H2 61.79 7.13 68.92 2063/H2 1.11 0.01 1.122038/H1 60.28 6.72 66.99 2064/H1 1.11 0.01 1.122038/H2 56.85 6.35 63.20 2064/H2 1.11 0.01 1.122039/H1 53.38 5.89 59.27 2065/H1 1.11 0.01 1.122039/H2 52.88 5.58 58.46 2065/H2 1.11 0.01 1.122040/H1 51.81 5.24 57.04 2066/H1 1.11 0.01 1.122040/H2 51.27 4.91 56.17 2066/H2 1.11 0.01 1.122041/H1 49.89 4.56 54.44 2067/H1 1.11 0.01 1.122041/H2 49.35 4.25 53.60 2067/H2 1.11 0.01 1.122042/H1 39.89 3.92 43.81 2068/H1 1.11 0.00 1.112042/H2 37.26 3.68 40.94 2068/H2 1.11 0.00 1.112043/H1 35.23 3.42 38.65 2069/H1 1.11 0.00 1.112043/H2 34.92 3.21 38.13 2069/H2 1.11 0.00 1.112044/H1 32.15 2.98 35.13 2070/H1 1.11 0.00 1.112044/H2 28.82 2.77 31.59 2070/H2 1.11 0.00 1.112045/H1 28.54 2.56 31.10 2071/H1 1.11 0.00 1.11

Grand Total 24,724.77 3,562.37 28,287.14


(US$ million)(1)

Table ( 13 )


Non-Rescheduled Debt



(US$ million)(1)


2019/H2 1356.30 420.30 1776.60 2037/H1 245.80 72.12 317.93

2020/H1 649.08 406.29 1055.37 2037/H2 243.36 68.12 311.48

2020/H2 680.97 393.25 1074.22 2038/H1 203.97 64.24 268.21

2021/H1 1059.30 383.79 1443.09 2038/H2 178.69 60.95 239.65

2021/H2 1067.36 366.59 1433.95 2039/H1 166.54 58.16 224.71

2022/H1 1446.46 353.45 1799.91 2039/H2 157.22 55.50 212.72

2022/H2 1315.55 334.18 1649.73 2040/H1 154.60 53.16 207.77

2023/H1 1304.38 318.82 1623.19 2040/H2 148.17 50.65 198.83

2023/H2 1420.40 302.77 1723.16 2041/H1 133.66 48.17 181.83

2024/H1 1423.56 287.74 1711.30 2041/H2 126.79 45.91 172.70

2024/H2 1418.39 271.67 1690.05 2042/H1 115.90 43.74 159.64

2025/H1 1407.01 255.24 1662.25 2042/H2 112.98 41.75 154.73

2025/H2 1404.48 239.83 1644.31 2043/H1 103.16 39.75 142.91

2026/H1 1350.07 263.24 1613.32 2043/H2 99.60 37.95 137.55

2026/H2 1327.59 212.71 1540.30 2044/H1 99.12 36.25 135.37

2027/H1 1076.38 198.63 1275.00 2044/H2 99.12 34.47 133.60

2027/H2 1073.62 186.50 1260.12 2045/H1 99.12 32.57 131.69

2028/H1 786.43 175.04 961.47 2045/H2 99.12 30.85 129.97

2028/H2 628.42 164.27 792.69 2046/H1 99.12 29.00 128.12

2029/H1 595.37 155.41 750.78 2046/H2 99.12 27.29 126.41

2029/H2 418.25 147.97 566.22 2047/H1 99.12 25.44 124.56

2030/H1 398.67 141.99 540.66 2047/H2 99.12 23.73 122.86

2030/H2 363.73 135.96 499.69 2048/H1 99.27 21.95 121.22

2031/H1 355.75 130.73 486.47 2048/H2 98.53 20.21 118.74

2031/H2 360.37 125.23 485.60 2049/H1 98.53 18.31 116.84

2032/H1 335.51 120.29 455.80 2049/H2 98.53 16.63 115.16

2032/H2 334.21 115.00 449.21 2050/H1 96.53 14.75 111.28

2033/H1 328.68 109.79 438.47 2050/H2 77.72 13.11 90.84

2033/H2 321.60 104.63 426.23 2051/H1 62.51 11.56 74.06

2034/H1 320.80 99.82 420.62 2051/H2 56.71 10.50 67.21

2034/H2 315.60 94.81 410.42 2052/H1 42.01 2.25 44.26

2035/H1 305.64 90.07 395.71 2052/H2 39.63 1.44 41.07

2035/H2 304.97 85.15 390.12 2053/H1 19.13 0.69 19.82

2036/H1 258.80 80.63 339.42 2053/H2 14.75 0.30 15.05

2036/H2 258.60 76.38 334.98

Grand Total 31,559.59 (2) 8,459.60 (3) 40,019.19


(2) Excludes US$ 1,248.96 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 million.

(3) Includes US$ 464 million representing forecast interest of SDR allocation.



Multilateral Institutions

Table ( 14 )

Cen

tral B

an

k o

f Egyp

t - Extern

al P

ositio

n49

Figure 11

0

500

1000

1500

2000

2500

3000

3500

4000

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

Principal Interest Total

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

as of July 1, 2019US$ mn



2019/H2 0.00 28.71 28.71 2030/H1 0.00 12.11 12.11

2020/H1 584.10 28.91 613.01 2030/H2 0.00 12.11 12.11

2020/H2 0.00 12.11 12.11 2031/H1 0.00 12.11 12.11

2021/H1 0.00 12.11 12.11 2031/H2 0.00 12.11 12.11

2021/H2 0.00 12.11 12.11 2032/H1 0.00 12.11 12.11

2022/H1 0.00 12.11 12.11 2032/H2 0.00 12.11 12.11

2022/H2 0.00 12.11 12.11 2033/H1 0.00 12.11 12.11

2023/H1 0.00 12.11 12.11 2033/H2 0.00 12.11 12.11

2023/H2 0.00 12.11 12.11 2034/H1 0.00 12.11 12.11

2024/H1 0.00 12.11 12.11 2034/H2 0.00 12.11 12.11

2024/H2 0.00 12.11 12.11 2035/H1 0.00 12.11 12.11

2025/H1 0.00 12.11 12.11 2035/H2 0.00 12.11 12.11

2025/H2 0.00 12.11 12.11 2036/H1 0.00 12.11 12.11

2026/H1 0.00 12.11 12.11 2036/H2 0.00 12.11 12.11

2026/H2 0.00 12.11 12.11 2037/H1 0.00 12.11 12.11

2027/H1 0.00 12.11 12.11 2037/H2 0.00 12.11 12.11

2027/H2 0.00 12.11 12.11 2038/H1 0.00 12.11 12.11

2028/H1 0.00 12.11 12.11 2038/H2 0.00 12.11 12.11

2028/H2 0.00 12.11 12.11 2039/H1 0.00 12.11 12.11

2029/H1 0.00 12.11 12.11 2039/H2 0.00 12.11 12.11

2029/H2 0.00 12.11 12.11 2040/H1 352.40 12.11 364.51

Grand Total 936.50 542.18 1,478.68

(*) 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 ( 15 )

Projected Sovereign Notes (*)

Debt Service as of July 1, 2019


(US$ million)

Period Principal Interest Total

2019/H2 0.00 525.61 525.612020/H1 0.00 515.78 515.782020/H2 0.00 515.78 515.782021/H1 0.00 515.78 515.782021/H2 0.00 515.78 515.782022/H1 2,003.14 515.78 2,518.922022/H2 0.00 454.43 454.432023/H1 1,041.47 454.43 1,495.912023/H2 0.00 425.39 425.392024/H1 633.81 425.39 1,059.202024/H2 0.00 405.74 405.742025/H1 768.89 405.74 1,174.632025/H2 0.00 383.16 383.162026/H1 0.00 383.16 383.162026/H2 0.00 383.16 383.162027/H1 1,527.86 383.16 1,911.022027/H2 0.00 325.86 325.862028/H1 944.95 325.86 1,270.822028/H2 0.00 294.74 294.742029/H1 1,683.10 294.74 1,977.842029/H2 0.00 230.78 230.782030/H1 0.00 230.78 230.782030/H2 0.00 230.78 230.782031/H1 0.00 230.78 230.782031/H2 0.00 230.78 230.782032/H1 0.00 230.78 230.782032/H2 0.00 230.78 230.782033/H1 0.00 230.78 230.782033/H2 0.00 230.78 230.782034/H1 0.00 230.78 230.782034/H2 0.00 230.78 230.782035/H1 0.00 230.78 230.782035/H2 0.00 230.78 230.782036/H1 0.00 230.78 230.782036/H2 0.00 230.78 230.782037/H1 0.00 230.78 230.782037/H2 0.00 230.78 230.782038/H1 0.00 230.78 230.782038/H2 0.00 230.78 230.782039/H1 0.00 230.78 230.782039/H2 0.00 230.78 230.782040/H1 0.00 230.78 230.782040/H2 0.00 230.78 230.782041/H1 0.00 230.78 230.782041/H2 0.00 230.78 230.782042/H1 0.00 230.78 230.782042/H2 0.00 230.78 230.782043/H1 0.00 230.78 230.782043/H2 0.00 230.78 230.782044/H1 0.00 230.78 230.782044/H2 0.00 230.78 230.782045/H1 0.00 230.78 230.782045/H2 0.00 230.78 230.782046/H1 0.00 230.78 230.782046/H2 0.00 230.78 230.782047/H1 2,500.00 230.78 2,730.782047/H2 0.00 124.53 124.532048/H1 1,500.00 124.53 1,624.532048/H2 0.00 65.25 65.252049/H1 1,500.00 65.25 1,565.25

Grand Total 14,103.23 17,136.92 31,240.15

(*) Euro Bond Nominal Value Amounted US$ 16,500 MM, detailed as:

US$ 1500 MM issued on 11/6/2015 and due on 11/6/2025 with Fixed Interest Rate 5.875%

US$ 2500 MM (US$ 1750 MM issued on 31/1/2017 and US$ 750 MM issued on 31/5/2017) due on 31/1/2022 with Fixed Interest Rate 6.125%









Table ( 16 )

Projected Euro-Bond issued in USD (*)



(US$ million)*


2019/H2 0.00 0.00 0.00

2020/H1 0.00 238.91 238.91

2020/H2 0.00 0.00 0.00

2021/H1 0.00 238.78 238.78

2021/H2 0.00 0.00 0.00

2022/H1 0.00 238.78 238.78

2022/H2 0.00 0.00 0.00

2023/H1 0.00 238.78 238.78

2023/H2 0.00 0.00 0.00

2024/H1 0.00 238.78 238.78

2024/H2 0.00 0.00 0.00

2025/H1 817.65 238.78 1,056.43

2025/H2 0.00 0.00 0.00

2026/H1 958.66 199.94 1,158.61

2026/H2 0.00 0.00 0.00

2027/H1 0.00 154.41 154.41

2027/H2 0.00 0.00 0.00

2028/H1 0.00 154.41 154.41

2028/H2 0.00 0.00 0.00

2029/H1 0.00 154.41 154.41

2029/H2 0.00 0.00 0.00

2030/H1 1,137.20 154.41 1,291.61

2030/H2 0.00 0.00 0.00

2031/H1 1,418.66 90.44 1,509.10

Grand Total 4,332.17 2,340.84 6,673.01

(*) The exchange rate of June 30, 2019 .

(**) Euro Bond dominated in Euro currency with Nominal Value Amounted EUR 4000 MM detailed as:

EUR 1000 MM issued on 16/4/2018 and due on 16/4/2026 with Fixed Interest Rate 4.750%




Table ( 17 )

Projected Euro-Bond dominated in EUR currency (**)



(US$ million)


2019/H2 83.66 2,083.66

2020/H1 25.42 2,025.42

Grand Total 4,000.00 (*) 109.08 4,109.08

(*) Consists of Two Deposits :

The First Deposit Amounted US$ 2000 MM and due on 20/9/2019 .

The Second Deposit Amounted US$ 2000 MM and due on 23/4/2020 .

Table ( 18 )

Projected Medium and Long-Term Deposits for Kuwait

as of July 1, 2019

2,000.00

2,000.00


(US$ million)


2019/H2 200.00 149.35 349.35

2020/H1 1,532.00 162.32 1,694.32

2020/H2 5,100.00 66.65 5,166.65

2021/H1 668.00 13.36 681.36

Grand Total 7,500.00 (*) 391.68 7,891.68

(*) Consists of Four Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding is US$ 500 MM) and due from 9/11/2019 up to 9/11/2020.

The Second Deposit Amounted US$ 2000 MM and due on 19/7/2020.

The Third Deposit Amounted US$ 2000 MM and due on 22/4/2020 and 22/4/2021 .

The Fourth Deposit Amounted US$ 3000 MM and due on 1/7/2020.

Table (19 )

Projected Medium and Long-Term Deposits for Saudi Arabia

as of July 1, 2019


(US$ million)


2019/H2 97.59 97.59

2020/H1 97.86 1,097.86

2020/H2 84.98 84.98

2021/H1 85.00 1,085.00

2021/H2 70.31 1,070.31

2022/H1 55.28 721.95

2022/H2 30.78 734.03

2023/H1 26.22 26.22

2023/H2 25.93 1,025.93

2024/H1 8.33 341.66

Grand Total 5,703.25 (*) 582.28 6,285.53

(*) Consists of Five Deposits :

The First Deposit Amounted US$ 1000 MM and due on 15/7/2021.

The Second Deposit Amounted US$ 1000 MM and due on 17/7/2023.

The Third Deposit Amounted US$ 2000 MM and due on 22/4/2020, 20/4/2021 and 21/4/2022.

The Fourth Deposit Amounted US$ 1000 MM and due on 30/5/2020, 30/5/2021 and 30/5/2024.

The Fifth Deposit Amounted US$ 1000 MM (Outstanding is US$ 703.25 MM) and due on 31/8/2022.

0.00

Table ( 20 )

Projected Medium and Long-Term Deposits for United Arab Emirates

as of July 1, 2019

0.00

1,000.00

703.25

0.00

1,000.00

1,000.00

666.67

1,000.00

333.33


(US$ million)(1)


2019/H2 50.64 7.56 58.20

2020/H1 55.52 8.52 64.03

2020/H2 51.69 4.68 56.37

2021/H1 34.82 6.34 41.16

2021/H2 33.71 2.98 36.69

2022/H1 27.05 4.99 32.03

2022/H2 23.48 1.85 25.33

2023/H1 23.48 4.08 27.56

2023/H2 14.44 1.03 15.47

2024/H1 13.52 3.43 16.95

2024/H2 8.16 0.50 8.66

2025/H1 6.00 3.01 9.01

2025/H2 5.09 0.21 5.30

2026/H1 5.14 2.79 7.93

2026/H2 0.88 0.02 0.91

2027/H1 55.00 2.68 57.68

Grand Total 408.61 54.65 463.26

(1) The exchange rate of June 30, 2019 .

Table ( 21 )

Projected Private Sector Non-Guaranteed Debt



(US$ million)(1)


July 2019 2,430.97 37.04 2,468.01

August 2019 770.32 7.12 777.44

September 2019 924.30 3.30 927.60

October 2019 2,040.79 32.20 2,072.99

November 2019 855.13 13.25 868.38

December 2019 2,948.98 3.24 2,952.22

January 2020 549.80 17.37 567.17

February 2020 233.31 5.73 239.04

March 2020 133.92 3.47 137.39

April 2020 84.24 2.03 86.27

May 2020 22.21 0.34 22.55

June 2020 61.47 0.07 61.54

Grand Total 11,055.45 125.16 11,180.61

(1) The exchange rate of June 30, 2019 .

Table ( 22 )

Projected Short-Term Debt



Country Currency 2016 2017 2018 2019

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 0.98 0.96 1.00 0.98

Denmark DKK 6.71 6.54 6.43 6.56

Egypt EGP 8.77 18.03 17.82 16.64

Sweden SEK 8.51 8.60 9.00 9.28

Japan JPY 102.70 112.15 110.24 107.86

India INR 67.74 64.53 68.94 69.22

United Kingdom GBP 0.75 0.78 0.76 0.79

Canada CAD 1.30 1.31 1.33 1.31

Australia AUD 1.35 1.32 1.36 1.43

Norway NOK 8.43 8.44 8.18 8.52

Euro EURO 0.90 0.88 0.86 0.88

Special Drawing Rights SDR 0.72 0.72 0.71 0.72

Kuwait KWD 0.30 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 6.65 6.80 6.63 6.88

as at End of June

Exchange Rates of the Currencies of External Debt Versus US Dollar

Table ( 23 )


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 Agreements: 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 arrange-ment 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 / restructuring) 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 (subordination strategy).

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


Financial Account: a BOP account that covers transactions between residents and non-residents in direct, portfolio, other investment, financial derivatives, and reserve assets. Gross Domestic Product (GDP): the value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports. It can be broken down by output, expenditure, 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 transactions, valuation changes, and other adjustments occurring during the period. Long-Term External Debt: External 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 remain-ing maturity of outstanding external debt be measured by adding the value of outstanding short-term external debt (original maturity) to the value of outstanding long-term external debt (original maturity) due in one year or less.

central bank of egypt us$ bn chart (7) : services balance services payments services balance eu...

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