external position of the egyptian economy · public sector is the major obligor, carrying 94.9% of...

Central Bank of Egypt

External Position of the Egyptian Economy

During July / March 2004/05

Quarterly Report

Volume No. (9)

July 2005

rdoweFor

The External Position of the Egyptian Economy Report is one of a series

released by the Central Bank of Egypt (CBE) on a quarterly basis to shed light on the performance of Egypt's external sector during the reporting period.

The report at hand, the ninth in this series, covers the period July/March of

FY 2004/05. It reviews the BOP performance, external debt, external liquidity and exchange rate developments during the said period.

The Central Bank of Egypt hopes that this report will be of value and of

interest to both specialized and non-specialized readers.

Governor

Central Bank of Egypt

Table of Contents

Page

Overview

Section I: Balance of Payments 1

Section II: External Liquidity 9

• Net International Reserves 9

• Net Foreign Assets of Banks 10

Section III : External Debt 11

Section IV : Exchange Rate Developments 15

Appendices :

A - Main Statistics 17

B - Detailed Tables & Charts of the External Debt 25

Overview

The main developments in the external position of the Egyptian economy during the period July/March of FY 2004/05, compared with that of 2003/04 are summarized hereunder.

Egypt's balance of payments achieved a significant current account surplus,

totaling US$ 3512.6 million, compared with US$ 2567.8 million in July/March of the FY 2003/04. This is mainly attributed to a higher surplus in the balance of services by 25.4%, as travel revenues* and Suez Canal dues, the main revenue generators, surged by 19.4% and 15.4% respectively. Another contributing factor was the rise in unrequited transfers by 47.6%. Meanwhile, the trade deficit increased by 31.0%. The capital and financial account resulted in a net inflow of US$ 519.1 million against a net outflow of US$ 4098.4 million. Foreign investment in Egypt (direct and portfolio) realized net inflows of US$ 2537.3 million during July/March, 2004/05 (including FDI in petroleum sector) against US$ 183.9 million in the same period of FY 2003/04. The overall balance switched to a surplus of US$ 3319.4 million during July/March 2004/05 from a deficit of US$ 534.9 million in July/March 2003/04.

Net international reserves reached US$ 18.0 billion, with an increase of

US$ 3.3 billion during the period, covering 9.6 months of commodity imports. During the printing process of this report, Net International Reserves (NIR) reached US$ 19.2 billion at end of June 2005.

Banks' net foreign assets reached US$ 8.0 billion at end of March 2005,

increasing by US$ 2.3 billion. Foreign currency deposits with banks increased by 7.0%, to reach US$ 21.3 billion at end of March 2005. As the result of the stability of the foreign exchange market, the ratio of foreign currency deposits to total deposits decreased to reach 29.5% at end of March 2005, against 32.6% at end of June 2004.

Egypt's external debt (public and private) totaled US$ 30226.2 million at end

of March 2005, up by about US$ 354.4 million from US$ 29871.8 million at end of June 2004. The external debt position continued to be solid and well structured, as the medium and long-term debt accounted for 94.6% of total debt, under which the public sector is the major obligor, carrying 94.9% of Egypt's external debt.

The increase in Egypt's external debt was a net outcome of the depreciation of

US$ 0.9 billion in the US dollar vis-à-vis other currency obligations, on the one hand, and a net repayment of US$ 0.5 billion on the other hand. Such a net repayment was a result of principal repayments of US$ 1.5 billion and disbursements of US$ 1.0 billion. External debt as a ratio of GDP decreased to reach 31.4% at end of March 2005, against 38.3% at end of March 2004.

The weighted average of the interbank foreign exchange market rate -launched

by the end of 2004- recorded PT 579.5 per one US dollar at end of March 2005. The LE thus appreciated accordingly by around 5.6% compared to end of December 2004. During the printing process of this report the interbank rate reached PT 578.2/US dollar at end of June 2005. _________________ * Calculated on the basis of the number of tourist nights multiplied by a tourist average spending per night.

Section I

Balance of Payments

- 1 -

*Developments in the Balance of Payments 50/4200 of FYMarch/JulyDuring

Introduction

Table (1) reveals the transactions on the balance of payments throughout the first nine months of FY 2004/05, compared with that of FY 2003/04. Services surplus improved and unrequited transfers increased, while trade deficit widened. The BOP current account, including transfers achieved a surplus of US$ 3.5 billion. The capital and financial account realized net inflows, compared to net outflows. The overall balance recorded a surplus of US$ 3.3 billion during July/March 2004/05 compared with a deficit of US$ 0.5 billion during July/ March 2003/04.

Table (1) Balance of Payments*

(US$ mn) July / March 2003/04 2004/05**

Current Account 2567.8 3512.6 Current Account (Excluding Transfers) -153.7 -504.4 Trade Balance -5533.0 -7247.4 Exports*** 7404.1 9755.3

Oil 2850.5 3735.3 Other Exports 4553.6 6020.0

Imports*** -12937.1 -17002.7 Oil -1765.3 -2249.5 Other Imports -11171.8 - 14753.2 Service Balance 5379.3 6743.0 Receipts 9629.3 11735.2 Payments -4250.0 -4992.2 Transfers 2721.5 4017.0 Official (net) 495.7 957.5 Private (net) 2225.8 3059.5 Capital and Financial Account -4098.4 519.1 Direct investment abroad -22.0 -18.1 Direct investment in Egypt (net) 184.3 1915.3+ Portfolio investment abroad 89.3 545.2 Portfolio investment in Egypt (net), of which: -0.4 622.0 Sovereign bonds -62.9 -3.4 Other investments (net) -4349.6 -2545.3 Net Errors and Omissions 995.7 -712.3 Overall Balance -534.9 3319.4 Change in Reserve Assets, Increase (-)

534.9 -3319.4

* Compiled according to the Fifth Edition of the IMF's Balance of Payments Manual, September 1993. ** Preliminary figures. *** Including exports and imports of free zones. + Including FDI in petroleum sector.

- 2 - 1 - Current Transactions

1.1: Trade Balance As shown in Figure (1) the trade balance has demonstrated a rise in both

exports and imports during July/ March, 2004/05. Import payments totaled US$ 17.0 billion, indicating a rise of US$ 4.1 billion, or 31.4% over the period of comparison. This was an outcome of a 32.1% increase in non-oil imports, to post US$ 14.8 billion, and a 27.4% increase in oil imports, to reach US$ 2.2 billion.

Commodity export proceeds totaled US$ 9.8 billion, with an increase of US$

2.4 billion, or 31.8%. This pickup was due to a 32.2% rise in non-oil export proceeds, to reach US$ 6.0 billion, and a 31.0% rise in oil export proceeds, reaching US$ 3.8 billion.

As the increase in imports surpassed that of exports, the trade deficit widened

by 31.0%, to reach US$ 7.2 billion against US$ 5.5 billion in the corresponding period. Meanwhile, the coverage ratio of export proceeds to import payments slightly moved from 57.2% to 57.4%. Figure (1)

Commodity Transactions July/ March

0123456789

101112131415161718

2003 / 2004 2004 / 2005 2003 / 2004 2004 / 2005

( US$ bn )

Non Oil

Oil

Exports Imports 1.2: Services Balance and Transfers

Table (2) reveals that the services surplus has increased by 25.4%, to reach

US$ 6.7 billion during July/ March 2004/05, against US$ 5.4 billion. This was a result of higher service receipts by 21.9%, to reach US$ 11.7 billion, and higher service payments by only 17.5%, to reach US$ 5.0 billion.

- 3 - Table (2)

Services Balance (US$mn)

July / March 2003/04 2004/05 Change (-)

Services Balance 5379.3 6743.0 1363.7 Receipts 9629.3 11735.2 2105.9 Transport 2754.2 3107.9 353.7 Travel 4154.6 4961.6 807.0 Investment Income 379.6 595.1 215.5 Government Receipts 119.0 115.1 (3.9) Other Receipts 2221.9 2955.5 733.6 Payments 4250.0 4992.2 742.2 Transport 470.9 677.5 206.6 Travel 1051.4 1070.1 18.7 Investment Income 565.3 656.8 91.5 Government Payments 356.9 478.5 121.6 Other Payments 1805.5 2109.3 303.8

As shown in Table (2) and Figure (2), the rise in service receipts was reflected

on most items. Travel receipts (tourism revenues) being a main revenue generator in service receipts, increased by 19.4% to total US$ 5.0 billion*. Tourist nights increased to 66.2 million compared to 55.4 million nights a year earlier, because Egypt intensified its marketing in Europe and attracted more visitors from the Middle East. Yet, the average expenditure of a tourist per night stood at the same level of US$ 75.0/night. Transportation rose, as well, by 12.8%, to reach US$ 3.1 billion, as a result of the pickup in the receipts of Suez Canal dues (another main revenue generator), by 15.4%, to reach US$ 2.4 million, and in the receipts of the Egyptian airline and navigation companies. The investment income receipts rose by 56.8%, due to higher interest received on deposits abroad. Other receipts rose by 33.0% to amount to US$ 3.0 billion, mainly due to an increase in the services of construction and contractors and communication. On the other hand, government receipts fell by 3.3% to total US$ 115.1 million.

The 17.5% rise on the service payments side was reflected on all items. Transportation payments surged by 43.9% due to higher transfers by foreign airline companies and Egyptian navigation companies. Government payments rose by 34.1% to reach US$ 478.5 million due to higher expenditures and salaries of government officials working abroad. Other payments rose by 16.8% to reach US$ 2.1 billion, mainly due to higher transfers by Egyptian petroleum companies, higher services of communication, construction and contractors. Investment income payments rose by 16.2%, as a result of a rise in dividends on securities, profit transfers of foreign companies working in Egypt and higher interest paid on deposits of non residents at Egyptian banks. Travel payments rose by only 1.8%, mainly due to higher transfers by travel companies and hotels. _______________________________ ∗ Calculated on the basis of the number of tourist nights multiplied by a tourist average spending per night.

- 4 -

Figure (2)

Services Balance July/March

0.01.02.03.04.05.06.07.08.09.0

10.011.012.0

2003 / 2004 2004 / 2005

(US$ bn )

Receipts

Payments

TravelReceipts

Table (3) below shows that net unrequited transfers rose by 47.6%, recording

US$ 4.0 billion in July/March, 2004/05. Official transfers increased by 93.2%, mainly due to the rise in both cash & commodity grants received. Meanwhile private transfers rose by 37.5%, as a result of the increase in workers' remittances.

Table (3)

Unrequited Transfers (US$ mn)

July / March 2003/04 2004/05 Change (-)

Total 2721.5 4017.0 1295.5 1. Official Transfers (net) 495.7 957.5 461.8

− Inward cash grants 77.0 422.2 345.2 − Other inward grants 437.6 563.7 126.1 − Outward grants -18.9 -28.4 -9.5

2. Private Transfers (net) 2225.8 3059.5 833.7 − Workers' remittances 2195.1 3022.7 827.6 − Other transfers 51.8 51.4 -0.4 − Foreigners’ transfers abroad -21.1 -14.6 6.5

- 5 -

The BOP current account indicates an increase of US$ 5.8 billion or 29.1% in

current receipts, to reach US$ 25.5 billion. This rise reflected a pickup in all its components, specifically, 31.8% in export proceeds, 21.9% in service receipts, 93.2% in official transfers and 37.5% in private transfers. On the other hand, current payments scaled up by 28.0% due to a rise of 31.4% in import payments and of 17.5% in service payments. (See Table [4] below) Table (4)

Summary of Current Receipts and Payments (US$mn)

July / March

2003/04 % 2004/05 % Change (-)

Current Receipts 19754.9 100.0 25507.5 100.0 5752.6 Export Proceeds (FOB) 7404.1 37.5 9755.3 38.2 2351.2 Service Receipts 9629.3 48.7 11735.2 46.0 2105.9 Private Transfers (net) 2225.8 11.3 3059.5 12.0 833.7 Official Transfers (net)

495.7 2.5 957.5 3.8 461.8

Current Payments 17187.1 100.0 21994.9 100.0 4807.8 Import Payments (CIF) 12937.1 75.3 17002.7 77.3 4065.6 Service Payments 4250.0 24.7 4992.2 22.7 742.2

External balancing indicators have improved, as shown in Table (5). Total

current receipts cover 116.0% of current payments compared to the 114.9% covered in the period July/March, 2003/04. Excluding official transfers, the ratio declined slightly to 111.6% in July/March 2004/05 against 112.1%.

Table (5)

Current Receipts/Current Payments Coverage Ratio (%)

July / March 2003/04 2004/05

Commodity Exports/Commodity Imports 57.2 57.4 Invisible Receipts/Invisible Payments 226.6 235.1 Current Receipts/Current Payments (excluding official transfers) 112.1 111.6

Current Receipts/Current Payments 114.9 116.0

- 6 -

2 - Capital and Financial Account

Fig. (3) and Table (6) hereunder reveal that during July/March 2004/05, the capital and financial account has achieved a net inflow of US$ 519.1 million compared with an outflow of US$ 4098.4 million during the same period of FY 2003/04. Figure (3)

Capital & Financial AccountJuly/March

00.5

11.5

22.5

33.5

44.5

55.5

66.5

77.5

2003/2004 2004/2005

(US$ bn)

Capital Inflow

Capital Outflow

FDI

Table (6)

Capital and Financial Account (US$ mn)

July / March 2003/04 2004/05∗Capital and Financial Account -4098.4 519.1 Direct Investment Abroad -22.0 -18.1 Foreign Direct Investment in Egypt (net) 184.3 1915.3 Portfolio Investment Abroad 89.3 545.2 Portfolio Investment in Egypt (net), of which -0.4 622.0

Sovereign bonds -62.9 -3.4 Other Investments (net) -4349.6 -2545.3 − Disbursements 2375.8 2205.8

• Medium- & long- term loans 599.3 697.9 International & regional organizations 506.5 609.9 Bilateral loans 92.8 88.0

• Medium- and long-term suppliers’ & buyers’ credit 352.4 21.1 • Short-term suppliers’ & buyers’ credit (net) 1424.1 1486.8

− Repayments -1476.8 -1460.4 • Medium- & long-term loans -1188.2 -1235.6

International & regional organizations -476.6 -452.0 Bilateral loans -711.6 -783.6

• Medium- and long-term suppliers’ & buyers’ credit -288.6 -224.8 − Other Assets -4438.4 -3168.4

CBE -33.8 -1.4 Banks -1883.1 -2151.2 Others -2521.5 -1015.8 − Other Liabilities -810.2 -122.3

CBE -20.1 -3.4 Banks -790.1 -118.9 ∗ Preliminary.

- 7 - The following are the factors that have influenced the capital and financial

account during July/March 2004/05 as compared with the same period of FY 2003/04:

- Foreign investments in Egypt (direct and portfolio) realized total inflows of

US$ 4731.4 million and total outflows of US$ 2194.1 million, compared with US$ 1006.8 million, and US$ 822.9 million respectively in the corresponding period of the previous year. Such transactions led to net inflows totalling US$ 2537.3 million during July/March 2004/05 against US$ 183.9 million.

• Foreign direct investments in Egypt realized a net inflow of US$ 1915.3

million (including investments of US$ 1.5 billion in the petroleum sector and receipts of US$ 0.3 billion from selling some local companies to foreign investors) against US$ 184.3 million.

• Portfolio investment in Egypt unfolded net inflows of US$ 622.0

million compared with net outflows of US$ 0.4 million.

• Noticeably foreigners' tradings on the Egyptian Stock Market revealed net purchases of US$ 625.4 million compared to US$ 62.5 million. Total purchases amounted to US$ 2622.1 million against US$ 798.8 million , while total sales were US$ 1996.7 million, against US$ 736.3 million.

• Portfolio investment in Egypt also included purchases in the amount of

US$ 3.4 million by resident financial institutions (banks and insurance companies) of sovereign bonds issued abroad, against US$ 62.9 million.

- Medium & long- term loans and suppliers' credit, during July/March 2004/05

revealed net repayments of US$ 741.4 million against US$ 525.1 million. Total disbursements for such loans and facilities retreated to US$ 719.0 million from US$ 951.7 million. Total repayments fell to US$ 1460.4 billion, from US$ 1476.8 million. The fall in total disbursements was a result of lower medium and long term suppliers' credit, to record US$ 21.1 million compared to US$ 352.4 million. Also the drop in total repayments is ascribed to a decrease in medium & long-term suppliers' credits, reaching US$ 224.8 million, against US$ 288.6 million.

- Short term suppliers' credit revealed net disbursements of US$ 1.5 billion

against US$ 1.4 billion. - Foreign assets of the banking system improved by US$ 2.2 billion against

US$ 1.9 billion. Foreign assets of banks increased by US$ 2151.2 million compared with US$ 1883.1 million; and non-reserve foreign assets of the Central Bank rose by US$ 1.4 million against US$ 33.8 million in the period of comparison.

- 8 -

- Other assets decreased by 59.7%, to amount to US$ 1.0 billion compared

with US$ 2.5 billion due to higher banknote purchases through banks during the period under review.

- Other liabilities fell by US$ 122.3 million against US$ 810.2 million,

because of the decrease in banks’ foreign liabilities by US$ 118.9 million in July/March 2004/05, compared with US$ 790.1 million, and in CBE’s foreign liabilities by US$ 3.4 million compared with US$ 20.1 million.

3 - Overall Balance

The overall surplus amounted to US$ 3319.4 million in July/March 2004/05 (3.6% of GDP) against a deficit of US$ 534.9 million (-0.7% of GDP). Table (7)

Balance of Payments: Summary

(US$ mn) July / March

2003/04 2004/05*

Current Account Balance 2567.8 3512.6 Capital & Financial Account -4098.4 519.1

Foreign Direct Investment (inflow-outflow) 162.3 1897.2 Portfolio Investment (inflow-outflow) 88.9 1167.2 Net Borrowing 899.0 745.4 CBE Non-reserve Foreign Assets** -33.8 -1.4 CBE Short-term Liabilities -20.1 -3.4 Net Foreign Assets of Banks** -2673.2 -2270.1 Other Assets -2521.5 -1015.8

Net Errors & Omissions 995.7 -712.3 Overall Balance -534.9 3319.4 Change in CBE's Reserve Assets** 534.9 -3319.4

* Preliminary. ** Increase = Minus.

Section II

External Liquidity

• Net International Reserves • Net Foreign Assets of Banks

- 9 - 1- Net International Reserves (NIR)

During July/March 2004/05, NIR increased by US$ 3.3 billion, against a decrease of US$ 480 million, to reach US$ 18.0 billion at end of March 2005. However, the NIR coverage ratio for commodity imports reached 9.6 months at end of March 2005. While this report was under preparation, net international reserves (NIR) reached US$ 19.2 billion at end of June 2005.

Table (8) (US$ mn)

End of June 2003

March 2004

June 2004

March 2005

June* 2005

Net International Reserves (1-2) 14809 14329 14781 18043 19222

1- Gross Official Reserves 14845 14345 14800 18059 19241

Gold 631 631 717 717 779

Foreign Exchange 13837 13368 13734 17003 18129

SDRs 51 64 73 93 93

Other 326 282 276 246 240

2- Reserve Liabilities 36 16 19 16 19

Reserves/Months Imports 12.0 9.4 9.7 9.6 10.2

* Provisional. Figure (4)

NIR and months imports covered

0.01.53.04.56.07.59.0

10.512.013.515.016.518.019.5

Jun-03

Sep-03

Dec-03

Mar-04

Jun-04

Sep-04

Dec-04

Mar-05

Jun-05

US$ bn

0.0

1.5

3.0

4.5

6.0

7.5

9.0

10.5

12.0

13.5

15.0

16.5

(Month)

ForeignExchange

Gold

Other

Reserves/MonthsImports

( Balance at end of month)

- 10 - 2- Net Foreign Assets of Banks (NFA) Banks’ net foreign assets increased by US$ 2.3 billion during July/March of FY 2004/05, to reach US$ 8.0 billion at end of March 2005. (See Figure [5]) Figure (5)

Net Foreign Assets of Banks

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jun 03 Sep 03 Dec 03 Mar 04 Jun 04 Sep 04 Dec 04 Mar 05

US$ bn

Assets Liabilities

During July/March 2004/05, foreign currency deposits with banks increased

by 7.0% against 10.9% in the corresponding period, to reach US$ 21.3 billion at end of March 2005. On the other hand, local currency deposits increased by 15.5% against 7.2%. Accordingly, the ratio of foreign currency deposits to total deposits dropped from 32.6% at end of June 2004 to 29.5% at end of March 2005. Figure (6)

Developments in Deposits by Local and Foreign Currencies

0

50

100

150

200

250

300

350

400

450

Jun- 03 Sep- 03 Dec-03 Mar- 04 Jun- 04 Sep- 04 Dec- 04 Mar- 05

LE bn( Balance at end of month)

Local Currency Deposits

Foreign Currency Deposits

Section III

External Debt

- 11 - 1 - Egypt’s External Debt

Egypt’s external debt (public and private) in US dollar reached US$ 30.2 billion at end of March 2005, denoting a rise of US$ 0.4 billion or 1.2 %. The rise was an outcome of the exchange rate effects (depreciation of the US dollar vis-à-vis other currencies of borrowing) amounting to US$ 0.9 billion, on the one hand, and a net repayment of US$ 0.5 billion, on the other hand.

Table (9) External Debt

(US$ mn) June 2004 March 2005 Change

End of Value % Value % + (-)

External Debt 29871.8 100.0 30226.2 100.0 354.4

Rescheduled bilateral debt* 16384.8 54.9 16363.4 54.1 (21.4)

ODA ** 8052.6 27.0 8047.6 26.6 (5.0)

Non-ODA 8332.2 27.9 8315.8 27.5 (16.4)

Other bilateral debt 4432.8 14.8 4501.5 14.9 68.7

Paris Club countries 3263.4 10.9 3409.0 11.3 145.6

Other countries 1169.4 3.9 1092.5 3.6 (76.9)

International & regional organizations 5080.8 17.0 5354.6 17.7 273.8

Suppliers' & buyers' credit 1333.0 4.5 1163.3 3.9 (169.7)

Sovereign bonds 587.7 2.0 584.3 1.9 (3.4)

Long-term Deposits + 0.0 0.0 500.0 1.7 500.0

Short-term debt: 1967.5 6.5 1644.0 5.4 (323.5)

Deposits 1267.5 4.2 622.0 2.0 (645.5)

Other facilities 700.0 2.3 1022.0 3.4 322.0

Private sector (non-guaranteed) 85.2 0.3 115.1 0.4 29.9* According to the agreement signed with Paris Club countries on 25/5/1991 ** Official Development Assistance + As of December 2004, the deposit of the Arab International Bank was transferred from short-term

debt to long-term deposits.

- 12 - Figure (7)

External Debt By Maturity & Debtor Sector

End of March

05000

100001500020000250003000035000

2003 2004 2005

US$ mn

Medium & Long-term External Debt Short-term External Debt

Public Sector Debt Private Sector Debt

Data on external debt reveal an ongoing improvement in the external debt

structure, as medium- and long-term debt accounted for 94.6% of total debt, and short-term debt accounted for 5.4%. The public sector owed 94.9% of Egypt’s external debt, and the private sector owed 5.1%. (see Figure [7] above)

In spite of the net repayments realized during July/March 2004/05, which reached US$ 0.5 billion, the medium- and long-term debt increased by US$ 0.7 billion, to reach US$ 28.6 billion at end of March 2005, compared with end of June 2004. Such an increase was a result of the depreciation of the US dollar vis-à-vis other currencies of borrowing. It is worth noting that the net repayments were an outcome of principal repayments of US$ 1.5 billion and disbursements of only US$ 1.0 billion. 2 - External Debt by Creditor

A breakdown of Egypt’s external debt by creditor indicates that bilateral

loans owed to Paris Club members (rescheduled and non-rescheduled) accounted for 65.4% of the total, reaching US$ 19.8 billion at end of March 2005. Debt owed to non Paris Club members amounted to US$ 1.1 billion, or 3.6%. The outstanding debt of suppliers’ and buyers’ credit amounted to US$ 1.2 billion, or 3.9% of the total. Egypt’s debt to international and regional organizations reached US$ 5.4 billion at end of March 2005, accounting for 17.7% of the total.

- 13 -

The stock of sovereign bonds decreased by US$ 3.4 million, to reach US$ 584.3 million or 1.9% at end of March 2005, against US$ 587.7 million at end of June 2004. Long–term deposits accounted for 1.7% of the total, reaching US$ 500 million at end of March 2005. Short-term debt decreased by US$ 323.5 million, to reach US$ 1.6 billion or 5.4% of the total. The non-guaranteed debt of the private sector decreased by US$ 29.9 million, to reach US$ 115.1 million or 0.4% of the total.

It is worth noting that 58.0% of Egypt's external debt is owed to France, the

USA, Japan and Germany. 3 - External Debt by Debtor

Table (10) reveals that the external debt data display an increase of US$ 0.4

billion in main institutional sectors during July/March 2004/05. Specifically, the balance due on the other sectors increased by US$ 533.4 million, and the Central Bank by US$ 48.1 million. In contrast, there was a decrease in the balance due on banks by US$ 170.8 million and central and local government by US$ 56.3 million. In spite of the said developments, the structure of Egypt’s external debt by debtor has not seen any significant change during the period under review. The central and local government, as shown in the table, has continued to be the main debtor, with US$ 18.9 billion or 62.5% of the total, representing claims on the government.

Table (10)

External Debt by Debtor (US$ mn)

June March End of 2004 % 2005 % Change

+ (-)

External Debt 29871.8 100.0 30226.2 100.0 354.4 Total Medium- & Long-Term Debt 27904.3 93.4 28582.2 94.6 677.9Total Short-Term Debt 1967.5 6.6 1644.0 5.4 (323.5) Central & Local Government 18964.5 63.5 18908.2 62.5 (56.3) Medium- & Long-term Debt, of which 18964.5 63.5 18908.2 62.5 (56.3) Bonds & Notes 587.7 2.0 584.3 1.9 (3.4) Short-term Debt 0.0 0.0 0.0 0.0 0.0Monetary Authority 987.0 3.3 1035.1 3.5 48.1 Medium- & Long-term Debt 337.0 1.1 885.1 3.0 548.1 Short-term Debt 650.0 2.2 150.0 0.5 (500.0)Banks 2353.3 7.9 2182.5 7.2 (170.8) Medium- & Long-term Debt 1035.8 3.5 1415.5 4.7 379.7 Short-term Debt 1317.5 4.4 767.0 2.5 (550.5)Other Sectors 7567.0 25.3 8100.4 26.8 533.4 Medium- & Long-term Debt 7567.0 25.3 7373.4 24.4 (193.6) Short-term Debt 0.0 0.0 727.0 2.4 727.0

- 14 - 4 - External Debt Indicators

External debt service payments decreased by US$ 44.2 million during July/March 2004/05, to reach about US$ 2.0 billion. This was a result of the US$ 16.4 million decrease in principal repayments, to reach US$ 1.5 billion, and of the US$ 27.8 million decrease in interest payments, to stand at US$ 0.5 billion.

The debt service ratio to export proceeds of goods and services declined to

9.1% during July/March 2004/05, from 11.7% in the previous corresponding period. This was mainly due to an increase in commodity exports, travel receipts and Suez Canal dues. In the same manner, debt service ratio to current receipts stepped down to 7.6%, compared with 10.1%. (See Figure [8] and Table [11])

In the meantime, the ratio of short-term debt to total external debt declined

from 5.9% to 5.4%. Similarly, its ratio to NIR decreased from 12.4% to 9.1%. As a percentage of GDP, the external debt decreased to reach 31.4% at end of March 2005, against 38.3% at end of March 2004. Figure (8)

Table (11)

External Debt Indicators (%) July / March

2002/03 2003/04 2004/05 Debt Service/Exports (G&S) 13.3 11.7 9.1 Debt Service/Current Receipts 11.1 10.1 7.6 Short-term Debt/External Debt (end of period) 7.3 5.9 5.4 Short-term Debt/NIR (end of period) 14.9 12.4 9.1 External Debt/GDP 39.4 38.3 31.4

External Debt IndicatorsJuly/ March

0

5

10

15

20

2002/2003 2003/2004 2004/200515.017.520.022.525.027.530.032.535.037.540.0

Short-term Debt / External Debt (end of period)Short-term Debt / Net International Reserves (end of period)Debt Services / Exports (G & S) %Debt Services / Current Receipts %External Debt/GDP(right axis)

%

Section IV

Exchange Rate Developments

- 15 -

Exchange Rate Developments Since January 29,2003 the Egyptian pound exchange rate has been liberalized. According to CBE Central Chamber for FX Statistics, the weighted average of the US dollar exchange rate in the interbank foreign exchange market reached pt 579.5100 at end of March 2005, against pt 619.5205 at end of March 2004. As such, the EGP exchange rate appreciated by about 6.9% during the year under review. This appreciation is mainly attributed to the sustainable success of the interbank foreign exchange market which was launched on 23rd December 2004.

During the printing process of this report, the interbank rate reached PT 579.7 and PT 578.2/US dollar at end of May and June 2005, respectively.

Table (12)

End of March USD/EGP

Weighted Average Rate (In Piasters)

Buy Sell Average 2003 573.5486 575.7886 574.6686* 2004 618.8652 620.1758 619.5205* 2005 - - 579.5100** EGP appreciation (%) 6.90% End of June 578.2000

* Weighted average at all market participants including CBE. ** Weighted average of the interbank foreign exchange market. Figure (9)

Banks Rate (buy)

570.0

580.0

590.0

600.0

610.0

620.0

630.0

US$/EGP Weighted Average Rate (in Piastres)- End of Month

March 04 March 05March 03

June 05

Appendices

A. Main Statistics

Page

I- Balance of Payments

Balance of Payments (July/March 2003/04 – 2004/05) ……… 19

Balance of Payments (contd.)……………………………… 20

II- External Liquidity

Net International Reserves & Net Foreign Assets of Banking

System ………………………………………………………

21

III- External Debt

External Debt……………………………………………….. 22

External Debt by Debtor ……………………………………. 23

IV- Exchange Rate Developments

Exchange Rates ( in piasters per foreign currency unit )……. 24

(US$ mn)

2003/04 2004/05*

Trade Balance -5533.0 -7247.4 Exports** 7404.1 9755.3 Petroleum 2850.5 3735.3 Other Exports 4553.6 6020.0 Imports** -12937.1 -17002.7 Petroleum -1765.3 -2049.9 Other Imports -11171.8 -14952.8Services (Net) 5379.3 6743.0Receipts 9629.3 11735.2 Transportation, of which : 2754.2 3107.9 Suez Canal (2100.7) (2425.2) Travel 4154.6 4961.6 Investment Income 379.6 595.1 Government Services 119.0 115.1 Other 2221.9 2955.5Payments -4250.0 -4992.2 Transportation -470.9 -677.5 Travel -1051.4 -1070.1 Investment Income, of which -565.3 -656.8 Interest Paid (-481.8) (-483.4) Government Expenditures -356.9 -478.5 Other -1805.5 -2109.3Balance of Goods & Services -153.7 -504.4Transfers 2721.5 4017.0Private Transfers (Net) 2225.8 3059.5Official Transfers (Net) 495.7 957.5Current Account Balance 2567.8 3512.6* Preliminary.**Include free zones exports and imports.

- 19 -

Table (1) Balance of Payments

July/March

(US$ mn)

2003/04 2004/05*

Capital & Financial Account -4098.4 519.1 Financial Account -4098.4 519.1 Direct Investment Abroad -22.0 -18.1 Direct Investment in Egypt (Net) 184.3 1915.3 Portfolio Investment Abroad 89.3 545.2 Portfolio Investment in Egypt (Net), of which: -0.4 622.0

Bonds -62.9 -3.4

Other Investment (Net) -4349.6 -2545.3

Net Borrowing 899.0 745.4

M&L -Term Loans (Net) -588.9 -537.7

Drawings 599.3 697.9

Repayments -1188.2 -1235.6

MT- Suppliers' Credit (Net) 63.8 -203.7

Drawings 352.4 21.1

Repayments -288.6 -224.8

ST- Suppliers' Credit (Net) 1424.1 1486.8 Other Assets -4438.4 -3168.4

Central Bank -33.8 -1.4

Banks -1883.1 -2151.2

Other -2521.5 -1015.8

Other Liabilities -810.2 -122.3

Central Bank -20.1 -3.4

Banks -790.1 -118.9

Net Errors & Omissions 995.7 -712.3

Overall Balance -534.9 3319.4

Change in CBE Reserve Assets ,Increase(-) 534.9 -3319.4

*Preliminary. **Include US$ 1475.8 m.foreign direct investments in petroleum sector

and US$ 327.9 m.reciepts of selling some local companies

July/March

- 20 -

Table (1) Balance of Payments (contd.)

**

June June June June March June March2000 2001 2002 2003 2004 2004 2005

Net International Reserves(1-2) 15130.4 14244.0 14146.6 14808.6 14329.2 14780.6 18042.7 1- Gross Official Reserves 15160.6 14269.2 14179.1 14844.7 14345.3 14800.1 18058.8

Gold 511.1 488.2 570.7 631.2 631.2 716.9 716.9

Foreign exchange 14220.9 13374.7 13228.1 13836.6 13368.0 13734.8 17002.8

SDRs 35.7 37.7 34.4 51.4 64.2 72.7 92.7

Other 392.9 368.6 345.9 325.5 281.9 275.7 246.4

2- Reserve Liabilities 30.2 25.2 32.5 36.1 16.1 19.5 16.1

Banks' Net Foreign Assets 2681.1 1394.3 1614.3 2169.5 4842.6 5705.3 7975.4

Assets 7347.4 6328.9 6102.8 6594.8 8478.0 9188.1 11339.3

Liabilities 4666.3 4934.6 4488.5 4425.3 3635.4 3482.8 3363.9

Table (2) :Net International Reserves & Net Foreign Assets of Banking System

(US$ mn)

- 21 -

End of

June June June June March June March2000 2001 2002 2003 2004 2004 2005

Total External Debt* 27783.3 26560.0 28660.8 29396.2 30112.9 29871.8 30226.2Rescheduled bilateral debt ** 16291.8 14779.4 15336.4 16192.0 16603.6 16384.8 16363.4 ODA 7968.7 7345.1 7455.6 7900.0 8181.2 8052.6 8047.6 Non-ODA 8323.1 7434.3 7880.8 8292.0 8422.4 8332.2 8315.8Other bilateral debt 4226.4 3894.4 4057.2 4350.0 4540.1 4432.8 4501.5 Paris Club countries 3677.0 3353.0 3405.0 3320.0 3487.4 3263.4 3409.0 Other countries 549.4 541.4 652.2 1030.0 1052.7 1169.4 1092.5International & regional institutions 4275.2 4310.4 4697.4 4904.0 5098.7 5080.8 5354.6Suppliers' & buyers' credits 980.6 896.0 923.8 1133.1 1273.3 1333.0 1163.3Sovereign bonds 0.0 0.0 953.6 735.4 672.5 587.7 584.3Long -term deposits + 500.0Short-term debt 1627.9 2207.0 2150.0 1864.5 1784.0 1967.5 1644.0Private sector debt (non-guaranteed) 381.4 472.8 542.4 217.2 140.7 85.2 115.1

Source: Central Bank of Egypt.* The difference from World Bank Data is in short-term debt .** According to the agreement signed with Paris Club countries on May 25, 1991.+ It has been agreed to consider the Arab International Bank Deposit as Medium and long Term External Debt.

End of

Table (3) External Debt

- 22 -

(US$ mn)

(US$ mn)

End of Jun-04 % Mar-05 % Change (-) %

External Debt 29871.8 100.0 30226.2 100.0 354.4 1.2

Total Medium & Long-Term 27904.3 93.4 28582.2 94.6 677.9 2.4Total Short-Term 1967.5 6.6 1644.0 5.4 (323.5) (16.4)

Central & Local Government 18964.5 63.5 18908.2 62.5 (56.3) (0.3) Medium & Long-Term (of which) 18964.5 63.5 18908.2 62.5 (56.3) (0.3) Bonds & Notes 587.7 2.0 584.3 1.9 (3.4) (0.6) Loans 18376.8 61.5 18323.9 60.6 (52.9) (0.3) Currency and Deposits Other Liabilities Short-Term 0.0 0.0 0.0 0.0 0.0 0.0

Monetary Authority 987.0 3.3 1035.1 3.5 48.1 4.9 Medium & Long-Term 337.0 1.1 885.1 3.0 548.1 162.6 Bonds & Notes Loans 337.0 1.1 385.1 1.3 48.1 14.3 Currency and Deposits 0.0 0.0 500.0 1.7 500.0 0.0 Other Liabilities Short-Term 650.0 2.2 150.0 0.5 (500.0) (76.9) Money Market Instruments Loans Currency and Deposits 650.0 2.2 150.0 0.5 (500.0) (76.9) Other Liabilities

Banks 2353.3 7.9 2182.5 7.2 (170.8) (7.3) Medium & Long-Term Loans 1035.8 3.5 1415.5 4.7 379.7 36.7 Bonds & Notes Loans 1035.8 3.5 1415.5 4.7 379.7 36.7 Currency and Deposits Other Liabilities Short-Term Loans 1317.5 4.4 767.0 2.5 (550.5) (41.8) Money Market Instruments Loans 87.7 0.3 31.7 0.1 (56.0) (63.9) Currency and Deposits 617.5 2.1 472.0 1.5 (145.5) (23.6) Other Liabilities 612.3 2.0 263.3 0.9 (349.0) (57.0)

Other Sectors 7567.0 25.3 8100.4 26.8 533.4 7.0 Medium & Long-Term 7567.0 25.3 7373.4 24.4 (193.6) (2.6) Loans from direct investors Bonds & Notes Trade credits Loans 7567.0 25.3 7373.4 24.4 (193.6) (2.6) Currency and Deposits Other Liabilities Short-Term 0.0 0.0 727.0 2.4 727.0 0.0 Loans from direct investors Money Market Instruments Trade credits 0.0 0.0 727.0 2.4 727.0 0.0 Loans Currency and Deposits Other Liabilities

-23-

Table (4) External Debt by Debtor

First: Interbank Rates

Minimum

Maximum

Weighted average

Second : Market Rates Buy Sell Buy Sell

US Dollar 614.4500 615.0000 578.8100 581.5200

Euro 835.2800 836.0300 750.0800 753.8300

Pound Sterling 1176.7300 1177.7800 1089.6100 1094.8900

Swiss Franc 567.3000 567.4500 484.3600 486.8300

100 Japanese Yens 590.8200 591.3400 542.0100 544.8500

Saudi Riyal 163.8600 164.0000 154.3300 155.0700

Kuwaiti Dinar 2085.5000 2087.3500 1981.4800 1992.1200

UAE Dirham 167.3000 167.4500 157.5800 158.3300

Source: CBE daily exchange rates.

579.51

Table (5) Exchange Rates (In piasters per foreign currency unit )

- 24 -End of Dec.2004

614.14

611.75

615.75

March 2005

579.46

579.54

B. Detailed Tables and Charts of the External Debt Page

I- Total External Debt 27

A. Stock of Medium -and Long-Term

1. Public and Publicly Guaranteed

a. By Creditor ……………………………………………………... 29

b. Paris Club Bilateral Debt ……………………………………….. 31

(1) Third Stage of Agreed Minute of May 25, 1991 …………… 32

(2) Contracted after October 31, 1986 ………………………….. 33

c. Non-Paris Club Bilateral Debt ………………………………….. 35

d. Multilateral Agencies…………………………………………… 36

2. Private Sector, Non-Guaranteed …………………………………... 38

B. Outstanding External Short-Term Debt ……………………………… 39

C. Disbursed and Undisbursed Amounts of Contracted Loans …………. 40

II- Total Medium-and Long-Term External Debt Service 41

A. Public and Publicly Guaranteed………………………………………

1. Paris Club Bilateral Debt…………………………………………... 43

a. Third Stage of Agreed Minute of May 25, 1991 ………………. 45

b. Contracted after October 31,1986 ……………………………… 46

2. Non-Paris Club Bilateral Debt……………………………………... 47

3. Multilateral Agencies ……………………………………………… 48

B. Private Sector, Non-Guaranteed ……………………………………... 50

III- Exchange Rates of the Currencies of External Debt

Versus US Dollar

51

2002 2003 2004 20051- Medium-and Long-Term Public & Publicly Guaranteed Debt 24,808.02 26,332.91 28,188.19 28,467.06A. Paris Club Debt 18,653.44 19,744.93 21,364.28 20,935.61

1-May 1991 (Third Stage) 14,393.47 15,502.51 16,603.61 16,363.38 2-Post Cut-Off Date 4,259.97 4,242.42 4,760.67 4,572.23

B. Non- Paris Club Debt 543.43 975.78 1,052.73 1,092.54

C. Multilateral Agencies 4,511.45 4,931.10 5,098.68 5,354.61

D. Sovereign Bonds 1,099.70 681.10 672.50 584.30

E. Arab International Bank Deposits {2} 0.00 0.00 0.00 500.00

2- Medium-and Long-Term Private Sector Non-Guaranteed Debt 518.45 255.24 140.66 115.17

3- Short-Term Debt 2,190.32 2,104.30 1,784.05 1,644.01 Deposits (Non Residents) 957.69 830.32 767.63 621.96 Arab International Bank Deposit 500.00 500.00 500.00 0.00 Others 732.63 773.98 516.42 1,022.05

Grand Total 27,516.79 28,692.45 30,112.90 30,226.24

{1} End of period exchange rate.{2} It has been agreed to include the Arab International Bank deposit in medium -and long- term external debt.

Figure 1-1

-27-

(US$mn){1}

Table ( 1 )Total External Debt

Stock as at End of March

Total Debt

Total External Debt Stock as at End of March

24.025.026.027.028.029.030.031.0

1999 2000 2001 2002 2003 2004 2005

( US$bn )

- 28 -

Stock of Medium-and Long-Term Public and Publicly Guaranteed External Debt

as at End of March 2005

Sovereign bonds2%

Arab International Bank Deposit

2%Non-Paris Club Debt 4%

Multilateral Agencies19%

Paris Club Bilateral Debt73%

Figure 1-2

(US$mn){1}

2002 2003 2004 2005

Int'l Organizations 4,511.45 4,931.10 5,098.67 5,354.61France 3,942.94 4,571.74 4,971.45 4,941.91United States 5,351.07 5,083.04 4,811.32 4,533.56Japan 3,202.23 3,342.73 4,394.04 4,219.06Germany, Fed.Rep.of 2,286.73 2,833.47 3,189.00 3,376.82Spain 836.38 832.03 812.38 825.68Italy 969.28 918.50 867.20 799.52Austria 464.23 550.79 588.87 591.24Sovereign Bonds 1,099.70 681.10 672.50 584.30Arab International Bank Deposit {2} 0.00 0.00 0.00 500.00Switzerland 400.16 478.62 483.91 487.58Bahrain 0.00 300.00 303.30 422.20Kuwait 301.50 328.67 402.67 406.42United Kingdom 493.62 350.23 385.38 289.38Canada 188.93 196.15 208.15 213.36Australia 183.64 191.38 214.30 206.18Denmark 118.28 143.42 168.44 177.71China,P.R.oF 79.87 97.35 102.83 109.28Belgium 77.81 91.30 98.07 97.88The Netherlands 65.50 80.31 89.45 94.02United Arab Emirates 105.14 100.93 95.39 85.54Saudi Arabia 54.24 147.59 148.13 67.71Sweden 39.75 44.54 45.69 44.39Norway 32.89 36.68 36.63 37.32Jordan 0.00 0.00 0.00 1.20Taiwan 0.00 0.00 0.32 0.16Germany, Dem .R.of 0.51 0.51 0.03 0.03Turkey 0.15 0.27 0.07 0.00Romania 1.15 0.38 0.00 0.00Bulgaria 0.82 0.07 0.00 0.00India 0.05 0.00 0.00 0.00Hungary 0.00 0.01 0.00 0.00

Grand Total 24,808.02 26,332.91 28,188.19 28,467.06

{1} End of period exchange rate.{2} It has been agreed to include the Arab International Bank deposit in medium -and long- term external debt.

Country

-29-

Total Debt

Stock of Medium-and Long-TermPublic & Publicly Guaranteed External Debt

by Creditor Countryas at End of March

Table ( 2 )

- 30 -


by Creditor Countryas at End of March 2005

France17%

Italy3%

Spain3%

Germany12%

Japan15%

Others15%

Int'l Organization19%

United States16%

Figure 2

(US$mn){2}

2002 2003 2004 2005

France 3,942.94 4,571.74 4,971.45 4,941.91United States 5,351.07 5,083.04 4,811.32 4,533.56Japan 3,202.23 3,342.73 4,394.04 4,219.06Germany,Fed.Rep.of 2,286.73 2,833.47 3,189.00 3,376.82Spain 836.38 832.03 812.38 825.68Italy 969.28 918.50 867.20 799.52Austria 464.23 550.79 588.87 591.24Switzerland 400.16 478.62 483.91 487.58United Kingdom 493.62 350.23 385.38 289.38Canada 188.93 196.15 208.15 213.36Australia 183.64 191.38 214.30 206.18Denmark 118.28 143.42 168.44 177.71Belgium 77.81 91.30 98.07 97.88The Netherlands 65.50 80.31 89.45 94.02Sweden 39.75 44.54 45.69 44.39Norway 32.89 36.68 36.63 37.32

Grand Total 18,653.44 19,744.93 21,364.28 20,935.61{1} This Table is the total of Tables No 4 and 5.{2} End of period exchange rate.

Country

-31-

Table ( 3 ) {1}Stock of Medium-and Long-Term

Public & Publicly Guaranteed External DebtParis Club Bilateral Debt

as at End of March

Total Debt

17.018.019.020.021.022.0

( US$

bn )

2000 2001 2002 2003 2004 2005

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

Paris Club Bilateral Debtas at End of March

Figure 3

(US$mn){1}

2002 2003 2004 2005

France 3,330.31 3,865.41 4,113.56 4,138.58United States 4,341.19 4,145.66 3,944.09 3,736.50Japan 2,181.48 2,413.30 3,172.29 3,048.26Germany,Fed.Rep.of 1,424.44 1,747.39 1,947.33 2,048.09Spain 836.38 813.22 784.78 751.47Austria 431.59 513.50 552.90 559.33Italy 568.75 555.99 538.36 516.45Switzerland 371.98 444.77 452.15 459.72United Kingdom 224.59 244.32 275.33 273.76Australia 183.64 191.39 214.30 206.18Canada 180.54 187.48 199.11 204.15Denmark 118.06 143.14 154.65 159.00The Netherlands 65.19 79.96 89.11 93.71Belgium 71.58 84.00 89.68 90.17Sweden 30.86 36.30 39.34 40.69Norway 32.89 36.68 36.63 37.32

Grand Total 14,393.47 15,502.51 16,603.61 16,363.38{1} End of period exchange rate.

Country

-32-

Total Debt

Table ( 4 )Stock of Medium-and Long-Term


Third Stage of The Agreed Minute on May 25,1991as at End of March

13.0

14.0

15.0

16.0

17.0

18.0

( US$

bn )

1999 2000 2001 2002 2003 2004 2005


Paris Club Bilateral Debt Third Stage of The Agreed Minute on May 25,1991

as at End of March

Figure 4

(US$mn){1}

2002 2003 2004 2005

United States 1,009.87 937.38 867.23 797.07United Kingdom 269.03 105.91 110.05 15.63The Netherlands 0.32 0.35 0.34 0.31Switzerland 28.18 33.84 31.76 27.86Sweden 8.89 8.24 6.35 3.70Spain 0.00 18.81 27.60 74.20Japan 1,020.75 929.43 1,221.75 1,170.80Italy 400.53 362.51 328.84 283.07Germany,Fed.Rep.of 862.30 1,086.08 1,241.68 1,328.73France 612.62 706.33 857.89 803.33Denmark 0.22 0.27 13.79 18.70Canada 8.39 8.68 9.03 9.21Belgium 6.24 7.30 8.39 7.71Austria 32.63 37.29 35.97 31.91


Country

-33-

Table (5)Stock of Medium-and Long-Term


Contracted after October 31,1986 as at End of March

Total Debt

3,800

4,000

4,200

4,400

4,600

4,800

( US$

mn

)

1999 2000 2001 2002 2003 2004 2005


Contracted after October 31, 1986as at End of March

Figure 5-1

-34 -


Paris Club Bilateral Debtas at End of March 2005

Post Cut-Off Date22%

May 1991(Third Stage)

78%

Figure 5-2

(US$mn){1}

2002 2003 2004 2005

Bahrain 0.00 300.00 303.30 422.20Kuwait 301.50 328.67 402.67 406.42China,P.R.of 79.87 97.35 102.83 109.28United Arab Emirates 105.14 100.93 95.38 85.54Saudi Arabia 54.24 147.59 148.13 67.71Jordan 0.00 0.00 0.00 1.20Taiwan 0.00 0.00 0.32 0.16Germany Dem .Rep 0.51 0.51 0.03 0.03Turkey 0.15 0.27 0.07 0.00Romania 1.15 0.38 0.00 0.00Bulgaria 0.82 0.07 0.00 0.00India 0.05 0.00 0.00 0.00Yugoslavia 0.00 0.01 0.00 0.00

Grand total 543.43 975.78 1052.73 1,092.54{1} End of period exchange rate.

Country

- 35-


Public & Publicly Guaranteed External DebtNon-Paris Club Bilateral Debt

as at End of March

Total Debt

0

200

400

600

800

1,000

1,200

( US$

mn

)

1999 2000 2001 2002 2003 2004 2005


Non-Paris Club Bilateral Debt as at End of March

Figure 6

(US$mn){1}

2002 2003 2004 2005

I.D.A 1,252.09 1,335.42 1,408.89 1,416.26

European Investment Bank 655.17 828.74 1,071.64 1,217.21

Arab Fund For Economic And Social Development 931.26 916.58 971.72 984.41

I.B.R.D 592.72 540.17 492.68 419.56

Arab Monetray Fund 233.88 362.96 386.70 365.13

African Development Bank 466.90 387.16 323.22 339.08

Islamic Development Bank 135.15 289.19 167.05 311.36

African Development Fund 146.74 166.13 170.76 181.78

International Fund For Agricultural Development 72.18 84.17 90.84 90.37

Arab Trade Financing Program 0.00 0.00 0.00 20.00

Arab International Bank 21.53 16.74 11.96 7.18

Nordic Investment Bank 3.83 3.84 3.22 2.27


Creditor

- 36 -

Total Debt


Public & Publicly Guaranteed External DebtMultilateral Agenciesas at End of March

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,0005,500

( U

S$m

n )

1999 2000 2001 2002 2003 2004 2005

Stock of Medium-and Long-TermPublic &Publicly Guaranteed External Debt

Multilateral Agencies as at End of March

Figure 7-1

- 37 -


Multilateral Agencies as at End of March 2005

I.B.R.D8%

Arab Monetary Fund7%

African Development Bank6%

I.D.A27%

Others11%

European Investment Bank23%Arab Fund For Economic And

Social Development18%

Figure 7 - 2

(US$mn){1}

2002 2003 2004 2005

Japan 0.00 0.00 0.00 50.00Int'l Organizations 5.56 79.08 55.00 45.00United Arab Emirates 9.00 26.30 17.50 17.50Austria 1.77 2.18 2.45 2.59United Kingdom 236.00 80.64 11.38 0.08Germany,Fed.Rep.of 64.96 64.47 53.06 0.00United States 200.12 1.80 0.90 0.00Italy 0.95 0.75 0.37 0.00Sudan 0.02 0.02 0.00 0.00Malaysia 0.01 0.00 0.00 0.00France 0.06 0.00 0.00 0.00

Grand Total 518.45 255.24 140.66 115.17{1} End of period exchange rate.

Country

- 38 -

Total Debt


Private Sector Non-Guaranteed External Debtas at End of March

0.00

100.00

200.00

300.00

400.00

500.00

600.00

( US$

mn

)

1999 2000 2001 2002 2003 2004 2005

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

as at End of March

Figure 8

(US$mn){1}

2002 2003 2004 2005

Short-Term Debt {2} 2,044.76 1,957.24 1,692.57 1,380.73

Non-Financial Public Sector 51.36 96.50 58.87 471.30 Financial Public Sector {2} 370.17 342.07 317.78 331.10 Private Sector Guaranteed 126.66 111.62 85.57 55.67 Private Sector Non-Guaranteed 996.57 907.05 730.35 522.66 Arab International Bank Deposit {3} 500.00 500.00 500.00 0.00

Short-Term Banking Facilities 145.56 147.06 91.48 263.28

Public Sector Banks 1.98 0.36 0.18 0.47Praivate Banks 143.58 146.70 91.30 262.81

Grand Total 2,190.32 2,104.30 1,784.05 1,644.01{1} End of period exchange rate.{2} Excludes banking facilities .{3} It has been agreed to include the Arab International Bank deposit in medium and long term external debt.

- 39 -

Outstanding External Short-Term DebtTable ( 9 )

as at End of March

Total Debt

0

500

1,000

1,500

2,000

2,500

( US$

mn

)

1999 2000 2001 2002 2003 2004 2005

Outstanding External Short-Term Debtas at End of March

Figure 9

(US$mn){1}

Contracted Cancelled Net Disbursed UndisbursedAmounts {2} Amounts Commitments Amounts Amounts

1- Medium-and Long-Term Public & Publicly Guaranteed Debt 57,486.51 1,905.55 55,580.96 52,146.51 3,434.45

A. Paris Club Bilateral Debt 37,481.40 333.01 37,148.39 36,353.74 794.65

1-May 1991 (Third Stage) 21,959.03 0.00 21,959.03 21,959.03 0.00 2-Non-Guaranteed Debt {2} 2,235.79 33.88 2,201.91 2,201.91 0.00 3-Post Cut-Off Date 13,286.58 299.13 12,987.45 12,192.80 794.65

B. Non- Paris Club Bilateral Debt 3,690.98 69.85 3,621.13 3,331.41 289.72

C. Multilateral Agencies 16,314.13 1,502.69 14,811.44 12,461.36 2,350.08

2- Medium-and Long-Term Private Sector Non-Guaranteed Debt 1,255.52 22.54 1,232.98 1,225.98 7.00

Grand Total 58,742.03 1,928.09 56,813.94 53,372.49 3,441.45{1} End of period exchange rate.{2} As of 1974.

- 40 -

as at End of March 2005Disbursed and Undisbursed Amounts of Contracted Loans

Table ( 10 )

0

10,000

20,000

30,000

40,000

50,000

60,000

( US$

mn

)

1999 2000 2001 2002 2003 2004 2005

Disbursed and Undisbursed Amounts of Contracted Loansas at End of March

Contracted Amounts Net Commitments Disbursed Amounts

Figure 10

(US$mn){1}Period Principal {2} Interest ( * ) Total Period Principal {2} Interest Total

2005/1 657.74 94.13 751.87 2028/1 79.92 4.48 84.402005/2 899.63 278.21 1177.84 2028/2 94.33 4.97 99.302006/1 753.06 279.26 1032.32 2029/1 86.87 3.56 90.43

2006/2(**) 1245.10 273.65 1518.75 2029/2 76.10 3.63 79.73 2007/1(***) 1610.00 258.50 1868.50 2030/1 59.17 2.82 61.99

2007/2 808.25 265.03 1073.28 2030/2 62.79 2.76 65.552008/1 812.97 240.74 1053.71 2031/1 53.19 2.33 55.522008/2 860.53 238.63 1099.16 2031/2 46.24 2.11 48.352009/1 831.30 223.08 1054.38 2032/1 42.95 1.94 44.892009/2 860.38 223.12 1083.50 2032/2 41.49 1.78 43.272010/1 863.96 219.70 1083.66 2033/1 39.14 1.62 40.762010/2 932.58 213.81 1146.39 2033/2 33.97 1.48 35.45

2011/1 892.05 231.47 1123.52 2034/1 33.37 1.35 34.72 2011/2(****) 1333.30 208.80 1542.10 2034/2 26.99 1.23 28.22

2012/1 867.72 186.20 1053.92 2035/1 26.76 1.13 27.892012/2 874.10 186.38 1060.48 2035/2 26.11 1.04 27.152013/1 885.42 166.83 1052.25 2036/1 41.45 0.94 42.392013/2 898.39 168.09 1066.48 2036/2 23.93 0.85 24.782014/1 876.48 147.46 1023.94 2037/1 22.95 0.76 23.712014/2 915.68 149.91 1065.59 2037/2 22.09 0.68 22.772015/1 902.76 130.05 1032.81 2038/1 20.90 0.59 21.492015/2 941.83 131.63 1073.46 2038/2 18.45 0.52 18.972016/1 936.94 112.56 1049.50 2039/1 14.05 0.45 14.502016/2 980.12 113.12 1093.24 2039/2 13.04 0.39 13.432017/1 532.04 94.48 626.52 2040/1 11.76 0.34 12.102017/2 553.48 96.71 650.19 2040/2 11.32 0.30 11.622018/1 534.34 81.54 615.88 2041/1 9.90 0.26 10.162018/2 555.56 82.89 638.45 2041/2 9.54 0.22 9.762019/1 508.45 68.45 576.90 2042/1 7.75 0.18 7.932019/2 540.36 69.40 609.76 2042/2 5.44 0.16 5.602020/1 497.14 56.15 553.29 2043/1 5.44 0.14 5.582020/2 587.28 56.60 643.88 2043/2 5.09 0.12 5.212021/1 481.81 44.32 526.13 2044/1 4.27 0.10 4.372021/2 459.25 44.04 503.29 2044/2 4.05 0.08 4.132022/1 289.88 33.54 323.42 2045/1 3.10 0.06 3.162022/2 310.09 35.20 345.29 2045/2 3.10 0.05 3.152023/1 283.18 27.38 310.56 2046/1 3.10 0.04 3.142023/2 305.27 28.54 333.81 2046/2 3.02 0.03 3.052024/1 277.26 21.65 298.91 2047/1 2.52 0.02 2.542024/2 295.51 22.38 317.89 2047/2 0.45 0.01 0.462025/1 275.02 16.22 291.24 2048/1 0.45 0.01 0.462025/2 296.20 16.32 312.52 2048/2 0.45 0.00 0.452026/1 274.55 10.89 285.44 2049/1 0.32 0.00 0.322026/2 290.23 10.18 300.41 2049/2 0.32 0.00 0.322027/1 84.29 5.45 89.74 2050/1 0.30 0.00 0.302027/2 104.52 6.56 111.08 2050/2 0.05 0.00 0.05

Grand Total 31,873.99 5,714.78 37,588.77{1} The exchange rate of March 31, 2005.{2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.(*) Includes projections for interest on US$ 584.30 million sovereign bonds up to 2011/2.(**) Includes US$ 500 million sovereign bonds.(***)includes US$ 500 million for the Arab International Bank deposit which was included in medium- and long -term external debt.(****) Includes US$ 84.30 million sovereign bonds.

as of April 1, 2005

- 41-

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

External Debt Service

- 42 -Medium- and Long-Term Public and Publicly Guaranteed External Debt Service

as of April 1 , 2005

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

2005

2006

2008

2010

1012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal Interest Total

US$ mn

Figure 11

(US$mn){1}Period Principal {2} Interest Total Period Principal {2} Interest Total2005/1 116.53 31.94 148.47 2028/1 31.16 2.40 33.562005/2 506.81 183.99 690.80 2028/2 46.96 3.24 50.202006/1 492.96 174.19 667.15 2029/1 43.67 2.17 45.842006/2 526.90 185.91 712.81 2029/2 40.15 2.54 42.692007/1 734.90 181.31 916.21 2030/1 30.44 1.96 32.402007/2 568.54 191.80 760.34 2030/2 36.61 2.04 38.652008/1 535.89 170.18 706.07 2031/1 30.17 1.74 31.912008/2 599.56 181.38 780.94 2031/2 30.01 1.64 31.652009/1 555.01 160.40 715.41 2032/1 29.28 1.53 30.812009/2 599.02 170.45 769.47 2032/2 27.82 1.43 29.252010/1 579.38 150.18 729.56 2033/1 26.29 1.33 27.622010/2 636.13 160.50 796.63 2033/2 25.24 1.24 26.482011/1 601.23 140.95 742.18 2034/1 24.64 1.15 25.792011/2 718.12 148.75 866.87 2034/2 23.60 1.06 24.662012/1 625.98 129.78 755.76 2035/1 23.36 0.97 24.332012/2 672.19 137.14 809.33 2035/2 22.71 0.89 23.602013/1 654.56 118.44 773.00 2036/1 38.05 0.81 38.862013/2 706.64 124.65 831.29 2036/2 20.85 0.73 21.582014/1 685.90 106.85 792.75 2037/1 20.31 0.65 20.962014/2 730.00 112.01 842.01 2037/2 19.44 0.58 20.022015/1 716.84 94.80 811.64 2038/1 18.26 0.50 18.762015/2 764.93 98.92 863.85 2038/2 15.80 0.44 16.242016/1 754.94 82.32 837.26 2039/1 11.88 0.37 12.252016/2 807.11 85.35 892.46 2039/2 11.40 0.33 11.732017/1 362.94 69.11 432.05 2040/1 10.12 0.29 10.412017/2 396.10 73.55 469.65 2040/2 9.68 0.25 9.932018/1 378.38 60.47 438.85 2041/1 8.26 0.21 8.472018/2 411.67 63.86 475.53 2041/2 7.90 0.18 8.082019/1 373.57 51.36 424.93 2042/1 6.47 0.15 6.622019/2 406.80 54.04 460.84 2042/2 4.57 0.13 4.702020/1 377.66 42.47 420.13 2043/1 4.57 0.11 4.682020/2 409.46 44.35 453.81 2043/2 4.22 0.10 4.322021/1 370.83 33.41 404.24 2044/1 3.40 0.08 3.482021/2 367.75 34.45 402.20 2044/2 3.17 0.06 3.232022/1 204.15 24.78 228.93 2045/1 2.86 0.05 2.912022/2 224.27 27.26 251.53 2045/2 2.86 0.04 2.902023/1 203.91 20.45 224.36 2046/1 2.86 0.03 2.892023/2 227.66 22.30 249.96 2046/2 2.77 0.02 2.792024/1 207.20 16.08 223.28 2047/1 2.27 0.01 2.282024/2 225.78 17.32 243.10 2047/2 0.20 0.00 0.202025/1 207.14 11.68 218.82 2048/1 0.20 0.00 0.202025/2 231.15 12.26 243.41 2048/2 0.20 0.00 0.202026/1 212.58 7.29 219.87 2049/1 0.08 0.00 0.082026/2 232.76 6.97 239.73 2049/2 0.08 0.00 0.082027/1 31.16 2.63 33.79 2050/1 0.05 0.00 0.052027/2 52.37 4.11 56.48 2050/2 0.05 0.00 0.05

Grand Total 21,730.30 4,055.84 25,786.14{1} The exchange rate of March 31, 2005. {2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

- 43 -

as of April 1, 2005Paris Club Bilateral Debt

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

Table ( 12)

Figure 12- 44 -

Medium- and Long-Term Public and Publicly Guaranteed External Debt Service Paris Club Bilateral Debt

as of April 1 , 2005

0200400600800

1,0001,2001,4001,6001,8002,0002,2002,4002,6002,8003,0003,2003,400

2005

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050


US$ mn

Period Principal Interest Total Period Principal Interest Total

2005/1 0.00 6.86 6.86 2016/1 675.60 73.27 748.872005/2 319.34 132.30 451.64 2016/2 699.15 66.73 765.882006/1 334.03 142.90 476.93 2017/1 289.81 61.25 351.062006/2 344.97 138.77 483.74 2017/2 293.66 56.95 350.612007/1 382.46 153.45 535.91 2018/1 307.66 53.69 361.352007/2 394.51 148.68 543.19 2018/2 311.61 49.22 360.832008/1 410.92 146.73 557.65 2019/1 313.65 45.62 359.272008/2 423.80 142.10 565.90 2019/2 317.70 41.15 358.852009/1 435.02 139.35 574.37 2020/1 319.84 37.41 357.252009/2 448.64 134.28 582.92 2020/2 323.99 33.02 357.012010/1 465.34 131.46 596.80 2021/1 326.46 29.00 355.462010/2 479.82 126.20 606.02 2021/2 299.34 24.57 323.912011/1 492.54 123.20 615.74 2022/1 165.63 20.84 186.472011/2 507.81 117.79 625.60 2022/2 168.20 18.71 186.912012/1 527.65 114.53 642.18 2023/1 170.80 16.87 187.672012/2 543.69 109.13 652.82 2023/2 173.44 14.70 188.142013/1 558.50 105.10 663.60 2024/1 175.91 12.76 188.672013/2 575.57 99.27 674.84 2024/2 173.34 10.61 183.952014/1 597.22 95.18 692.40 2025/1 175.92 8.59 184.512014/2 615.51 89.08 704.59 2025/2 178.72 6.41 185.132015/1 632.29 84.51 716.80 2026/1 181.36 4.43 185.792015/2 651.62 78.20 729.82 2026/2 180.35 2.00 182.35

Grand Total 16,363.39 3,246.87 19,610.26

{1} The exchange rate of March 31,2005.

-45-

(US$mn){1}

Table ( 13 )Medium-and Long-Term Public & Publicly Guaranteed

External Debt Service as of April 1, 2005Paris Club Bilateral Debt

Third Stage of The Agreed Minute on May 25, 1991

Period Principal {2} Interest Total Period Principal {2} Interest Total2005/1 116.53 25.08 141.61 2028/1 31.16 2.40 33.562005/2 187.47 51.70 239.17 2028/2 46.96 2.24 49.202006/1 158.93 31.28 190.21 2029/1 43.67 2.17 45.842006/2 181.93 47.15 229.08 2029/2 40.15 2.54 42.692007/1 352.44 27.86 380.30 2030/1 30.44 1.96 32.402007/2 174.03 43.12 217.15 2030/2 36.61 2.04 38.652008/1 124.96 23.45 148.41 2031/1 30.17 1.74 31.912008/2 175.76 39.27 215.03 2031/2 30.01 1.64 31.652009/1 119.99 21.05 141.04 2032/1 29.28 1.53 30.812009/2 150.38 36.17 186.55 2032/2 27.82 1.43 29.252010/1 114.04 18.72 132.76 2033/1 26.29 1.33 27.622010/2 156.32 34.30 190.62 2033/2 25.24 1.24 26.482011/1 108.69 17.75 126.44 2034/1 24.64 1.15 25.792011/2 210.31 30.96 241.27 2034/2 23.60 1.06 24.662012/1 98.33 15.24 113.57 2035/1 23.36 0.97 24.332012/2 128.50 28.01 156.51 2035/2 22.71 0.89 23.602013/1 96.06 13.34 109.40 2036/1 38.05 0.81 38.862013/2 131.07 25.38 156.45 2036/2 20.85 0.73 21.582014/1 88.68 11.68 100.36 2037/1 20.31 0.65 20.962014/2 114.49 22.93 137.42 2037/2 19.44 0.58 20.022015/1 84.55 10.29 94.84 2038/1 18.26 0.50 18.762015/2 113.31 20.71 134.02 2038/2 15.80 0.44 16.242016/1 79.34 9.05 88.39 2039/1 11.88 0.37 12.252016/2 107.97 18.63 126.60 2039/2 11.40 0.33 11.732017/1 73.14 7.86 81.00 2040/1 10.12 0.29 10.412017/2 102.45 16.61 119.06 2040/2 9.68 0.25 9.932018/1 70.72 6.78 77.50 2041/1 8.26 0.21 8.472018/2 100.06 14.65 114.71 2041/2 7.90 0.18 8.082019/1 59.93 5.74 65.67 2042/1 6.47 0.15 6.622019/2 89.11 12.89 102.00 2042/2 4.57 0.13 4.702020/1 57.81 5.06 62.87 2043/1 4.57 0.11 4.682020/2 85.48 11.34 96.82 2043/2 4.22 0.10 4.322021/1 44.38 4.41 48.79 2044/1 3.40 0.08 3.482021/2 68.41 9.88 78.29 2044/2 3.17 0.06 3.232022/1 38.52 3.94 42.46 2045/1 2.86 0.05 2.912022/2 56.07 8.54 64.61 2045/2 2.86 0.04 2.902023/1 33.11 3.58 36.69 2046/1 2.86 0.03 2.892023/2 54.21 7.59 61.80 2046/2 2.77 0.02 2.792024/1 31.29 3.32 34.61 2047/1 2.27 0.01 2.282024/2 52.43 6.71 59.14 2047/2 0.20 0.00 0.202025/1 31.22 3.09 34.31 2048/1 0.20 0.00 0.202025/2 52.43 5.84 58.27 2048/2 0.20 0.00 0.202026/1 31.22 2.86 34.08 2049/1 0.08 0.00 0.082026/2 52.41 4.98 57.39 2049/2 0.08 0.00 0.082027/1 31.16 2.63 33.79 2050/1 0.05 0.00 0.052027/2 52.37 4.11 56.48 2050/2 0.05 0.00 0.05

Grand Total 5,366.95 807.98 6,174.93{1} The exchange rate of March 31, 2005.{2} Includes assumptions on disbursement of undisbursed portion of contracted loans. -see Table(10) for disbursement assumptions.

- 46 -

(US$mn){1}

Medium-and Long-Term Public & Publicly GuaranteedExternal Debt Service as of April 1, 2005

Paris Club Bilateral DebtContracted after October 31, 1986

Table ( 14 )

Period Principal {2} Interest Total Period Principal {2} Interest Total2005/1 337.24 11.59 348.83 2019/2 16.70 1.99 18.692005/2 25.52 10.80 36.32 2020/1 13.34 1.74 15.082006/1 31.23 10.43 41.66 2020/2 13.68 1.56 15.242006/2 26.40 10.02 36.42 2021/1 13.85 1.38 15.232007/1 148.69 9.82 158.51 2021/2 11.80 1.20 13.002007/2 25.17 7.75 32.92 2022/1 10.58 1.02 11.602008/1 29.14 8.21 37.35 2022/2 10.67 0.85 11.522008/2 23.30 9.76 33.06 2023/1 6.22 0.68 6.902009/1 30.21 9.77 39.98 2023/2 6.22 0.58 6.802009/2 24.37 9.58 33.95 2024/1 6.22 0.49 6.712010/1 33.43 9.20 42.63 2024/2 6.22 0.39 6.612010/2 27.59 8.77 36.36 2025/1 5.02 0.30 5.322011/1 33.43 8.34 41.77 2025/2 5.02 0.23 5.252011/2 27.59 7.92 35.51 2026/1 1.94 0.15 2.092012/1 31.77 7.49 39.26 2026/2 1.94 0.13 2.072012/2 25.30 7.09 32.39 2027/1 1.94 0.11 2.052013/1 30.39 6.69 37.08 2027/2 1.94 0.10 2.042013/2 25.30 6.30 31.60 2028/1 0.65 0.08 0.732014/1 30.39 5.91 36.30 2028/2 0.65 0.07 0.722014/2 25.30 5.52 30.82 2029/1 0.65 0.06 0.712015/1 28.18 5.12 33.30 2029/2 0.65 0.06 0.712015/2 23.09 4.77 27.86 2030/1 0.65 0.05 0.702016/1 28.18 4.41 32.59 2030/2 0.65 0.04 0.692016/2 23.24 4.05 27.29 2031/1 0.65 0.04 0.692017/1 25.66 3.69 29.35 2031/2 0.75 0.03 0.782017/2 20.55 3.36 23.91 2032/1 0.75 0.02 0.772018/1 20.55 3.03 23.58 2032/2 0.75 0.02 0.772018/2 20.55 2.70 23.25 2033/1 0.75 0.01 0.762019/1 16.70 2.24 18.94

Grand Total 1,339.31 217.71 1,557.02{1} The exchange rate of March 31, 2005.{2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

- 47 -

(US$mn){1}Non-Paris Club Bilateral Debt

External Debt Service as of April 1, 2005Medium-and Long-Term Public & Publicly Guaranteed

Table ( 15 )

Period Principal {2} Interest Total Period Principal {2} Interest Total

2005/1 203.97 50.61 254.58 2028/1 48.10 2.00 50.102005/2 367.30 60.67 427.97 2028/2 46.72 1.66 48.382006/1 228.87 71.90 300.77 2029/1 42.55 1.32 43.872006/2 191.80 54.97 246.77 2029/2 35.30 1.03 36.332007/1 226.03 63.68 289.71 2030/1 28.08 0.81 28.892007/2 214.54 61.79 276.33 2030/2 25.53 0.68 26.212008/1 247.94 58.67 306.61 2031/1 22.37 0.55 22.922008/2 237.66 43.80 281.46 2031/2 15.48 0.44 15.922009/1 246.08 49.21 295.29 2032/1 12.92 0.38 13.302009/2 236.98 39.40 276.38 2032/2 12.92 0.33 13.252010/1 251.15 56.63 307.78 2033/1 12.10 0.28 12.382010/2 268.86 40.85 309.71 2033/2 8.73 0.24 8.972011/1 257.39 78.49 335.88 2034/1 8.73 0.21 8.942011/2 502.91 48.44 551.35 2034/2 3.40 0.17 3.572012/1 209.97 48.94 258.91 2035/1 3.40 0.16 3.562012/2 176.61 42.15 218.76 2035/2 3.40 0.15 3.552013/1 200.48 41.70 242.18 2036/1 3.40 0.13 3.532013/2 166.46 37.14 203.60 2036/2 3.08 0.12 3.202014/1 160.19 34.70 194.89 2037/1 2.65 0.11 2.762014/2 160.38 32.39 192.77 2037/2 2.65 0.10 2.752015/1 157.73 30.13 187.86 2038/1 2.65 0.09 2.742015/2 153.81 27.95 181.76 2038/2 2.65 0.08 2.732016/1 153.82 25.84 179.66 2039/1 2.17 0.07 2.242016/2 149.77 23.72 173.49 2039/2 1.64 0.06 1.702017/1 143.44 21.69 165.13 2040/1 1.64 0.06 1.702017/2 136.83 19.80 156.63 2040/2 1.64 0.05 1.692018/1 135.41 18.05 153.46 2041/1 1.64 0.04 1.682018/2 123.35 16.33 139.68 2041/2 1.64 0.04 1.682019/1 118.19 14.85 133.04 2042/1 1.28 0.03 1.312019/2 116.86 13.36 130.22 2042/2 0.87 0.03 0.902020/1 106.15 11.94 118.09 2043/1 0.87 0.02 0.892020/2 164.14 10.69 174.83 2043/2 0.87 0.02 0.892021/1 97.12 9.52 106.64 2044/1 0.87 0.02 0.892021/2 79.69 8.39 88.08 2044/2 0.87 0.01 0.882022/1 75.15 7.74 82.89 2045/1 0.25 0.01 0.262022/2 75.15 7.09 82.24 2045/2 0.25 0.01 0.262023/1 73.05 6.26 79.31 2046/1 0.25 0.01 0.262023/2 71.39 5.66 77.05 2046/2 0.25 0.01 0.262024/1 63.84 5.08 68.92 2047/1 0.25 0.01 0.262024/2 63.52 4.66 68.18 2047/2 0.25 0.01 0.262025/1 62.86 4.25 67.11 2048/1 0.25 0.01 0.262025/2 60.03 3.83 63.86 2048/2 0.25 0.00 0.252026/1 60.04 3.45 63.49 2049/1 0.25 0.00 0.252026/2 55.54 3.07 58.61 2049/2 0.25 0.00 0.252027/1 51.19 2.71 53.90 2050/1 0.25 0.00 0.252027/2 50.21 2.35 52.56

Grand Total 7,719.41 1,336.10 9,055.51{1} The exchange rate of March 31, 2005. {2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

(US$mn){1}

- 48 -

Multilateral AgenciesExternal Debt Service as of April 1, 2005

Medium- and Long-Term Public & Publicly GuaranteedTable ( 16 )

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

Multilateral Agenciesas of April 1, 2005

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,600

2005

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050


US$ mn

Figure 16

(US$mn){1}Period Principal {2} Interest Total2005/1 0.00 0.16 0.162005/2 22.58 0.40 22.982006/1 5.00 0.40 5.402006/2 12.00 0.37 12.372007/1 5.00 0.34 5.342007/2 55.00 0.31 55.312008/1 5.00 0.12 5.122008/2 5.00 0.09 5.092009/1 5.00 0.06 5.062009/2 5.00 0.03 5.03

Grand Total 119.58 2.28 121.86{1} The exchange rate of March 31, 2005. {2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

External Debt Service as of April 1, 2005

- 50 -Table ( 17 )

Medium-and Long-Term(Private Sector Non-Guaranteed)

Table ( 18 )Exchange Rates of External Debt Major Currencies

as at End of March

Country Currency 2002 2003 2004 2005

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 1.48 1.32 1.28 1.20

Denmark DKK 7.49 6.36 6.09 5.75

Sweden SEK 9.18 7.65 7.58 7.05

Japan JPY 119.52 110.37 103.86 106.80

India INR 48.91 45.78 43.50 43.74

United Kingdom GBP 0.65 0.60 0.55 0.53

Canada CAD 1.52 1.35 1.30 1.21

Australia AUD 1.78 1.47 1.31 1.29

Norway NOK 7.50 7.01 6.90 6.33

Euro EURO 1.01 0.86 0.82 0.77

Special Drawing Rights SDR 0.75 0.71 0.68 0.66

Kuwait KWD 0.30 0.29 0.29 0.29

Libya LYD 0.28 0.70 0.74 0.78

United Arab Emirates AED 3.67 3.67 3.67 3.67

Saudi Arabia SAR 3.75 3.75 3.75 3.75

-51-

external position of the egyptian economy · public sector is the major obligor, carrying 94.9% of...

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