Long-term external debt<\/strong><\/p>\nLong-term external debt registered $124.2bn (90.1% of total external debt) in June 2021, up by about $11.6bn compared to the end of June 2020; of which: reached about $50.0bn, up by $7.0bn, as compared to end-June 2020. The increase reflected new loans; chiefly from the IMF ($3.2bn representing 2nd & 3rd tranches of the Standby Agreement SBA), from the European Investment Bank ($1.7bn), and from the Arab Fund for Economic and Social Development ($0.4bn).<\/p>\n
Buyers\u2019 and suppliers\u2019 credit reached\u00a0about $12.8bn, up by $1.4bn. Other bilateral debts amounted to\u00a0some $11.4bn, up by $1.1bn. Repurchase agreements (Repo)\u00a0recorded $4bn in June 2021, up by $86.4m. Bonds issued abroad (non-resident\u00a0holdings) reached $28.7bn, up by $4.8bn.<\/p>\n
Bonds outstanding stock as of June 2021 includes: Roughly $23.1bn of Eurobonds issued in US dollar, about $737.2m of green bonds issued in US dollar, about $4.5bn of Eurobonds denominated in euro; and about $355.4m of sovereign notes.<\/p>\n
Conversely, long-term deposits\u00a0placed at the CBE by some Arab countries decreased to $15.0bn, down by $2.2bn. These deposits are distributed as follows: $5.7bn by the United Arab Emirates; $5.3bn by Saudi Arabia; and $4.0bn by Kuwait.<\/p>\n
Rescheduled bilateral debt reached\u00a0around $1.9bn, down by $0.6bn. Non-guaranteed debt of the private\u00a0sector registered $391.9m, down by $29.9m.<\/p>\n
Short-term debt increased by about $2.8bn to about $13.7bn or 9.9% of total external debt. Its ratio to net international reserves edged up to 33.8% in June 2021 from 28.5% in June 2020.<\/p>\n
Breakdown by Currency<\/strong><\/p>\nMeasuring currency composition of Egypt\u2019s external debt is an important indicator that sheds light on the external debt exposure to currency markets\u2019 volatility.<\/p>\n
Currency composition of the debt indicates that the US dollar is the main borrowing currency ($85.4bn).<\/p>\n
Other major currencies recorded $52.5bn, distributed as follows:<\/p>\n
SDRs\u00a0was the runner-up ($22.6bn), followed by the euro ($17.5bn), the Chinese yuan ($3.9bn), the Kuwaiti dinar ($9.7bn), the Japanese yen ($2.6bn), and other currencies ($2.2bn).<\/p>\n
Breakdown by Creditor<\/strong><\/p>\nDebt distribution by creditor indicates that $50.0bn were owed to multilateral institutions\u00a0(IMF\u00a0$21.6bn, IBRD $11.7bn, EIB $5.3bn, and ADF and AfDB $3bn). Additionally, $24.3bn was owed to Arab countries mainly; UAE (7.7% of total external debt), Saudi Arabia (5.4%), and Kuwait (4.3%).<\/p>\n
Meanwhile, $10.1bn came from five members of Paris Club countries, namely; Germany ($3.0bn), Japan ($2.6bn), France ($1.9bn), UK ($2.0bn), and\u00a0US ($0.6bn). In addition, $7.7bn was owed to China.<\/p>\n
Breakdown by Debtor Sector<\/strong><\/p>\nThe structure of Egypt\u2019s external debt by debtor in June 2021 reveals that:<\/p>\n
The government remains the main obligor, with a share of around 59.8% of external debt. Its debt rose by $13.1bn in June 2021 compared to end-June 2020, reaching $82.4bn.<\/p>\n
Banks\u2019 external debt increased by about $2.5bn to $14.4bn.<\/p>\n
Other sectors\u2019 debt increased by some $1.1bn to $15.5bn.<\/p>\n
On the other hand, the Central Bank\u2019s external debt decreased by about $2.3bn to $25.6bn.<\/p>\n
External Debt Service<\/strong><\/p>\nDebt service reached $15.8bn (principal repayments registered $11.6bn, and interest payments $4.2bn) in FY 2020\/2021, compared to $17.2bn in FY 2019\/2020.<\/p>\n
The decrease mostly reflects the decline in principal repayment by about $1.5bn.<\/p>\n
External Debt Indicators<\/strong><\/p>\nAs for external debt in terms of international comparison, Egypt\u2019s debt remains within manageable limits.<\/p>\n
Based on IMF classification, comparing Egypt\u2019s key debt indicators with those of other regional country groups shows that:<\/p>\n
Egypt\u2019s debt stock to GDP represented 34.2% in June 2021 (55.5% for Latin America and the Caribbean and 53.7% for the Middle East and Central Asia).<\/p>\n
Egypt\u2019s short-term external debt to total external debt in June 2021 registered 9.9% (12.6% for Latin America and the Caribbean, and 21.2% for the Middle East and Central Asia).<\/p>\n
Egypt\u2019s debt-service ratio\u00a0registered 35.4% in the year ended in June 2021 (59.8% for Latin America and the Caribbean, and 32.3% for the Middle East and Central Asia).<\/p>\n
Meanwhile, debt service to current receipts represented 20.5% in the year ended in June 2021.<\/p>\n
External Liquidity<\/strong><\/p>\nNet International Reserves (NIR)<\/strong><\/p>\nIn FY 2020\/2021, NIR increased by $2.4bn (against a decrease of $6.3bn a year earlier) to reach $40.6bn, covering 6.9 months of merchandise imports in June 2021.<\/p>\n
The increase was an outcome of the rise in foreign currencies by about $2.5bn and the decline in SDRs by around $0.1bn.<\/p>\n
During the preparation of the Report, NIR reached $40.8bn in October 2021, covering 6.9 months of merchandise imports.<\/p>\n
Net Foreign Assets of Banks (NFA)<\/strong><\/p>\nBanks\u2019 net foreign assets increased by $3.9bn in FY 2020\/2021, compared to a decline of $4.3bn a year earlier.<\/p>\n
Foreign currency deposits with banks increased by 0.5% in the reporting FY, reaching $41.6bn in June 2021.<\/p>\n
Likewise, local currency deposits increased by 23.5%. As such, the ratio of foreign currency deposits to total deposits made up 13.9% in June 2021.<\/p>\n
International Investment Position (IIP)<\/strong><\/p>\nEgypt\u2019s IIP recorded net external liabilities (assets minus liabilities) of about $217.4bn in June 2021, up by 13.3%, compared to $191.8bn in June 2020.<\/p>\n
The increase in negative net IIP is mainly attributed to the rise in Egypt\u2019s liabilities as compared to the end of June 2020.<\/p>\n
Assets and Liabilities by Component<\/strong><\/p>\nAssets increased by 12.2%, to reach about $78.4bn in June 2021, compared to $69.9bn in June 2020.<\/p>\n
This increase was mainly due to the following developments:<\/p>\n
Other investments assets increased by 25.3% to about $29.2bn. Reserve assets increased by 6.0%, to reach about $39.4bn. Direct investment abroad increased by 4.6% to about $8.7bn. Portfolio investment abroad decreased just slightly by 0.2% to about $1.1bn. Liabilities increased by 13.0% to about $295.8bn in June 2021, from about $261.7bn in June 2020.<\/p>\n
This increase mostly reflects the following developments:<\/p>\n
Portfolio investment in Egypt rose by 58.8% to about $52.4bn. Other investments liabilities went up by 9.6% to about $109.1bn. Foreign Direct Investment in Egypt increased by 4.0% to about $134.3bn.<\/p>\n
Indicators<\/strong><\/p>\nEgypt\u2019s negative net IIP to GDP increased to about 54.0% in June 2021, from about 52.7% in June 2020.<\/p>\n
Assets to liabilities decreased to about 26.5% in June 2021, from about 26.7% in June 2020.<\/p>\n
BOP Performance<\/strong><\/p>\nEgypt\u2019s transactions with the external world recorded an overall BOP surplus of $1.9bn in FY 2020\/2021 (against a deficit of $8.6bn a year earlier).<\/p>\n
The current account deficit rose by 65.1% to $18.4bn (against $11.2bn). The capital and financial account resulted in a net inflow of $23.4bn (against $5.4bn).<\/p>\n
Current Account<\/strong><\/p>\nThe increase in the current account deficit was mainly traceable to the following developments:<\/p>\n
The services surplus dropped by 42.9% to post only $5.1bn (compared to $9.0bn).<\/p>\n
The non-oil trade balance deficit increased to about $42.1bn (against about $36.0bn).<\/p>\n
The investment income balance deficit increased by 9.2% to register $12.4bn (compared to $11.4bn).<\/p>\n
On the other hand, Egyptian workers\u2019 remittances increased by 13.2% to post $31.4bn (compared to $27.8bn).<\/p>\n
The oil trade balance deficit narrowed to $6.7m (compared to a deficit of $421.0m).<\/p>\n","protected":false},"excerpt":{"rendered":"
Egypt\u2019s external debt increased by about $14.4bn to $137.9bn in June 2021, compared to $123.5bn in June 2020.<\/p>\n","protected":false},"author":4,"featured_media":321424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[222],"class_list":["post-324080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-central-bank-of-egypt-cbe"],"yoast_head":"\n
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