Central Bank of · PDF fileEgypt (CBE). The report tracks, on a quarterly basis, the...

Central Bank of Egypt

External Position of the Egyptian Economy

July/March 2016/17

Volume No. (57)

Central Bank of Egypt – External Position

Preface

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

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

The report contains 6 sections. The first three give a performance

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

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


Table of Contents Page

Overview

Section I: Balance of Payments (BOP)

BOP Performance 1

1-Current Account 1

2-Capital and Financial Account 4

Section II: International Investment Position (IIP) 7

Section III: External Liquidity

A -Net International Reserves (NIR) 9

B -Net Foreign Assets of Banks (NFA) 9

Section IV: External Debt

A - Breakdown by Maturity 11

B - Breakdown by Type 12

C - Breakdown by Currency 12

D - Breakdown by Creditor 13

E - Breakdown by Debtor 13

F - External Debt Indicators 14

Section V: Exchange Rate Developments 15

Section VI: Statistics

Appendix I

1- Balance of Payments 19

2- International Investment Position (IIP) 21

3- Coordinated Portfolio Investment Survey

(CPIS)

22

4- NIR & NFA at Banks 23

5- External Debt by Type 24

6- External Debt Indicators 25

7- External Debt by Debtor 26

8- Foreign Exchange Rates 27


Table of Contents (Cont.) Page

Appendix II

A- Medium- and Long-Term External Debt 31-48

B- Projected Medium- and Long-Term Public

and Publicly Guaranteed External Debt

Service

49-66

C- Exchange Rates of the Currencies of

External Debt versus US Dollar

67

Appendix III

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

Data Quality Dimensions

73

Box. (2): Egypt's Data Quality Dimensions 74

Box. (3): Doing Business in Egypt 75

Box. (4): Tourism Sector Performance 76

Glossary 77


Overview Striving to bolster confidence in the Egyptian economy and achieve monetary stability, the CBE has taken several measures on 3 November, 2016 to rectify exchange rate policy by moving to a liberalized exchange rate regime, so that banks would be at liberty to quote and trade at any exchange rate. This move would allow the CBE to quell any distortions in the domestic foreign currency market and put foreign exchange activity back on the right and formal track through eradicating the parallel market altogether. Undoubtedly, the CBE’s Decision to liberalize the exchange rate regime would lead to the steady accumulation of foreign currency reserves through the formal channels. Egypt's transactions with the external world unfolded an overall BOP surplus of US$ 11.0 billion during July/March 2016/2017 (against an overall deficit of US$ 3.6 billion in the same period a year earlier). The capital and financial account unfolded a net inflow of US$ 24.6 billion (against US$ 14.6 billion). The current account deficit fell to US$ 13.2 billion (against US$ 15.0 billion). The capital and financial account revealed the following develop-ments: the net inflow of FDI in Egypt mounted to US$ 6.6 billion, portfolio investment in Egypt achieved a net inflow of US$ 7.8 billion, and the net change in the liabilities of the CBE to the external world increased, thereby registering a net inflow of US$ 7.7 billion. The current account deficit was mainly traceable to the following developments: the trade deficit narrowed to US$ 27.0 billion (versus US$ 29.8 billion), the services surplus declined by 18.7% to register US$ 4.5 billion, and income balance achieved a net outflow of US$ 3.2 billion (against US$ 3.1 billion). Meanwhile, unrequited current

transfers (net) increased to US$ 12.6 billion (from US$ 12.4 billion). Egypt’s International Investment Position (IIP) at end of March 2017 recorded net external liabilities (assets minus liabilities) of about US$ 127.5 billion, up by 12.3 percent compared to end-June 2016. Net International Reserves (NIR) increased by around US$ 11.0 billion to reach US$ 28.5 billion, thus covering 6.0 months of merchandise imports at end of March 2017. The increase in NIR was mainly due to the rise of foreign currencies by just US$ 11.0 billion. During the Report’s preparation, NIR reached US$ 31.3 billion at end of June 2017. Banks’ net foreign assets increased by around US$ 2.0 billion during July/March 2016/2017. Foreign currency deposits with banks increased by 1.9 percent during the period concerned, reaching about US$ 37.3 billion at end of March 2017. As a percentage of total deposits, they made up 28.6 percent. Total external debt increased by about 32.5 percent to about US$ 73.9 billion at end of March 2017, from US$ 55.8 billion at end of June 2016. The external debt remains within manageable limits, and its position continues to have a favorable struc-ture, as 82.9 percent of the debt are medium- and long-term. The weighted average of the inter-bank foreign exchange market rate revealed that the Egyptian pound inter-bank rate depreciated by 51.6 percent during July/March 2016/ 2017, as the EGP reached 18.1396 per US dollar at end of March 2017, against EGP 8.7800 per US dollar at end of June 2016. This came in the wake of the decision of the liberalization of the Egyptian pound exchange rate in November 2016.

Section I

Balance of Payments (BOP)

Central Bank of Egypt – External Position 1

BOP Performance

gypt's transactions with the

external world unfolded an overall BOP surplus of US$ 11.0 billion during July/March 2016/2017 (against an overall deficit of US$ 3.6 billion in the same period a year earlier). The capital and financial account unfolded a net inflow of US$ 24.6 billion (against US$ 14.6 billion). The current account deficit registered US$ 13.2 billion (against US$ 15.0 billion). Chart (1) shows the developments in Egypt’s BOP main components, on quarterly basis.

1- Current Account

The current account deficit was mainly traceable to the following developments: the trade deficit narrowed to US$ 27.0 billion (versus US$ 29.8 billion), the services surplus declined by 18.7% to register US$ 4.5 billion, and the income balance achieved a net outflow of US$ 3.2 billion (against US$ 3.1 billion). Meanwhile, un-requited current transfers (net) increased to US$ 12.6 billion (from US$ 12.4 billion).

1.1: Trade on Goods Trade volume increased by 4.2 percent, to reach US$ 59.0 billion (24.9 percent of GDP) during July/March 2016/17. The trade deficit decreased by US$ 2.8 billion, to US$ 27.0 billion (11.4 percent of GDP) from US$ 29.8 billion (8.6 percent of GDP), due to the following developments: Merchandise exports increased by 19.3 percent to US$ 16.0 billion, due to the increase in both non-oil exports by 23.3 percent, to reach US$ 11.3 billion (70.9 percent of total exports) and in oil exports by 10.6 percent to reach US$ 4.7 billion (29.1 percent of total exports). As a result, the exports/imports ratio mounted to 37.2 percent, from 31.0 percent.

Merchandise imports Slightly de-creased by 0.5 percent to US$ 43.0 billion, reflecting the decrease in non-oil imports by 3.7 percent to US$ 34.8 billion (81.0 percent of total imports), and the increase in oil imports by 15.9 percent to US$ 8.2 billion (19.0 percent of total imports).

The following charts illustrate the distribution of commodity exports by

degree of processing and imports by degree of use during July/March 2016/17.

E

-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

2014/2015 2015/2016 2016/2017

Chart (٢): Oil & Non-oil Exports and Imports July / March

oil exports non-oil exports oil imports

non-oil imports Trade balance

US$ bn

-10

-5

0

5

10

15

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015/2016 2016/2017

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

Components

Capital & Financial Account Current Account

Overall Balance


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

- Egypt's main trade partners, in terms of exports, were UAE, Italy, USA, UK, Saudi Arabia, Switzerland, Turkey and India. These countries, combined, ac-counted for some 53.2 percent of total exports.

- As for imports, Egypt's trade

partners were China, USA, UAE, Germany, Saudi Arabia, Russia, Turkey, Italy, Switzerland, UK, Qatar and France. These countries combined, accounted for some 51.9 percent of total imports.

1.2: Services Balance The services surplus fell to about

US$ 4.5 billion (against about US$

5.5 billion) as services receipts

declined and services payments rose,

as follows: 1.2.1: Services receipts fell by 8.0 percent, to some US$ 11.5 billion (against about US$ 12.5 billion), driven by the decrease in most of their items as follows:

Tourism revenues by 12.8 percent

to about US$ 2.8 billion (from

some US$ 3.3 billion), as a result

of the 25.9 percent fall in tourist

nights, which scored 33.4 million

nights (versus 45.1 million). (see

Box 4)

Chart (3): Proceeds of Merchandise Exports US$ 16.0 bn

Fuel, mineral oils &

products 30.2%

Raw materials

7.6 %

Semi-finished goods 18.1%

Finished goods 44.1%

EU27.8%

Other EU Countries

7.3%

Russian Federation &

C.I.S6.9%

USA5.3%

Arab Countries

18.9%

Asian Countries (Non-Arab)

19.1%

African Countries (Non-Arab)

1.4%

Australia& Other

Countries13.3%

Chart (6) : Imports by Geographical DistributionJuly / March 2016/2017

Chart (4): Payments for Merchandise Imports

US$ 43.0 bn, of which

Fuel, mineral oils &

products 19.6%

Raw materials

10.2%

Inter-mediate goods 27.5%

Invest-ment goods

16.5%

Con-sumer goods 23.0%

EU31.2%

Other EU Countries

8.3%

Russian Federation

&C.I.S0.7%

USA7.9%

Arab Countries

30.9%

Asian Countries

(Non-Arab)8.3%

African Countries

(Non-Arab)2.5%

Australia& Other

Countries10.2%

Chart (5) : Exports by Geographical Distribution July / March 2016/2017

-3

-2

-1

0

1

2

3

4

5

6

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015/2016 2016/2017

US$ bnChart (7) : Services Balance

Services Receipts Services Payments Services Balance


Transportation receipts by 7.9 percent to about US$ 6.7 billion (against some US$ 7.3 billion), due to the fall in the receipts of airlines and navigation com-panies, and Suez Canal dues to about US$ 3.7 billion (against some US$ 3.9 billion), which decreased, in turn, as a result of the fall in net tonnage by 1.7 percent, and the 1.6 percent fall of SDR against the US dollar.

Government services receipts by 31.4 percent to US$ 191.3 million (against US$ 278.7 million).

On the other hand, other services receipts rose by 4.6 percent to about US$ 1.8 billion (against about US$ 1.7 billion), due to the rise in the fees of entertainment, cultural & recreational services, advertise- ment & market research services, computer services, and subscription to magazines & newspapers. 1.2.2: Services payments rose by 0.5 percent, to about US$ 7.03 billion (against about US$ 6.99 billion). This was attributed to the following developments: Other services payments rose by

22.6 percent, to about US$ 3.2 billion (against about US$ 2.6 billion), driven by higher payments of computer services,

subscription to magazines & newspapers, and legal fees & consulting fees.

Government services payments rose by 55.6 percent to US$ 700.1 million (against US$ 449.9 million).

On the other hand, Travel payments fell by 24.8

percent to some US$ 2.2 billion (against about US$ 2.9 billion), due to the decline of e-card payments by 17.7 percent to US$ 1.4 billion (against US$ 1.7 billion), as well as the decrease in pilgrimage (Hajj & Umrah) expenses, and expenditure of training & educational missions abroad.

transportation payments fell by

8.3 percent, to US$ 931.5 million (against about US$ 1.0 billion), due to the decline in the amounts transferred for repairs of aircrafts at foreign airports, and the amounts transferred by foreign navigation companies.

1.3: Income Balance The income balance deficit rose by 3.6 percent, to about US$ 3.2 billion (against about US$ 3.1 billion). This was a result of the following developments: Investment income payments rose

by 4.2 percent to some US$ 3.5 billion (against about US$ 3.4 billion.

Investment income receipts rose by 11.7 percent to US$ 305.3 million (from US$ 273.2 million).

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015/2016 2016/2017

US$ bnChart (8): Service Balances

Other Services Balance Government Services Balance

Tourism Services Balance Transportation Services Balance

Services Balance


1.4: Unrequited current transfers (Net) As shown in chart (10), unrequited transfers (net) rose by 1.6 percent, to about US$ 12.6 billion, (from some US$ 12.4 billion). This was mainly due to the increase in net private transfers to about US$ 12.5 billion (against some US$ 12.3 billion), and net official transfers to US$ 82.5 million (from US$ 60.7 million). Against this background, some of the external balance indicators changed as shown in chart (11).

2- Capital and Financial Account The capital and financial account recorded a net inflow of about US$ 24.6 billion (against some US$ 14.6 billion in the period of comparison) as an outcome of: A- Total FDI inflows rose by 12.1 percent to about US$ 10.8 billion (against US$ 9.6 billion), while total outflows registered about US$ 4.2 billion (versus some US$ 3.7 billion). Accordingly, the net in-flows of FDI in Egypt mounted to about US$ 6.6 billion (from US$ 5.9 billion). To elaborate, net inflows for the oil sector investments rose by about US$ 1.8 billion to about US$ 3.3 billion (from some US$ 1.5 billion). The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share of 61.4 percent. As regards the other sectors, the majority of FDI went to the undistributed sectors with 26.2 percent. The 6.5 percent of the services sectors were distributed as follows: the financial sector (1.8 percent), the real estate sector (0.9 percent), and other services sectors (3.8 percent). The share of the manufacturing sector was 5.0 percent, and the construction sector 0.7 percent. The remaining 0.2 percent went to the agricultural sector.

-1.6-1.4-1.2-1.0-0.8-0.6-0.4-0.20.00.20.4

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015/2016 2016/2017

US$ bnChart (9): Income Balance

Income Receipts Income PaymentsIncome Balance

0.00.51.01.52.02.53.03.54.04.55.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015/2016 2016/2017

US$ bn

Chart (10) : Remittances of Egyptians working abroad

0

50

100

150

200

Current Receipts /Current Payments

Services Receipts /Services Payments

Merchandise Exports /Merchandise Imports

Chart (11): External Balance Indicators July-March

2015/2016 2016/2017


B-Portfolio investment in Egypt achieved a net inflow of about US$ 7.8 billion (against a net outflow of some US$ 1.5 billion). This was ascribable to the rise of foreigners' investments in Egyptian treasury bills, recording net purchases of about US$ 4.3 billion (versus net sales of some US$ 19.1 million). In addition, the Egyptian government has issued bonds abroad by about US$ 3.9 billion in Jan/March 2017. In addition, foreigners' investments on the EGX rose, recording net purchases of US$ 308.9 million (versus net sales of US$ 58.6 million). This came despite the Egyptian authorities' repayment of bonds that had fallen due in the reporting period, in the amount of about US$ 1.0 billion (outflows).

C-Medium-and long-term loans and facilities achieved net disburse-ments of about US$ 5.1 billion (against US$ 504.1 million). D-Short-term suppliers' credit rea-lized net drawings of about US$ 2.1 billion (against about US$ 4.8 billion).

E-The net change in the liabilities of the CBE to the external world increased, thereby registering a net inflow of about US$ 7.7 billion (against some US$ 4.4 billion). F-The net change in banks' liabilities declined, recording as such a net inflow of about US$ 1.0 billion (versus about US$ 4.8 billion).

Agricultural sector0.2%

Petroleum sector61.4%

Construction sector0.7%

Manufacturing sector5.0%

Undustributed sector26.2%

Financial sector

1.8%

Real estate sector0.9%

Other services3.8%

Services sector6.5%

Chart (12) : Total FDI in Egypt by Economic SectorsJuly-March 2016/2017

Section II

International Investment Position (IIP)


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

Egypt’s IIP at end of March 2017,

recorded net external liabilities

(assets minus liabilities) of about

US$ 127.5 billion, up by 12.3 percent

compared to end of June 2016. As

such, Egypt’s foreign assets re-

presented about 31.1 percent of its

foreign liabilities.

Source: Appendix I, table (2).

Egypt's preliminary IIP data at end of

March 2017 showed an increase in

both Egypt's total assets and

liabilities compared to the position at

end of June 2016, to record net

liabilities of about US$ 127.5 billion

versus US$ 113.5 billion. Egypt's total financial assets

increased by about US$ 15.0 billion,

to reach US$ 57.5 billion in March

2017, up by 35.3 percent compared

to June 2016. * Released as of September 2009 according to

SDDS requirements.

Total financial liabilities amounted to

US$ 185.0 billion, increasing by

about US$ 29.0 billion or 18.6

percent, compared to the end of June

2016.

Assets and Liabilities by Component: 1- Assets increased by 35.3 percent

to reach US$ 57.5 billion at end of

March 2017, from US$ 42.5

billion at end of June 2016.

This increase was mainly due to

the following developments: - Reserve assets increased by 63.3

percent to about US$ 27.9 billion. - Other investments' assets increased

by about 18.2 percent, to reach

about US$ 20.1 billion.

- Foreign direct investment in-

creased by 2.1 percent to about

US$ 7.3 billion.

-156.0 -162.3 -172.7 -185.0

42.5 44.9 49.0 57.5

-113.5 -117.4 -123.7 -127.5

-250

-150

-50

50

150

Q2 Q3 Q4 Q1

2016 2017

US$ billion

Chart (1)International Investment Position (IIP)

End of

Assets Liabilities Net IIP

Direct investment

abroad12.6%

Portfolio investment

3.8%

Other investment

35.0%

Reserve assets48.6%

Chart (2)Breakdown of Assets by Component

End ofMarch 2017


- Portfolio investment abroad

increased by 71.9 percent to about

US$ 2.2 billion.

2- Liabilities to non-residents in-

creased by 18.6 percent to about

US$ 185.0 billion at end of

March 2017.

This increase was mainly due to

the following developments:

- FDI in Egypt increased by 6.6

percent to about US$ 104.6

billion.

- Other investments' liabilities

increased by 28.6 percent to


- Portfolio investment in Egypt

increased by 132.1 percent to


Indicators:

- Egypt’s negative net IIP to GDP

at end of March 2017 increased

to about 71.0 percent, versus

about 36.8 percent at end of

June 2016.

- Assets to liabilities increased

from about 27.2 percent, to

about 31.1 percent at end of

March 2017.

Direct investment

in Egypt56.5%Portfol io

investment 7.2%

Other investment

36.3%

Chart (3) Breakdown of Liabilities by Component

End ofMarch 2017

-36.8 -31.8

-69.1

-71.0

-80

-60

-40

-20

0

Q2 Q3 Q4 Q1

2016 2017

%

Chart (4)Egypt's net IIP to GDP at End of

27.2 27.7 28.4 31.1

0

10

20

30

40

Q2 Q3 Q4 Q1

2016 2017

%Chart (5)

Egypt's IIP Assets/LiabilitiesAt End of

Section III

External Liquidity


External Liquidity A-Net International Reserves (NIR) In order to quell any distortions in the

domestic foreign currency market,

the CBE announced on November 3,

2016 its decision to move, with

immediate effect, to a liberalized

exchange rate regime. This move

would allow market demand and

supply dynamics to work effectively

in creating an environment of reliable

and sustainable provision of foreign

currencies. Moreover, it would

improve the deepening of foreign

currency liquidity, while streamlining

activity into the formal channels. During July/March 2016/2017, NIR increased by around US$ 11.0 billion (against a decline of US$ 3.5 billion in the corresponding period a year earlier) to reach US$ 28.5 billion, thus covering 6.0 months of merchandise imports at end of March 2017.

The increase in NIR was mainly a result of the rise in foreign currencies by just US$ 11.0 billion.

During the Report’s preparation, NIR reached US$ 31.3 billion at end of June 2017. (US$ mn)

End of June

2016

March

2017

Net International

Reserves (1-2) 17546

28526

1- Gross Official Reserves 17570 28545

Gold 2602 2621

SDRs 793 763

Foreign Currencies 14128 25125

Loans to IMF 47 36

2- Reserve Liabilities 24 19

Reserves/Months of

Imports 3.7 6.0

B- Net Foreign Assets of Banks (NFA)

Banks’ net foreign assets increased by around US$ 2.0 billion during July/March 2016/2017 (against a decline of about US$ 6.1 billion in the corresponding period a year earlier).

0.0

5.0

10.0

15.0

20.0

June 2015 Mar. 2016 June 2016 Mar. 2017

US$ bn

Chart (2): Foreign Assets & Liabilities of Banks

Assets Liabilities

(End of the Month)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

June 2015 Mar.2016 June 2016 Mar.2017

Month

Chart (1): NIR & Months of Imports Covered

US$ bn

Foreign CurrenciesLoans to IMFGoldReserves/Months of Imports

(Balance at End of the Month)


Foreign currency deposits with banks

increased by 1.9 percent during the

period concerned, reaching about

US$ 37.3 billion at end of March

2017. Likewise, local currency

deposits increased by 18.3 percent. As such, the ratio of foreign currency

deposits to total deposits made up

28.6 percent at end of March 2017.

0

5

10

15

20

25

0

500

1000

1500

2000

2500

June 2015 Mar.2016 June 2016 Mar.2017

LE bn

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

Foreign Currency Deposits

Local Currency Deposits

Growth Rate of Foreign Currency Deposits

Growth Rate of Local Currency Deposits

(End of the Month)%

Section IV

External Debt


External Debt

Egypt's external debt of all

maturities increased by US$ 18.1

billion (32.5 percent), to post about

US$ 73.9 billion at end of March

2017 (compared with about US$

55.8 billion at end of June 2016).

This increase came as a result of the

rise in net disbursements of loans

and facilities by US$ 19.1 billion,

and the depreciation of most

currencies of borrowing versus the

US dollar by US$ 1.0 billion.

A- Breakdown by Maturity

By original maturity, external debt

reaffirmed its usual pattern of long-

term external debt predominance at

end of March 2017. Long-term

external debt accounted for US$

43.8 billion or 59.3 percent of the

total, whereas medium-term ex-

ternal debt reached US$ 17.5 billion

or 23.6 percent and short-term

external debt accounted for the

smallest portion of US$ 12.6 billion

or 17.1 percent.

By residual maturity1, medium-

and long-term external debt

decreased, as it represented 74.7

percent of the total debt. In

comparison, they accounted for 82.9

percent of the total by original

maturity. Similarly, short-term debt

showed an increase, as it represented

25.3 percent, compared to 17.1

percent classified by original

maturity.

1 While the analytical presentation of external debt

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

External Debt by Residual Maturity at end of March 2017

(US$ million)

1. Short-term debt by original maturity 12604.3

2. Medium- & long-term debt maturing within one year 6056.8

3. External debt by residual maturity up to 1 year (1+2) 18661.1

Percentage to total external debt 25.3%

Percentage to NIR 65.4%

4. Medium- & long-term debt by residual maturity 55227.5

Percentage to total external debt 74.7%

Long -term debt

59.3 %

Medium -term debt

23.6 %

Short -term debt

17.1 %

chart (1)

External Debt Structure by Original Maturity

End of March 2017

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

Medium- and long-term external debt accounted for 82.9 percent of total debt, of which: Rescheduled bilateral debt

reached about US$ 4.1 billion or 5.6 percent of total debt.

Other bilateral debt amounted to about US$ 5.5 billion or 7.5 percent of total debt.

Buyers' & Suppliers'* credit

reached about US$ 5.7 billion or 7.7 percent of total debt.

International and regional organizations' debt reached about US$ 21.2 billion or 28.7 percent of total debt.

Government bonds and notes reached about US$ 6.7 billion or 9.0 percent of total debt at end of March 2017. These include: (i) US$ 1.0 billion of sovereign notes issued in April 2010 and falling due in 2020 & 2040; (ii) US$ 500.0 million of the 5–year Treasury bonds issued in June 2012 and falling due in June 2017; (iii) US$ 1.3 billion of the Global Medium Term Notes (GMTN) issued in 2015 and falling due in 2025; and (iv) US$ 3.9 billion of the Global Medium Term Notes programme.

Long-term deposits that have been placed at the CBE by some Arab countries valued at US$ 17.9 billion (24.2 percent of total debt).

________________________ Including the Liquidity Support Facility (LSF)

from China Development Bank (CDB) to CBE .

Non-guaranteed medium- and long-term debt of the private sector registered US$ 155.5 million (about 0.2 percent of total debt).

Short-term debt increased by about US$ 5.6 billion to about US$ 12.6 billion or 17.1percent of total debt.

C- Breakdown by Currency

Measuring the currency composition of Egypt's external debt is an important indicator that sheds light on the external debt exposure, arising from currency markets' volatility. A breakdown of the currency com-position of external debt indicates that the US dollar is the main borrowing currency, with a relative importance of 70.5 percent of the total. This upward biased share of US dollar largely reflects the fact that there are other outstanding obligations in US dollar to creditors other than the USA (such as the African Development Bank (AFDB) and the International Bank for Reconstruction and Development IBRD).

Rescheduled bilateral debt

5.6%

Other bilateral debt

7.5 %

Suppliers' & buyers' Credit

7.7%

International & regional

organizations

28.7%

Egyptian bonds and notes

9.0%

Long-term Deposits

24.2%

Private Sector(Non-

guaranteed)0.2%

Short- term debt

17.1%

Chart (2)External Debt Structure

End of March 2017


Other important currencies ac-counted for 28.3 percent of the total debt, as follows: the Euro is the runner-up (10.9 percent), followed by the Special Drawing Rights* (7.5 percent, the Chinese Yuan (3.5 percent), and the Kuwaiti dinar and the Japanese yen (3.2 percent for each).

D- Breakdown by Creditor

Distribution by creditor country indicates that 29.2 percent was owed to Arab countries (mainly United Arab Emirates, Saudi Arabia** and Kuwait), and that 28.7 percent was owed to international organiz-ations*** (mainly the World Bank 5.3 percent, IMF 5.3 percent, ADF & AFDB 3.6 percent and EIB 3.1 percent). Meanwhile, 18.8 percent of Egypt's external debt came from five countries; namely Germany (6.6 percent), UK (5.2 percent), Japan (3.0 percent), USA (2.2 percent), and France (1.8 percent). Including Egypt’s allocation of SDRs by the IMF. It does not include the US$ 500 million which is classified

as a 5-year Treasury bond issued in June 2012 to Saudi Fund for Development.

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

E- Breakdown by Debtor

The structure of Egypt’s external debt by debtor reveals that the central and local government is the main debtor, with a share of US$ 32.3 billion at end of March 2017.

- Monetary authority external debt

at end of March 2017, increased by US$ 7.7 billion to US$ 29.9 billion.

- Other sectors' debt increased by US$ 2.5 billion to US$ 7.7 billion.

- Banks' external debt increased by US$ 64.6 million to US$ 4.0 billion.

US dollar 70.5%

Euro10.9%

SDRs7.5%

chinese Yuan3.5%

Kuwaiti dinar3.2%

Japanese yen3.2%

Other currencies

1.2%

Chart (3) External Debt structure by Currency

End of March 2017

Arab Countries29.2%

International & regional

organizations28.7%

Other countries

14.3%

Egyptian bonds and

notes9.0%

Germany6.6%

United Kingdom

5.2% Japan3.0%

USA2.2%

France1.8%

Chart (4)External Debt by Creditor

End of March 2017

0

20

40

60

80

2015 2016 2017

(US$ bn)

Chart (5)External Debt by Debtor

End of March

Other Sectors Banks

Monetary Authority Central & Local Government

(5.0)

(1.2)

7.8

(0.7)

4.5

7.7

0.3

1.4

0.1

(0.8)

0.7

2.5

-5-3-113579

2014/2015 2015/2016 2016/2017

(US$ bn)

Chart (6)External Debt by Debtor

Share in total increase/decreaseDuring July/March

Central & Local Government Monetary Authority

Banks Other Sectors


F- External Debt Indicators*

The ratio of short-term external debt to net international reserves increased to 44.2 percent at end of March 2017 (from 41.3 percent at end of March 2016). In addition, its ratio to total debt registered 17.1 percent (against 12.8 percent). As for the external debt in terms of international comparison, the debt is within manageable limits. Based on IMF classification**, comparing Egypt's key debt indicators with those of other regional country groups shows that: - Egypt's debt stock to GDP (41.2

percent) at end of March 2017 (63.3 percent for Emerging & Developing Europe and 18.1 percent for Asian developing countries).

- Egypt's short-term external debt to total external debt at end of March 2017 represented 17.1 percent (81.5 percent for Commonwealth and 14.5 percent for Latin America and the Caribbean).

- Egypt's debt-service ratio*** re-gistered 17.5 percent during July/March 2016/2017 (47.5 percent for East and Central Europe, and 27.4 percent for Middle East and North Africa).

__________________________________ * For more indicators, refer to appendix I,

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

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

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

Medium- and long-term debt service reached US$ 4.8 billion during July/ March 2017 (US$ 4.0 billion for principal repayments and US$ 0.8 billion for interest payments).

010203040506070

2015 2016 2017

%

Chart (7)External Debt Indicators

End of March

Government External Debt / External Debt

External Debt /GDP

Short-term Debt / Net International Reserves

Short-term Debt / Total External Debt

0

5

10

15

20

25

2014/2015 2015/2016 2016/2017

%during July/March

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

Section V

Exchange Rate Developments


Exchange Rate Developments

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

(i) Inter-bank Rate1:

During July/March of FY 2016/2017, the exchange rates of foreign curren-cies appreciated against the Egyptian pound, on the back of the CBE's decision of liberalization of the EGP. The weighted average of the US dollar in the Egyptian inter-bank market recorded EGP 18.1396 at end of March 2017, (against LE 8.7800 at end of June 2016). _________________________ 1 The inter-bank foreign exchange market was

launched in Egypt in December 2004.

(ii) Market Rate: At end of March 2017, according to the foreign exchange market (buying price) and after the decision of liberalization of Egyptian pound exchange rate in November 2016, all foreign currencies rose against the Egyptian pound. To illustrate, the US dollar & Saudi riyal increased by 104.2 percent, the UAE dirham increased by 104.1 percent, Kuwaiti dinar by 102.2 percent, Swiss franc by 100.6 percent, Chinese Yuan by 96.8 percent, the Euro by 97.7 percent, sterling pound by 89.3 percent, and the Japanese yen (100 yens) by 88.3 percent.

6

8

10

12

14

16

18

20

Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17

2015/2016 2016/2017

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

(End of Period)

USD Interbank rate(average)USD market rate(buying price)Euro market rate(buying price) (Right axis)

Section VI

Statistics


Appendix I

Table Page

I- Balance of Payments

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

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

II- International Investment Position (IIP) 2 21

III- Coordinated Portfolio Investment Survey (CPIS) 3 22

IV- External Liquidity

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

V- External Debt

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

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

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

6

7

25

26

VI- Exchange Rate Developments

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

(US$ mn)

2015/2016* 2016/2017*

Trade Balance -29848.6 -27047.6

Exports** 13405.7 15994.0

Petroleum 4211.1 4656.6

Other Exports 9194.6 11337.4

Imports** -43254.3 -43041.6

Petroleum -7072.1 -8197.1

Other Imports -36182.2 -34844.5

Services (Net) 5520.3 4488.0

Receipts 12515.2 11516.2

Transportation, of which : 7253.0 6678.4

Suez Canal 3877.7 3716.6

Travel 3257.1 2840.7

Government receipts 278.7 191.3

Other 1726.4 1805.8

Payments 6994.9 7028.2

Transportation 1016.3 931.5

Travel 2913.7 2189.7

Government Expenditures 449.9 700.1

Other 2615.0 3206.9

Income Balance (net) -3114.7 -3225.9

Income receipts 273.2 305.3

Income payments 3387.9 3531.2

of which: Interest paid 524.4 824.6

Transfers 12402.5 12606.7

Private Transfers (net) 12341.8 12524.2

of which: Workers' Remittances 12659.6 12625.9

Official Transfers (net) 60.7 82.5

Current Account Balance -15040.5 -13178.8

Table (1) Balance of Payments

Central Bank of Egypt - External Position 19

July /march

(US$ mn)

2015/2016* 2016/2017*

Capital & Financial Account 14550.1 24638.9

Capital Account -130.8 -98.6

Financial Account 14680.9 24737.5

Direct Investment Abroad -113.5 -147.7

Direct Investment in Egypt (Net) 5885.7 6565.0

Portfolio Investment Abroad (Net) 148.6 178.7

Portfolio Investment in Egypt (Net), of which: -1501.4 7801.2

Bonds -1423.7 3190.2

Other Investment (Net) 10261.5 10340.3

Net Borrowing 5272.4 7232.4

M&L-Term Loans (Net) -177.4 4180.7

Drawings 2076.2 6214.1

Repayments -2253.6 -2033.4

MT-Suppliers' Credit (Net) 681.5 929.7

Drawings 703.5 1012.3

Repayments -22.0 -82.6

ST-Suppliers' Credit (Net) 4768.3 2122.0

Other Assets -4275.5 -5635.4

Central Bank -14.6 -1997.8

Banks 1208.9 -3091.9

Other -5469.8 -545.7

Other Liabilities 9264.6 8743.3

Central Bank 4444.2 7737.4

Banks 4820.4 1005.9

Net Errors & Omissions -3150.1 -475.4

Overall Balance -3640.5 10984.7

Change in CBE Reserve Assets ,Increase(-) 3640.5 -10984.7

* Preliminary.

** Include free zones exports and imports.


July /march

Table (1) Balance of Payments (contd.)


End of

Assets Liabilities Assets Liabilities

Total 42471.9 156038.8 57451.2 184995.5

1-Direct investment 7119.0 98082.3 7266.7 104593.3

2-Portfolio investments 1272.7 5685.1 2188.2 13196.8

Equity security 752.8 2131.5 1679.0 2440.4

Debt security 519.9 3553.6 509.2 10756.4

3-Other investments 16983.4 52271.4 20072.3 67205.4

Trade credits 1905.0 2781.9

General government

Long-term

Short-term

Other sectors 1905.0 2781.9

Long-term

Short-term 1905.0 2781.9

Loans 983.3 31334.0 519.1 40939.5

Monetary authorities 4619.7 7526.6

Use of Fund credit & loans from the Fund

Other long-term 1419.7 2297.0

Short-term 3200.0 5229.6

General government 20943.7 25554.4

Long-term 20943.7 25554.4

Short-term

Banks 983.3 2484.9 519.1 2932.8

Long-term 561.0 2050.5 252.3 2714.8

Short-term 422.3 434.4 266.8 218.0


Long-term 3285.7 4925.7

Short-term

Currency and deposits 16000.1 17778.3 19553.2 22262.2


Long-term 16300.0 17887.4

Short-term 3279.8

General government

Long-term

Short-term

Banks 6944.1 1478.3 10617.2 1095.0

Long-term

Short-term 1478.3 1095.0


Long-term

Short-term

Other assets / Liabilities 1254.1 1221.8


Long-term 1254.1 1221.8

Short-term

General government

Banks

Other sectors

4-Reserves assets 17096.8 27924.0

* Preliminary.

(US$ millions)

June 2016 March 2017*

Table (2) International Investment Position (IIP)

22

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

Bahamas 25.6 25.6

Bahrain 10.6 7.9 18.5

Canada 5.6 5.6

Cayman Islands 17.9 17.9

China, P.R. Mainland 1.5 1.5

Cyprus 8.4 8.4

Ethiopia 0.2 0.2

France 418.0 21.7 5.8 445.5

Germany 123.1 123.1

Holand 1.4 1.4

Indonesia 7.0 7.0

Italy 31.6 31.6

Japan 10.2 10.2

Jordan 54.9 1.3 56.2

Kenya 0.1 0.1

Kuwait 14.9 0.1 15.0

Lebanon 5.6 6.0 4.1 15.7

Luxembourg 9.4 9.4

Malaysia 16.0 8.7 24.7

Malta 1.7 1.7

Mozambique 5.4 5.4

Nigeria 11.7 6.6 18.3

Qatar 29.5 29.5

Saudi Arabia 328.5 29.6 6.8 364.9

Singapore 7.7 0.4 8.1

Syrian Arab Republic 1.2 1.2

Sudan 51.2 51.2

Switzerland 6.2 6.2

Tunisia 1.6 1.6

Turkey 1.0 1.0

United Arab Emirates 12.7 25.1 1.0 38.8

United Kingdom 263.4 45.3 6.1 314.8

United States 39.5 161.2 99.9 300.6

International Organizations 219.4 7.9 227.3

Total 1679.0 363.4 145.8 2188.2

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

(US$ millions)

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

Central Bank of Egypt - External Position

End of

June

2014 March

2015

June

2015 March

2016

June

2016 March

2017

Net International Reserves (1-2) 16687 15291 20082 16561 17546 28526

1- Gross Official Reserves 16710 15314 20104 16586 17570 28545

Gold 2662 2471 2420 2533 2602 2621

SDRs 1274 1148 1168 1172 793 763

Foreign Currencies 12695 11629 16453 12829 14128 25125

Loans to IMF 79 66 63 52 47 36

2- Reserve Liabilities 23 23 22 25 24 19

Banks’ Net Foreign Assets 11452 4163 3481 -2636 -4844 -2798

Assets 16224 11592 11450 10153 9286 12338

Liabilities 4772 7429 7969 12789 14130 15136

Cen

tral Ban

k of E

gypt - E

xternal P

osition 23

(US$ mn)

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

(US$ mn)

March 2017 +June 2016 March 2016June 2015End of

73888.655764.453444.948062.9Total External Debt*

61284.348746.746608.845487.61- Medium & long term debt :

4167.05249.65182.56242.9Rescheduled bilateral debt **

3940.64524.54446.94637.2 ODA

226.4725.1735.61605.7 Non-ODA

5537.45399.95609.95491.7Other bilateral debt

3571.13553.53553.52200.9 Paris Club countries

1966.31846.42056.43290.8 Other countries

21174.514089.913810.112246.3International & regional organizations

5679.34018.93566.81546.5Suppliers' & buyers' credits

6683.23493.03514.04937.7Egyptian bonds & notes

17887.416300.014900.015000.0Long-term deposits

155.5195.425.522.5Private sector debt (non-guaranteed)

12604.37017.76836.12575.32- Short-term debt

4374.81478.31345.41295.3 Deposits

8229.55539.45490.71280.0 Other facilities

Source: Loans & External Debt Department - CBE.

+ Provisional

* The difference from World Bank Data is in short-term debt .

** According to the agreement signed with Paris Club countries on May 25, 1991.

Cen

tral B

an

k o

f Egyp

t - Extern

al P

ositio

n 2

4

Table (5) External Debt by Type

(%)

2017+2016201520142013End of March

41.217.312.314.814.0External Debt /GDP (at current market prices)

17.112.87.46.117.7Short-term Debt / total external debt

44.241.319.415.950.8Short-term Debt / Net International Reserves

759.4549.3425.8497.9422.0External Debt per capita (US$)

4804.14218.95193.62669.12624.2Debt Service (Principal & Interest) (US$ mn)* (during July/March)

17.516.315.48.37.0Debt Service / Exports (G&S) (during July/March) %

11.910.910.24.85.1Debt Service / Current Receipts (during July/March) %

2.72.21.61.71.4Interest / Exports (G&S) (during July/March) %

203.1147.788.4103.479.1External Debt / Exports (G&S) (during the year) %

+ Provisional.

* includes interest payments on Egypt's US dollar-denominated bonds and notes issued abroad.

Table (6) External Debt Indicators

Cen

tral Ban

k o

f Eg

yp

t - Ex

ternal P

ositio

n2

5

26

(US$ mn)

End of June 2016 % March 2017* % Change (-) %

External Debt 55764.4 100.0 73888.6 100.0 18124.2 32.5

Total Medium- & Long-Term 48746.7 87.4 61284.3 82.9 12537.6 25.7

Total Short-Term 7017.7 12.6 12604.3 17.1 5586.6 79.6

Central & Local Government 24436.7 43.9 32237.6 43.6 7800.9 31.9

Medium- & Long-Term 24436.7 43.9 32237.6 43.6 7800.9 31.9

Bonds & Notes 3493.0 6.3 6683.2 9.0 3190.2 91.3

Loans 20943.7 37.6 25554.4 34.6 4610.7 22.0

Currency and Deposits

Other Liabilities

Short-Term 0.0 0.0 0.0 0.0 0.0 0.0

Money Market Instruments

Loans


Other Liabilities

Monetary Authority 22173.8 39.6 29915.6 40.4 7741.8 34.9

Medium- & Long-Term 18973.8 33.9 21406.2 28.9 2432.4 12.8

Bonds & Notes

Loans 1419.7 2.5 2297.0 3.1 877.3 61.8

Currency and Deposits 16300.0 29.2 17887.4 24.2 1587.4 9.7

Other Liabilities 1254.1 2.2 1221.8 1.6 (32.3) (2.6)

Short-Term 3200.0 5.7 8509.4 11.5 5,309.4 165.9


Loans 3200.0 5.7 5229.6 7.1 2029.6 63.4

Currency and Deposits 0.0 0.0 3279.8 4.4 3279.8 0.0

Other Liabilities

Banks 3963.2 7.2 4027.8 5.5 64.6 1.6

Medium- & Long-Term Loans 2050.5 3.7 2714.8 3.7 664.3 32.4

Bonds & Notes

Loans 2050.5 3.7 2714.8 3.7 664.3 32.4


Other Liabilities

Short-Term Loans 1912.7 3.5 1313.0 1.8 (599.7) (31.4)


Loans 434.4 0.8 218.0 0.3 (216.4) (49.8)

Currency and Deposits 1478.3 2.7 1095.0 1.5 (383.3) (25.9)

Other Liabilities 0.0

Other Sectors 5190.7 9.3 7707.6 10.5 2516.9 48.5

Medium- & Long-Term 3285.7 5.9 4925.7 6.7 1640.0 49.9

Loans from Direct Investors

Bonds & Notes

Trade Credits

Loans 3285.7 5.9 4925.7 6.7 1640.0 49.9


Other Liabilities

Short-Term 1905.0 3.4 2781.9 3.8 876.9 46.0

Loans from Direct Investors


Trade Credits 1905.0 3.4 2781.9 3.8 876.9 46.0

Loans


Other Liabilities

* Provisional.

Table (7) External Debt by Debtor

Central Bank of Egypt - External Position

First: Interbank Rates *

Minimum

Maximum

Weighted average

Second : Market Rates Buy Sell Buy Sell

US Dollar 8.8571 8.8800 18.0835 18.1882

Euro 9.8172 9.8479 19.4091 19.5251

Pound Sterling 11.8960 11.9312 22.5230 22.6589

Swiss Franc 9.0434 9.0696 18.1398 18.2466

100 Japanese Yens 8.6226 8.6491 16.2403 16.3402

Saudi Riyal 2.3616 2.3680 4.8220 4.8501

Kuwaiti Dinar 29.3350 29.4342 59.3194 59.7217

UAE Dirham 2.4114 2.4183 4.9228 4.9527

Chinese Yuan 1.3331 1.3367 2.6242 2.6406

Source: CBE daily exchange rates.

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

18.1396

8.7800

8.7800

8.7800

Cen

tral Ban

k of E

gypt - E

xternal P

osition 2

7

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

End of June 2016 March 2017


Appendix II Table Page

I- Outstanding External Debt

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

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

- Medium- and Long-Term Public & Publicly Guaranteed External Debt By Creditor:

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

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

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

b. Supplier's Credit………………………………………………........ 6 39

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

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

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

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

- Medium- and Long-Term Private Sector Non-Guaranteed External Debt by Creditor Country. ……………………………………...…….

11

45 - Short-Term External Debt ……………………………………...……. 12 46

II- Outstanding External Debt By Currency…….………………………… 13 47

III- Disbursed and Undisbursed Amounts for Signed Loans & Deposits… 14 48 IV- Projected Medium- and Long-Term External Debt Service

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

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

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

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

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

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

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

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

3- Saudi Bonds ……………………………………………........................ 23 60

4- Global Medium Term Notes (GMTN)....………………………..……... 24 61

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

6- Global Medium Term Notes Programme...………………………..……. 26 63

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

8- Medium- and Long-Term Deposits for Kuwait..……………………..... 28 65

9- Medium- and Long-Term Deposits for Libya..………………………… 29 66

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

11- Medium- and Long-Term Deposits for United Arab Emirates………... 31 68

V- Projected Short-Term Debt…………………………………………….. 32 69

VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 33 70

2014 2015 2016 2017

1- Medium-and Long-Term Public

& Publicly Guaranteed Debt 42,494.34 36,860.56 46,583.28 61,128.79

A. Paris Club Debt 12,706.13 9,832.69 9,658.78 10,769.21

1-Rescheduled Debt 8,439.51 6,179.68 5,182.45 4,166.99

2-Non Rescheduled Debt 4,266.62 3,653.01 4,476.33 6,602.22

B- Supplier's Credit 10.34 6.23 5.87 5.47

C. Non-Paris Club Debt 2,468.26 2,395.04 4,694.52 4,609.03

D. Multilateral Institutions 12,209.84 12,050.97 13,810.12 21,174.46 (1)

E. Bonds &Notes 6,099.77 3,575.63 3,513.99 6,683.22 1-Guaranteed Notes 1,250.00 1,250.00 0.00 0.00 2-Sovereign Notes 849.77 825.63 798.82 978.22 3-Saudi Bond 500.00 500.00 500.00 500.00 4-Euro-Medium Term Notes ( E.M.T.N.) 3,500.00 1,000.00 1,000.00 0.00

5-Global Medium Term Notes ( G.M.T.N.) (2)0.00 0.00 1,215.17 1,257.00

6. Global Medium Term Notes Programme(3)0.00 0.00 0.00 3,948.00

F. Deposits 9,000.00 9,000.00 14,900.00 17,887.40 (4)

2- Medium and Long-Term

Private Sector Non-Guaranteed 20.00 25.00 25.44 155.51

3- Short-Term Debt 2,774.54 2,967.58 6,836.15 12,604.26

Currency and Deposits (Non-Residents) 865.74 1,238.66 4,545.41 4,374.78 (5)

Trade Credits 1,408.80 1,717.92 1,526.24 2,781.83

Qatar Deposits 500.00 0.00 0.00 0.00

Loans 0.00 11.00 764.50 5,447.65 (6)

Grand Total 45,288.88 39,853.14 53,444.87 73,888.56

Using end of period exchange rate.

(1) Includes US$ 2,679.11 million representing extended fund facility by IMF (amounted SDR 1970.05 million), US$ 1,221.82 million representing SDR allocation

by IMF to its member countries, Egypt’s share is SDR 898.45 million and US$ 500 million representing African Export-Import Bank loan .

(2) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1257 million ) due in June 2025.

(3) Representing Global Medium Term Notes Programme with nominal value US$ 4,000 million (non-residents' subscriptions amounted US$ 3,948 million) .

(4) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 6700, 1250 ,5937.40 and 4000 million respectively .

(5) Includes US$ 2,612.09 million representing Chinese Currency Swap Arrangement .

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

Figure 1-1

Central Bank of Egypt- External Position 31

(US$ million)

Table ( 1 )

Outstanding Stock as at End of March

Total Debt

25.5

35.5

45.5

55.5

65.5

75.5

85.5

2011 2012 2013 2014 2015 2016 2017

( US$bn )

External Debt Outstanding Stock as at End of March

C

entral B

ank

of E

gy

pt- E

xtern

al Po

sition

32

Figure 1-2

Paris Club Debt14.57 %

Multilateral Institutions28.66%

Bonds & Notes 9.04 %

Deposits24.21 %

Non-Paris Club Debt 6.24%

Supplier's Credit0.01%

Short-Term Debt17.06%

Private Sector Non-Guaranteed0.21%

Outstanding Stock as at End of March 2017

Figure 1-2

2014 2015 2016 2017

Creditor Countries

Germany 3,517.74 2,726.64 3,378.03 4,665.23

Japan 2,772.55 2,231.77 2,258.29 2,226.02

China 345.01 332.29 1,951.17 1,926.52

United States 2,284.82 2,026.01 1,761.16 1,490.28

France 2,400.98 1,526.64 1,227.24 1,085.28

Kuwait 1,002.05 915.89 929.37 933.26


Italy 250.14 350.57 347.47 511.99

Saudi Arabia 102.12 106.03 121.55 439.54

Turkey 1,000.00 1,000.00 800.00 400.00

United Kingdom 98.55 62.68 34.00 265.34

Bahrain 0.00 0.00 253.51 242.33

Spain 437.00 313.11 245.88 192.29

Denmark 218.96 150.20 132.71 102.65

Austria 207.90 115.95 67.89 66.00

The Netherlands 84.73 63.69 64.88 57.46

Belgium 35.83 20.20 12.43 47.20

Canada 109.27 76.56 52.87 37.89

Qatar 0.00 0.00 48.14 34.67

Switzerland 210.02 127.60 62.41 22.96

Finland 0.00 0.00 1.91 2.95

Norway 3.56 2.60 1.67 1.07

Sweden 15.33 7.41 2.83 0.07

Australia 69.08 37.29 12.98 0.00

Multilateral Institutions {2}12,209.84 12,050.97 13,810.12 21,174.46

Deposits , Bonds and Notes

Deposits 9,000.00 9,000.00 14,900.00 17,887.40{3}

Saudi Arabia 3,000.00 3,000.00 4,900.00 6,700.00

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

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

Libya 2,000.00 2,000.00 2,000.00 1,250.00

Guaranteed Notes 1,250.00 1,250.00 0.00 0.00

Sovereign Notes 849.77 825.63 798.82 978.22

Saudi Bond 500.00 500.00 500.00 500.00

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

Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,215.17 1,257.00

Global Medium Term Notes Programme 0.00 0.00 0.00 3,948.00

Medium and Long-Term Private Sector Non-Guaranteed 20.00 25.00 25.44 155.51

Short-Term Debt 2,774.54 2,967.58 6,836.15 12,604.26

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

Arab Trade Financing Program 0.00 0.00 0.00 29.62

REPO Transactions 0.00 0.00 0.00 2,000.00

Currency Swap Agreement (China) 0.00 0.00 0.00 2,612.09

others 2,774.54 2,967.58 3,636.15 4,762.55

Grand Total 45,288.88 39,853.14 53,444.87 73,888.56

(1) Using end of period exchange rate.

(2) Includes US$ 2,679.11 million representing extended fund facility by IMF (amounted SDR 1970.05 million), US$ 1,221.82 million representing SDR allocation

by IMF to its member countries, Egypt’s share is SDR 898.45 million and US$ 500 million representing African Export-Import Bank loan .

(3) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 6700, 1250 ,5937.40 and 4000 million respectively .

Total Debt(US$ million){1}


Table ( 2 )


Cen

tral Ban

k o

f Eg

yp

t- Ex

ternal P

ositio

n 3

4

Figure 2

Multilateral Institutions28.66%

Short-Term Debt17.06%

Others 8.22%France

1.47%United States2.02%

Germany6.31%

Japan3.01%

Bonds &Notes9.04%

Deposits24.21%

Outstanding Stock as at End of March 2017

2014 2015 2016 2017

Germany 3,517.74 2,726.64 3,378.03 4,665.23

Japan 2,769.43 2,231.77 2,258.29 2,226.02

United States 2,284.82 2,026.01 1,761.16 1,490.28

France 2,400.99 1,526.64 1,227.24 1,085.29

Italy 250.05 350.51 347.45 511.98

United Kingdom 98.54 62.68 33.99 265.34

Spain 437.00 313.11 245.88 192.29

Denmark 218.96 150.20 132.71 102.64

Austria 207.90 115.95 67.90 66.01

The Netherlands 84.73 63.69 64.88 57.46

Belgium 35.83 20.20 12.43 47.20

Canada 102.14 70.39 47.02 32.42

Switzerland 210.02 127.60 62.41 22.96

Finland 0.00 0.00 1.91 2.95

Norway 3.56 2.60 1.67 1.07

Sweden 15.34 7.41 2.83 0.07

Australia 69.08 37.29 12.98 0.00

Grand Total 12,706.13 9,832.69 9,658.78 10,769.21

{1} This table sums up tables 4 and 5.

{2} Using end of period exchange rate.

Country


Table ( 3 ) {1}

Medium and Long-Term

Public & Publicly Guaranteed External Debt By Creditor Country

Paris Club Debt


Total Debt

(US$ million){2}

0.0

5.0

10.0

15.0

20.0

2011 2012 2013 2014 2015 2016 2017

( U

S$b

n )

Medium and Long-TermPublic & Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of March

Figure 3

2014 2015 2016 2017

Germany 1,855.53 1,395.52 1,422.44 1,254.41

Japan 1,847.62 1,424.17 1,337.25 1,196.24

United States 1,887.42 1,658.28 1,423.11 1,181.90

France 1,507.96 835.34 471.13 224.92

Spain 267.67 188.89 107.40 61.09

The Netherlands 84.73 63.69 64.88 57.46

Denmark 99.51 68.94 62.35 51.24

Italy 167.84 119.06 70.16 41.64

Canada 102.14 70.39 47.02 32.42

Austria 205.36 111.87 64.08 30.58

United Kingdom 98.52 62.67 33.99 15.34

Switzerland 195.06 115.79 50.86 13.66

Belgium 32.24 17.80 10.31 4.95

Norway 3.56 2.60 1.67 1.07

Sweden 15.27 7.38 2.82 0.07

Australia 69.08 37.29 12.98 0.00

Grand Total 8,439.51 6,179.68 5,182.45 4,166.99


(US$ million){1}

Country


Total Debt

Table ( 4 )



Paris Club Debt

Rescheduled Debt


0.0

5.0

10.0

15.0

2011 2012 2013 2014 2015 2016 2017

( U

S$

bn

)


Paris Club DebtRescheduled Debt


Figure 4

2014 2015 2016 2017

Germany 1,662.21 1,331.12 1,955.59 3,410.82

Japan 921.81 807.60 921.04 1,029.78

France 893.03 691.30 756.11 860.37

Italy 82.21 231.45 277.29 470.34

United States 397.40 367.73 338.05 308.38

United Kingdom 0.02 0.01 0.00 250.00

Spain 169.33 124.22 138.48 131.20

Denmark 119.45 81.26 70.36 51.40

Belgium 3.59 2.40 2.12 42.25

Austria 2.54 4.08 3.82 35.43

Switzerland 14.96 11.81 11.55 9.30

Finland 0.00 0.00 1.91 2.95

Sweden 0.07 0.03 0.01 0.00

Grand Total 4,266.62 3,653.01 4,476.33 6,602.22


Total DebtCountry


Table ( 5 )

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

Paris Club Debt

Non-Rescheduled Debt


(US$ million){1}

0

1

2

3

4

5

6

7

2011 2012 2013 2014 2015 2016 2017

( U

S$

bn

)


Paris Club Debt Non-Rescheduled Debt


Figure 5-1

Ce

ntra

l Ba

nk o

f Eg

yp

t- Exte

rna

l Po

sitio

n 3

8

Rescheduled Debt38.69%

Non Rescheduled Debt61.31%

Medium and Long-TermPublic and Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of March 2017

Figure 5-2

2014 2015 2016 2017

Canada 7.13 6.17 5.85 5.47

Italy 0.09 0.06 0.02 0.00

Japan 3.12 0.00 0.00 0.00

Grand Total 10.34 6.23 5.87 5.47



(US$ million){1}

CountryTotal Debt

Table ( 6 )

Supplier's Credit




0.00

5.00

10.00

15.00

20.00

25.00

30.00

2011 2012 2013 2014 2015 2016 2017

( U

S$m

n )

Medium and Long-TermPublic &Publicly Guaranteed External Debt

Supplier's CreditOutstanding Stock as at End of March

Figure 6

2014 2015 2016 2017

China 345.00 332.29 1,951.17 1,926.52 {2}

Kuwait 1,002.05 915.89 929.37 933.26


Saudi Arabia 102.12 106.03 121.55 439.54

Turkey 1,000.00 1,000.00 800.00 400.00

Bahrain 0.00 0.00 253.51 242.33

Qatar 0.00 0.00 48.14 34.67

Grand Total 2,468.26 2,395.04 4,694.52 4,609.03


(2) Includes US$ 900 million representing China facility agreement .

Country


Table ( 7 )



Non-Paris Club Debt


Total Debt

(US$ million){1}

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015 2016 2017

( U

S$

mn

)


Non-Paris Club DebtOutstanding Stock as at End of March

Figure 7

2014 2015 2016 2017

IBRD 3,504.17 4,108.05 4,949.50 7,332.05

IMF {2} 1,388.67 1,239.41 1,265.76 3,900.93

African Development Bank 1,611.52 1,513.48 2,041.02 2,519.03

European Investment Bank 1,905.68 1,672.02 1,645.31 2,254.19

Arab Fund for Economic and Social Development 1,519.07 1,493.66 1,461.44 1,424.01

Arab Monetary Fund 344.67 168.89 536.31 932.66

IDA 1,170.83 1,001.68 920.75 792.18

African Export - Import Bank 0.00 0.00 67.39 560.67

Islamic Development Bank 225.66 289.01 328.32 459.15

OPEC 162.74 193.04 206.48 230.96

International Islamic Trade Finance Corporation 0.00 0.00 0.00 200.00

African Development Fund 207.80 176.21 175.73 165.94

European Bank For Reconstruction and Development 0.00 0.00 14.17 130.99

International Fund for Agricultural Development 104.44 95.91 109.43 116.26

Arab Petroleum Investments Corporation (APICORP) 0.00 0.00 0.00 100.00

Clean Technology Fund 0.00 9.73 45.88 55.44

Arab Trade Financing Program 64.59 89.88 42.63 0.00

Grand Total 12,209.84 12,050.97 13,810.12 21,174.46


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

Creditor


Total Debt

Table ( 8 )


Public & Publicly Guaranteed External Debt

Multilateral Institutions


(US$ million){1}

0

5,000

10,000

15,000

20,000

25,000

2011 2012 2013 2014 2015 2016 2017

( U

S$

mn

)


Multilateral InstitutionsOutstanding Stock as at End of March

Figure 8-1

Centra

l Bank o

f Egypt- E

xte

rnal P

ositio

n 4

2

I.D.A3.74%

European Investment Bank 10.64%

Arab Fund for Economic and Social Development

6.73%

Others9.54%

IBRD34.63%

African Development Bank 11.90%

AMF4.40%

IMF18.42%


Multilateral InstitutionsOutstanding Stock as at End of March

Figure 8 - 2

2014 2015 2016 2017

Guaranteed Notes 1,250.00 1,250.00 0.00 0.00

Sovereign Notes 849.77 825.63 798.82 978.22

Saudi Bond 500.00 500.00 500.00 500.00

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

Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,215.17 1,257.00

Global Medium Term Notes Programme 0.00 0.00 0.00 3,948.00

Grand Total 6,099.77 3,575.63 3,513.99 6,683.22

(US$ million)

Total Debt


Table ( 9)Bonds &Notes


2014 2015 2016 2017

Saudi Arabia 3,000.00 3,000.00 4,900.00 6,700.00

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

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

Libya 2,000.00 2,000.00 2,000.00 1,250.00

Grand Total 9,000.00 9,000.00 14,900.00 17,887.40

(US$ million)

CountryTotal Debt


Table ( 10 )

DepositsOutstanding Stock as at End of March


2014 2015 2016 2017

Multilateral Institutions 20.00 25.00 25.44 124.96

Germany 0.00 0.00 0.00 15.55

Bahrain 0.00 0.00 0.00 15.00

Grand Total 20.00 25.00 25.44 155.51


Country


Total Debt

Table ( 11 )


Private Sector Non-Guaranteed External Debt By Creditor Country


(US$ million){1}

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

2011 2012 2013 2014 2015 2016 2017

( U

S$

mn

)

Medium and Long-TermPrivate Sector Non-Guaranteed External Debt


Figure 9

2014 2015 2016 2017

Short-Term Debt

Loans 0.00 11.00 764.50 5,447.65 {2}

Currency and Deposits (Non-Residents) 865.74 1,238.66 4,545.41 4,374.78 {3}

Trade Credits 1,408.80 1,717.92 1,526.24 2,781.83

Qatar Deposits 500.00 0.00 0.00 0.00

Grand Total 2,774.54 2,967.58 6,836.15 12,604.26

(1) Using end of period exchange rate.

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

and Repo Transaction amounted US$ 2,000 million .

(3) Includes US$ 2,612.09 million representing Chinese Currency Swap Arrangement .


Short-Term Debt

Table ( 12 )


Total Debt

(US$ million){1}

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2011 2012 2013 2014 2015 2016 2017

( U

S$m

n )

Short-Term DebtOutstanding Stock as at End of March

Figure 10

(US$ million) (*)

2014 2015 2016 2017

US Dollar 27,602.73 25,430.88 38,274.32 52,065.99

EURO 8,299.03 6,138.69 6,679.90 8,023.23

Special Drawing Rights 2,711.65 2,243.72 2,587.90 5,522.97

Chinese Yuan 0.00 0.00 0.00 2,612.09

Kuwaiti Dinar 2,521.12 2,409.55 2,390.81 2,357.27

Japanese Yen 2,923.39 2,358.35 2,395.92 2,326.23

Egyptian Pound 352.12 557.81 557.64 227.04

Swiss Franc 388.28 297.51 215.12 164.36

Saudi Riyal 104.50 108.24 128.60 441.36

Danish Kroner 88.71 63.31 62.60 51.58

Canadian Dollar 88.63 62.82 46.81 36.27

U.A.E. Dirham 19.14 41.72 38.30 31.07

British Pound Sterling 120.31 104.92 50.08 26.84

Norwegian Kroner 3.68 2.49 2.21 1.97

Swedish Kroner 14.47 6.89 5.55 0.29

Australian Dollar 51.12 26.24 9.11 0.00

Total 45,288.88 39,853.14 53,444.87 73,888.56

(*) Using end of period exchange rate .

CurrencyTotal Debt



Table ( 13 )


Signed Amount Disbursed Undisbursed

1- Medium and Long-Term Public

& Publicly Guaranteed Debt 34,941.57 25,102.85 9,837.27

A. Paris Club Debt 6,837.74 3,133.76 3,703.98

Non-Rescheduled Debt 6,837.74 3,133.76 3,703.98

B. Non-Paris Club Debt 5,021.34 2,897.90 2,123.44

C. Multilateral Institutions 13,082.49 9,071.19 4,009.85

D. Deposits 10,000.00 10,000.00 0.00

2- Medium and Long-Term Private 440.00 159.96 280.04

Sector Non-Guaranteed Debt

Grand Total 35,381.57 25,262.81 10,117.31


Disbursed and Undisbursed Amounts for Signed Loans and Deposit

(US$ million){1}

Table ( 14 )

from 1/4/2014 to 31/3/2017


Figure 12

0.00

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

12,000.00

14,000.00

16,000.00

18,000.00

2011 2012 2013 2014 2015 2016 2017

Signed Loans and Deposit Disbursed Undisbursed

Medium and Long-Term Disbursed and Undisbursed Amountsfor Signed Loans and Deposits

from 1/4/2011 to 31/3/2017

( U

S$m

n )

Period Principal Interest Total Period Total

2017/H1(2)1480.42 319.90 1,800.32 2036/H1 243.98

2017/H2(3)

1937.53 740.43 2,677.96 2036/H2 234.17

2018/H1 (4)

4741.08 677.29 5,418.37 2037/H1 215.57

2018/H2 (5)

7922.51 673.74 8,596.24 2037/H2 196.50

2019/H1 (6)3936.87 602.07 4,538.94 2038/H1 182.73

2019/H2 (7)4298.22 555.71 4,853.93 2038/H2 164.82

2020/H1 (8)4413.74 517.91 4,931.65 2039/H1 154.18

2020/H2 1675.26 459.55 2,134.82 2039/H2 153.08

2021/H1(9)1950.92 430.47 2,381.39 2040/H1(14)

529.542021/H2 1548.36 413.59 1,961.94 2040/H2 135.82

2022/H1(10)

3135.89 390.82 3,526.71 2041/H1 124.00

2022/H2 (11)2349.87 314.77 2,664.64 2041/H2 123.07

2023/H1 1390.92 288.87 1,679.79 2042/H1 118.222023/H2 1430.75 277.71 1,708.45 2042/H2 116.072024/H1 1291.19 257.84 1,549.04 2043/H1 114.112024/H2 1156.55 247.80 1,404.35 2043/H2 107.18

2025/H1 (12)2320.00 233.86 2,553.86 2044/H1 103.71

2025/H2 1020.10 190.22 1,210.32 2044/H2 102.882026/H1 1039.34 191.17 1,230.51 2045/H1 102.202026/H2 945.34 172.90 1,118.24 2045/H2 101.73

2027/H1 (13)

1488.24 163.51 1,651.75 2046/H1 100.642027/H2 506.32 124.75 631.07 2046/H2 97.92

2028/H1 410.35 119.64 529.99 2047/H1(15)

1,346.352028/H2 398.82 117.04 515.86 2047/H2 42.722029/H1 352.97 112.89 465.87 2048/H1 41.712029/H2 346.23 110.36 456.59 2048/H2 40.862030/H1 317.50 107.24 424.74 2049/H1 38.582030/H2 302.40 104.83 407.23 2049/H2 38.252031/H1 261.69 102.61 364.30 2050/H1 37.562031/H2 259.69 100.45 360.14 2050/H2 34.972032/H1 252.02 98.59 350.61 2051/H1 19.422032/H2 236.64 96.48 333.11 2051/H2 17.332033/H1 227.14 94.61 321.75 2052/H1 0.522033/H2 213.65 92.70 306.35 2052/H2 0.522034/H1 207.57 91.10 298.67 2053/H1 0.512034/H2 198.51 89.38 287.89 2053/H2 0.512035/H1 188.57 87.92 276.49 2054/H1 0.512035/H2 183.86 86.34 270.20

Grand Total 59,906.97 (16) 11,469.52 (17) 71,376.49

(1) The exchange rate of March 31, 2017 .

(2) Includes US$ 500.00 million Saudi bond maturing 2017 & US$ 350.00 million deposits maturing 2017 .

(3) Includes US$ 600.00 million deposits maturing 2017.



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

(7) Includes US$ 2100 million deposits maturing 2019.

(8) Includes US$ 600 million sovereign notes & US$ 2435 million deposits maturing 2020.


(10) Includes US$ 1732.00 million Global Medium Term Notes Programme maturing 2022 .


(12) Includes US$ 1257.00 million Global Medium Term Notes ( G.M.T.N.) maturing 2025.


(14) Includes US$ 378.22 million sovereign notes maturing 2040.


(16) Excludes US$ 1221.82 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MN.

(17) Includes US$ 129.33 million representing forecast interest of SDR allocation.

451.8271.72


Table ( 15 )

Projected Medium and Long-Term Public & Publicly Guaranteed

External Debt Service

133.15

115.21

75.2974.82

102.39

85.28

(US$ million)(1)

as of April 1, 2017

78.27

InterestPrincipal

159.01

150.54

84.97

83.64

32.2817.10

63.50

42.20

41.5139.17

42.9942.56

60.08

1287.9837.8437.2036.71

55.7254.05

42.30

82.43

81.28

4.51

80.34

79.54

78.90

77.72

62.5062.03

64.10

63.00

60.72

61.5546.0952.56

60.50

0.510.510.510.51

2.32

3.02

0.51

0.00

2.170.010.010.01

59.53

0.00

2.69

3.754.15

59.1358.76

15.17

34.54

59.91

61.10

3.42

60.32

34.8334.83

58.364.88

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

50

Figure 15

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Principal Interest Total

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

Period Principal Interest Total Period Principal Interest Total

2017/H1 118.53 24.90 143.44 2036/H1 29.07 1.33 30.402017/H2 439.58 108.83 548.40 2036/H2 28.50 1.23 29.722018/H1 422.47 95.16 517.63 2037/H1 26.37 1.12 27.492018/H2 540.31 98.54 638.85 2037/H2 25.20 1.03 26.232019/H1 579.97 82.29 662.26 2038/H1 23.81 0.94 24.752019/H2 750.79 83.70 834.49 2038/H2 21.63 0.86 22.492020/H1 630.45 66.94 697.39 2039/H1 18.46 0.78 19.242020/H2 795.91 67.08 862.99 2039/H2 18.03 0.71 18.742021/H1 618.62 51.57 670.19 2040/H1 17.40 0.65 18.052021/H2 602.94 50.89 653.84 2040/H2 17.02 0.59 17.612022/H1 439.48 39.09 478.57 2041/H1 15.84 0.52 16.362022/H2 459.73 39.80 499.53 2041/H2 15.41 0.47 15.882023/H1 440.65 30.95 471.60 2042/H1 13.91 0.41 14.322023/H2 456.74 30.95 487.69 2042/H2 12.23 0.37 12.602024/H1 404.85 22.86 427.71 2043/H1 11.82 0.32 12.142024/H2 377.67 22.65 400.32 2043/H2 11.40 0.28 11.682025/H1 303.86 15.87 319.73 2044/H1 8.76 0.24 9.002025/H2 324.82 15.90 340.72 2044/H2 8.33 0.21 8.542026/H1 314.62 10.24 324.87 2045/H1 8.07 0.18 8.242026/H2 280.72 9.60 290.33 2045/H2 7.97 0.15 8.122027/H1 92.97 5.11 98.07 2046/H1 7.28 0.12 7.402027/H2 110.46 6.29 116.75 2046/H2 4.94 0.09 5.032028/H1 80.75 4.31 85.06 2047/H1 3.75 0.07 3.832028/H2 92.72 4.98 97.70 2047/H2 3.61 0.06 3.672029/H1 77.80 3.75 81.56 2048/H1 3.23 0.05 3.272029/H2 80.81 3.95 84.77 2048/H2 3.06 0.04 3.102030/H1 69.98 3.24 73.22 2049/H1 1.18 0.03 1.212030/H2 80.14 3.20 83.34 2049/H2 1.18 0.02 1.212031/H1 56.03 2.80 58.82 2050/H1 0.89 0.02 0.912031/H2 55.60 2.60 58.20 2050/H2 0.89 0.02 0.912032/H1 52.98 2.40 55.38 2051/H1 0.51 0.01 0.522032/H2 41.35 2.21 43.56 2051/H2 0.51 0.01 0.522033/H1 36.95 2.06 39.01 2052/H1 0.51 0.01 0.522033/H2 35.39 1.93 37.32 2052/H2 0.51 0.01 0.522034/H1 33.92 1.81 35.73 2053/H1 0.51 0.01 0.512034/H2 32.71 1.68 34.39 2053/H2 0.51 0.00 0.512035/H1 32.02 1.57 33.59 2054/H1 0.51 0.00 0.512035/H2 31.16 1.45 32.60

Grand Total 10,769.21 1,036.06 11,805.27(1) The exchange rate of March 31, 2017 .

(US$ million)(1)

as of April 1 , 2017

Paris Club Debt

External Debt Service


Table ( 16 )


Figure 16

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

52

0

200

400

600

800

1000

1200

1400

1600

1800

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


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

Paris Club DebtUS$ mn


2017/H1 2.40 2.83 5.23 2022/H1 146.47 18.49 164.96

2017/H2 273.42 51.56 324.98 2022/H2 148.72 16.62 165.34

2018/H1 287.20 48.57 335.77 2023/H1 150.99 14.97 165.96

2018/H2 290.57 44.48 335.05 2023/H2 153.30 13.08 166.38

2019/H1 292.36 41.19 333.55 2024/H1 155.43 11.36 166.79

2019/H2 295.82 37.12 332.93 2024/H2 153.43 9.45 162.88

2020/H1 297.70 33.70 331.39 2025/H1 155.69 7.63 163.31

2020/H2 301.24 29.71 330.95 2025/H2 158.16 5.68 163.83

2021/H1 303.41 26.05 329.46 2026/H1 160.47 3.79 164.26

2021/H2 280.36 22.02 302.37 2026/H2 159.88 1.81 161.69

Grand Total 4,166.99 440.10 4,607.08


(US$ million)(1)

Table ( 17 )


External Debt Service as of April 1 , 2017

Paris Club Debt

Rescheduled Debt


Period Principal Interest Total Period Principal Interest Total2017/H1 116.13 22.08 138.21 2036/H1 29.07 1.33 30.402017/H2 166.16 57.27 223.42 2036/H2 28.50 1.23 29.722018/H1 135.28 46.58 181.86 2037/H1 26.37 1.12 27.492018/H2 249.74 54.06 303.80 2037/H2 25.20 1.03 26.232019/H1 287.61 41.10 328.71 2038/H1 23.81 0.94 24.752019/H2 454.97 46.58 501.55 2038/H2 21.63 0.86 22.492020/H1 332.75 33.25 366.00 2039/H1 18.46 0.78 19.242020/H2 494.67 37.37 532.04 2039/H2 18.03 0.71 18.742021/H1 315.21 25.52 340.73 2040/H1 17.40 0.65 18.052021/H2 322.59 28.88 351.47 2040/H2 17.02 0.59 17.612022/H1 293.01 20.60 313.62 2041/H1 15.84 0.52 16.362022/H2 311.01 23.19 334.19 2041/H2 15.41 0.47 15.882023/H1 289.66 15.98 305.63 2042/H1 13.91 0.41 14.322023/H2 303.44 17.87 321.31 2042/H2 12.23 0.37 12.602024/H1 249.42 11.50 260.92 2043/H1 11.82 0.32 12.142024/H2 224.24 13.19 237.43 2043/H2 11.40 0.28 11.682025/H1 148.17 8.24 156.42 2044/H1 8.76 0.24 9.002025/H2 166.66 10.22 176.89 2044/H2 8.33 0.21 8.542026/H1 154.16 6.45 160.61 2045/H1 8.07 0.18 8.242026/H2 120.85 7.79 128.64 2045/H2 7.97 0.15 8.122027/H1 92.97 5.11 98.07 2046/H1 7.28 0.12 7.402027/H2 110.46 6.29 116.75 2046/H2 4.94 0.09 5.032028/H1 80.75 4.31 85.06 2047/H1 3.75 0.07 3.832028/H2 92.72 4.98 97.70 2047/H2 3.61 0.06 3.672029/H1 77.80 3.75 81.56 2048/H1 3.23 0.05 3.272029/H2 80.81 3.95 84.77 2048/H2 3.06 0.04 3.102030/H1 69.98 3.24 73.22 2049/H1 1.18 0.03 1.212030/H2 80.14 3.20 83.34 2049/H2 1.18 0.02 1.212031/H1 56.03 2.80 58.82 2050/H1 0.89 0.02 0.912031/H2 55.60 2.60 58.20 2050/H2 0.89 0.02 0.912032/H1 52.98 2.40 55.38 2051/H1 0.51 0.01 0.522032/H2 41.35 2.21 43.56 2051/H2 0.51 0.01 0.522033/H1 36.95 2.06 39.01 2052/H1 0.51 0.01 0.522033/H2 35.39 1.93 37.32 2052/H2 0.51 0.01 0.522034/H1 33.92 1.81 35.73 2053/H1 0.51 0.01 0.512034/H2 32.71 1.68 34.39 2053/H2 0.51 0.00 0.512035/H1 32.02 1.57 33.59 2054/H1 0.51 0.00 0.512035/H2 31.16 1.45 32.60

Grand Total 6,602.22 595.97 7,198.19(1) The exchange rate of March 31, 2017 .

(US$ million)(1)

Table ( 18 )

External Debt Service as of April, 2017

Paris Club Debt

Non-Rescheduled Debt




2017/H1 0.04 0.00 0.04 2028/H2 0.13 0.00 0.13

2017/H2 0.13 0.00 0.13 2029/H1 0.13 0.00 0.13

2018/H1 0.13 0.00 0.13 2029/H2 0.13 0.00 0.13

2018/H2 0.13 0.00 0.13 2030/H1 0.13 0.00 0.13

2019/H1 0.13 0.00 0.13 2030/H2 0.13 0.00 0.13

2019/H2 0.13 0.00 0.13 2031/H1 0.13 0.00 0.13

2020/H1 0.13 0.00 0.13 2031/H2 0.13 0.00 0.13

2020/H2 0.13 0.00 0.13 2032/H1 0.13 0.00 0.13

2021/H1 0.13 0.00 0.13 2032/H2 0.13 0.00 0.13

2021/H2 0.13 0.00 0.13 2033/H1 0.13 0.00 0.13

2022/H1 0.13 0.00 0.13 2033/H2 0.13 0.00 0.13

2022/H2 0.13 0.00 0.13 2034/H1 0.13 0.00 0.13

2023/H1 0.13 0.00 0.13 2034/H2 0.13 0.00 0.13

2023/H2 0.13 0.00 0.13 2035/H1 0.13 0.00 0.13

2024/H1 0.13 0.00 0.13 2035/H2 0.13 0.00 0.13

2024/H2 0.13 0.00 0.13 2036/H1 0.13 0.00 0.13

2025/H1 0.13 0.00 0.13 2036/H2 0.13 0.00 0.13

2025/H2 0.13 0.00 0.13 2037/H1 0.13 0.00 0.13

2026/H1 0.13 0.00 0.13 2037/H2 0.04 0.00 0.04

2026/H2 0.13 0.00 0.13 2038/H1 0.04 0.00 0.04

2027/H1 0.13 0.00 0.13 2038/H2 0.04 0.00 0.04

2027/H2 0.13 0.00 0.13 2039/H1 0.04 0.00 0.04

2028/H1 0.13 0.00 0.13

Grand Total 5.47 0.00 5.47(1) The exchange rate of March 31, 2017 .

Supplier's Credit


(US$ million)(1)

Table ( 19 )

Projected Medium and Long-Term Public & Publicly GuaranteedExternal Debt Service



2017/H1 249.56 31.80 281.36 2028/H1 33.38 1.83 35.21

2017/H2 290.57 83.74 374.32 2028/H2 23.42 1.36 24.78

2018/H1 485.92 81.70 567.62 2029/H1 13.03 1.05 14.09

2018/H2 338.99 71.37 410.35 2029/H2 11.29 0.89 12.18

2019/H1 248.94 65.28 314.22 2030/H1 11.29 0.74 12.03

2019/H2 245.11 59.14 304.25 2030/H2 5.14 0.60 5.74

2020/H1 257.92 53.86 311.78 2031/H1 5.14 0.55 5.69

2020/H2 334.97 47.92 382.88 2031/H2 5.24 0.50 5.73

2021/H1 254.58 40.25 294.83 2032/H1 5.24 0.45 5.68

2021/H2 219.46 34.68 254.14 2032/H2 5.24 0.39 5.63

2022/H1 240.16 30.32 270.47 2033/H1 4.50 0.34 4.84

2022/H2 227.21 25.32 252.53 2033/H2 3.77 0.30 4.07

2023/H1 238.98 20.77 259.75 2034/H1 3.77 0.26 4.03

2023/H2 269.12 15.90 285.02 2034/H2 3.77 0.22 3.99

2024/H1 185.78 9.87 195.65 2035/H1 3.77 0.18 3.96

2024/H2 79.16 6.36 85.52 2035/H2 3.77 0.14 3.92

2025/H1 83.55 5.26 88.81 2036/H1 2.13 0.11 2.24

2025/H2 39.67 4.38 44.05 2036/H2 2.13 0.09 2.22

2026/H1 50.22 3.81 54.03 2037/H1 2.13 0.06 2.19

2026/H2 34.61 3.28 37.89 2037/H2 2.13 0.04 2.17

2027/H1 47.56 2.80 50.36 2038/H1 2.13 0.02 2.15

2027/H2 34.61 2.32 36.92

Grand Total 4,609.03 710.23 5,319.27


(US$ million)(1)

Non-Paris Club Debt



Table ( 20 )


Period Principal Interest Total Period Total2017/H1 262.29 78.39 340.68 2034/H2 183.25

2017/H2 607.25 185.05 792.30 2035/H1 172.69

2018/H1 1233.88 170.82 1404.70 2035/H2 167.42

2018/H2 943.08 167.22 1110.30 2036/H1 145.07

2019/H1 674.83 151.22 826.04 2036/H2 135.97

2019/H2 1202.19 143.99 1346.18 2037/H1 119.63

2020/H1 490.25 134.16 624.41 2037/H2 101.93

2020/H2 544.26 128.83 673.09 2038/H1 89.66

2021/H1 744.26 123.28 867.54 2038/H2 76.16

2021/H2 725.82 116.53 842.35 2039/H1 68.78

2022/H1 724.12 110.24 834.36 2039/H2 68.22

2022/H2 725.40 103.91 829.31 2040/H1 67.14

2023/H1 711.16 97.87 809.04 2040/H2 65.09

2023/H2 704.75 91.58 796.34 2041/H1 54.51

2024/H1 700.43 85.84 786.26 2041/H2 54.06

2024/H2 699.59 79.52 779.10 2042/H1 50.77

2025/H1 675.46 73.45 748.91 2042/H2 50.34

2025/H2 655.48 67.58 723.06 2043/H1 48.84

2026/H1 674.37 74.76 749.12 2043/H2 42.37

2026/H2 629.88 57.66 687.54 2044/H1 41.58

2027/H1 381.59 53.24 434.83 2044/H2 41.22

2027/H2 361.12 50.01 411.13 2045/H1 40.83

2028/H1 296.09 47.36 343.46 2045/H2 40.49

2028/H2 282.56 44.56 327.12 2046/H1 40.11

2029/H1 262.01 41.96 303.96 2046/H2 39.77

2029/H2 254.00 39.39 293.38 2047/H1 39.39

2030/H1 236.09 37.13 273.23 2047/H2 39.05

2030/H2 216.99 34.90 251.89 2048/H1 38.43

2031/H1 200.40 33.13 233.53 2048/H2 37.76

2031/H2 198.72 31.23 229.95 2049/H1 37.37

2032/H1 193.67 29.62 223.29 2049/H2 37.04

2032/H2 189.92 27.75 217.67 2050/H1 36.66

2033/H1 185.56 26.08 211.64 2050/H2 34.07

2033/H2 174.36 24.34 198.70 2051/H1 18.90

2034/H1 169.75 22.90 192.65 2051/H2 16.81

Grand Total 19,952.64 (2) 3,105.77 (3) 23,058.41(1) The exchange rate of March 31, 2017 .

(2) Excludes US$ 1,221.82 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.

(3) Includes US$ 129.33 million representing forecast interest of SDR allocation.

Principal Interest161.89

152.65

(US$ million)(1)


Multilateral Institutions



Table ( 21 )

41.81

40.74

148.80

127.67

119.78

104.51

87.85

76.41

63.61

56.79

56.79

56.19

54.71

44.66

44.66

41.81

31.39

16.59

34.69

34.23

34.23

34.23

34.23

34.23

34.23

34.23

34.23

33.98

33.65

33.65

33.65

33.65

14.66

21.36

20.04

18.62

17.40

16.20

15.11

14.08

13.25

12.55

5.88

5.54

11.99

11.43

10.95

10.38

9.85

9.40

8.96

8.53

8.10

7.69

7.35

6.98

6.60

6.25

5.16

4.82

2.31

2.15

4.46

4.11

3.72

3.39

3.00

2.68

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

58

Figure 21

0

500

1000

1500

2000

2500

3000

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


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


US$ mn


2017/H1 0.00 30.25 30.25 2029/H1 0.00 13.00 13.00

2017/H2 0.00 30.25 30.25 2029/H2 0.00 13.00 13.00

2018/H1 0.00 30.25 30.25 2030/H1 0.00 13.00 13.00

2018/H2 0.00 30.25 30.25 2030/H2 0.00 13.00 13.00

2019/H1 0.00 30.25 30.25 2031/H1 0.00 13.00 13.00

2019/H2 0.00 30.25 30.25 2031/H2 0.00 13.00 13.00

2020/H1 600.00 30.25 630.25 2032/H1 0.00 13.00 13.00

2020/H2 0.00 13.00 13.00 2032/H2 0.00 13.00 13.00

2021/H1 0.00 13.00 13.00 2033/H1 0.00 13.00 13.00

2021/H2 0.00 13.00 13.00 2033/H2 0.00 13.00 13.00

2022/H1 0.00 13.00 13.00 2034/H1 0.00 13.00 13.00

2022/H2 0.00 13.00 13.00 2034/H2 0.00 13.00 13.00

2023/H1 0.00 13.00 13.00 2035/H1 0.00 13.00 13.00

2023/H2 0.00 13.00 13.00 2035/H2 0.00 13.00 13.00

2024/H1 0.00 13.00 13.00 2036/H1 0.00 13.00 13.00

2024/H2 0.00 13.00 13.00 2036/H2 0.00 13.00 13.00

2025/H1 0.00 13.00 13.00 2037/H1 0.00 13.00 13.00

2025/H2 0.00 13.00 13.00 2037/H2 0.00 13.00 13.00

2026/H1 0.00 13.00 13.00 2038/H1 0.00 13.00 13.00

2026/H2 0.00 13.00 13.00 2038/H2 0.00 13.00 13.00

2027/H1 0.00 13.00 13.00 2039/H1 0.00 13.00 13.00

2027/H2 0.00 13.00 13.00 2039/H2 0.00 13.00 13.00

2028/H1 0.00 13.00 13.00 2040/H1 378.22 13.00 391.22

2028/H2 0.00 13.00 13.00

Grand Total 978.22 731.75 1,709.97

(*) Consists of Two Notes

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

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

(US$ million)

Table ( 22 )

Projected Sovereign Notes (*)

Debt Service as of April 1 , 2017


(US$ million)

Period Principal Interest Total

2017/H1 500.00 12.50 512.50

Grand Total 500.00 12.50 512.50

(*) The Applicable Interest Rate is Fixed : 5.00 % , issued on 1/6/2012 and due on 1/6/2017 .


Table ( 23 )

Projected Saudi Bond (*)


(US$ million)


2017/H1 0.00 36.92 36.92

2017/H2 0.00 36.92 36.92

2018/H1 0.00 36.92 36.92

2018/H2 0.00 36.92 36.92

2019/H1 0.00 36.92 36.92

2019/H2 0.00 36.92 36.92

2020/H1 0.00 36.92 36.92

2020/H2 0.00 36.92 36.92

2021/H1 0.00 36.92 36.92

2021/H2 0.00 36.92 36.92

2022/H1 0.00 36.92 36.92

2022/H2 0.00 36.92 36.92

2023/H1 0.00 36.92 36.92

2023/H2 0.00 36.92 36.92

2024/H1 0.00 36.92 36.92

2024/H2 0.00 36.92 36.92

2025/H1 1,257.00 36.92 1,293.92

Grand Total 1,257.00 627.64 1,884.64

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

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

Table ( 24 )

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



(US$ million)


2017/H2 0.00 53.04 53.04

2018/H1 0.00 53.04 53.04

2018/H2 0.00 53.04 53.04

2019/H1 0.00 53.04 53.04

2019/H2 0.00 53.04 53.04

2020/H1 0.00 53.04 53.04

2020/H2 0.00 53.04 53.04

2021/H1 0.00 53.04 53.04

2021/H2 0.00 53.04 53.04

2022/H1 1,732.00 53.04 1,785.04

Grand Total 1,732.00 530.40 2,262.40

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


Table ( 25 )

Projected Global Medium Term Notes Programme (*)



(US$ million)


2017/H2 0.00 36.23 36.23

2018/H1 0.00 36.23 36.23

2018/H2 0.00 36.23 36.23

2019/H1 0.00 36.23 36.23

2019/H2 0.00 36.23 36.23

2020/H1 0.00 36.23 36.23

2020/H2 0.00 36.23 36.23

2021/H1 0.00 36.23 36.23

2021/H2 0.00 36.23 36.23

2022/H1 0.00 36.23 36.23

2022/H2 0.00 36.23 36.23

2023/H1 0.00 36.23 36.23

2023/H2 0.00 36.23 36.23

2024/H1 0.00 36.23 36.23

2024/H2 0.00 36.23 36.23

2025/H1 0.00 36.23 36.23

2025/H2 0.00 36.23 36.23

2026/H1 0.00 36.23 36.23

2026/H2 0.00 36.23 36.23

2027/H1 966.00 36.23 1,002.23

Grand Total 966.00 724.60 1,690.60



Table ( 26 )





(US$ million)

Period Principal Interest Total2017/H2 0.00 53.13 53.132018/H1 0.00 53.13 53.132018/H2 0.00 53.13 53.132019/H1 0.00 53.13 53.132019/H2 0.00 53.13 53.132020/H1 0.00 53.13 53.132020/H2 0.00 53.13 53.132021/H1 0.00 53.13 53.132021/H2 0.00 53.13 53.132022/H1 0.00 53.13 53.132022/H2 0.00 53.13 53.132023/H1 0.00 53.13 53.132023/H2 0.00 53.13 53.132024/H1 0.00 53.13 53.132024/H2 0.00 53.13 53.132025/H1 0.00 53.13 53.132025/H2 0.00 53.13 53.132026/H1 0.00 53.13 53.132026/H2 0.00 53.13 53.132027/H1 0.00 53.13 53.132027/H2 0.00 53.13 53.132028/H1 0.00 53.13 53.132028/H2 0.00 53.13 53.132029/H1 0.00 53.13 53.132029/H2 0.00 53.13 53.132030/H1 0.00 53.13 53.132030/H2 0.00 53.13 53.132031/H1 0.00 53.13 53.132031/H2 0.00 53.13 53.132032/H1 0.00 53.13 53.132032/H2 0.00 53.13 53.132033/H1 0.00 53.13 53.132033/H2 0.00 53.13 53.132034/H1 0.00 53.13 53.132034/H2 0.00 53.13 53.132035/H1 0.00 53.13 53.132035/H2 0.00 53.13 53.132036/H1 0.00 53.13 53.132036/H2 0.00 53.13 53.132037/H1 0.00 53.13 53.132037/H2 0.00 53.13 53.132038/H1 0.00 53.13 53.132038/H2 0.00 53.13 53.132039/H1 0.00 53.13 53.132039/H2 0.00 53.13 53.132040/H1 0.00 53.13 53.132040/H2 0.00 53.13 53.132041/H1 0.00 53.13 53.132041/H2 0.00 53.13 53.132042/H1 0.00 53.13 53.132042/H2 0.00 53.13 53.132043/H1 0.00 53.13 53.132043/H2 0.00 53.13 53.132044/H1 0.00 53.13 53.132044/H2 0.00 53.13 53.132045/H1 0.00 53.13 53.132045/H2 0.00 53.13 53.132046/H1 0.00 53.13 53.132046/H2 0.00 53.13 53.132047/H1 1,250.00 53.13 1,303.13

Grand Total 1,250.00 3,187.80 4,437.80



Table ( 27 )



(US$ million)


2017/H1 25.28 25.28

2017/H2 57.18 57.18

2018/H1 25.28 691.28

2018/H2 48.98 2,048.98

2019/H1 16.86 683.86

2019/H2 8.48 8.48

2020/H1 8.48 675.48

Grand Total 4,000.00 (*) 190.53 4,190.53

(*) Consists of Two Deposits :

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

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

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


667.00

667.00

0.00

666.00

2,000.00

Table ( 28 )

Projected Medium and Long-Term Deposits for Kuwait

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


0.00

0.00

(US$ million)


2017/H1 0.00 250.00

2017/H2 0.00 500.00

2018/H1 0.00 500.00

Grand Total 1,250.00 (*) 0.00 1,250.00

(*) No Interest Rate, deposited on 12/4/2013 and due from 11/7/2016 up to 11/4/2018 Quarterly (Each quarter amount: US$ 250 MM).

250.00

500.00


500.00

Table ( 29 )

Projected Medium Term Deposits for Libyaas of April 1 , 2017

(US$ million)


2017/H1 32.33 132.33

2017/H2 38.77 138.77

2018/H1 38.00 804.00

2018/H2 29.24 2,129.24

2019/H1 28.54 794.54

2019/H2 14.72 2,114.72

2020/H1 9.01 777.01

Grand Total 6,700.00 (*) 190.60 6,890.60

(*) Consists of Four Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 700 MM) , Interest Rate is Libor 3 months deposited on 9/5/2012

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

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

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

The Fourth Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 1.00 % deposited on 23/9/2016 and due on 23/9/2019

766.00

2,100.00

766.00

Table ( 30 )

Projected Medium and Long-Term Deposits for Saudi Arabia




Interest Paid on Quarterly-annual basis.

2,100.00

768.00

100.00

100.00

(US$ million)


2017/H1 47.53 47.53

2017/H2 57.29 57.29

2018/H1 56.77 723.44

2018/H2 48.82 2,048.82

2019/H1 48.32 1,048.32

2019/H2 36.11 36.11

2020/H1 35.88 1,035.88

2020/H2 23.40 23.40

2021/H1 23.04 356.38

2021/H2 19.17 19.17

2022/H1 18.85 18.85

2022/H2 6.46 943.86

Grand Total 5,937.40 (*) 421.63 6,359.04

(*) Consists of Four Deposits :

The First Deposit Amounted US$ 2000 MM (Outstanding now is US$ 1937.40 MM) , no Interest Rate deposited on 17/7/2013 and due on 17/7/2018

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

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

and 30/5/2021 (Three installment) Interest Paid on Semi-annual basis.

The Fourth Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 4.00 % deposited on 31/8/2016 and due on 31/8/2022

0.00

333.33

2,000.00

1,000.00

0.00

1,000.00

0.00

666.67

Table ( 31 )

Projected Medium and Long-Term Deposits for United Arab Emirates


0.00

0.00

937.40

Interest Paid on monthly basis.



0.00

(US$ million)(1)


April-171,577.51 7.94 1,585.45

May-17793.46 41.17 834.63

June-17850.82 14.10 864.92

July-17416.55 3.00 419.55

August-17338.40 39.75 378.15

September-17235.84 12.37 248.21

October-17237.25 0.18 237.43

November-174,034.98 38.71 4,073.69

December-173,825.66 9.18 3,834.84

January-1834.32 0.18 34.50

February-18224.42 1.16 225.58

March-1835.05 0.00 35.05

Grand Total 12,604.26 167.74 12,772.00


Table ( 32 )

Projected Short-Term Debt



Table ( 33 )

Exchange Rates of the Currencies of External Debt Versus US Dollar

as at End of March

Country Currency 2014 2015 2016 2017

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 0.88 0.97 0.96 1.00

Denmark DKK 5.41 6.96 6.54 6.93

Egypt EGP 6.95 7.52 8.77 18.08

Sweden SEK 6.49 8.66 8.10 8.91

Japan JPY 103.23 119.99 112.34 111.16

India INR 60.03 62.59 66.33 64.93

United Kingdom GBP 0.60 0.68 0.70 0.80

Canada CAD 1.10 1.28 1.29 1.33

Australia AUD 1.08 1.32 1.30 1.30

Norway NOK 5.99 8.12 8.28 8.54

Euro EURO 0.73 0.93 0.88 0.93

Special Drawing Rights SDR 0.65 0.72 0.71 0.74

Kuwait KWD 0.28 0.30 0.30 0.30

United Arab Emirates AED 3.67 3.67 3.67 3.67

Saudi Arabia SAR 3.75 3.75 3.75 3.75

Chinese Yuan CNY 6.22 6.20 6.46 6.89



Appendix III

Box Page

I- Egypt's Subscription to SDDS and Data Quality Dimensions……………… 1 73

II- Egypt's Data Quality Dimensions…………………………………………... 2 74

III- Doing Business in Egypt…………………………………………………… 3 75

IV- Tourism Sector Performance…. …………..………………………………. 4 76

- Glossary……………………………………………………………………. 77


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

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

SDDS Data Categories and Related Periodicity & Timeliness Standards

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

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

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

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


Box. (2):Egypt's Data Quality Dimensions*: According to international rating agencies, having efficient, effective and reliable economic data, especially in developing countries, is becoming increasingly crucial to assign an appropriate sovereign credit rating. Thus, a lack of data in this area will automatically translate into a perception of high risk. Therefore, highlighting the dimensions of Egypt's data quality by showing the results of World Bank index (BBSC 2016) will be an appropriate way to show how reliable the Egyptian official data are.

Egypt ranked 15th on World Bank's Bulletin Board on Statistical Capacity index on 147 developing countries and 1st on the MENA and African regions, with an overall statistical capacity index of 87.8 points, compared to 91.1 points in 2015. This score puts Egypt among the top 15 country group score list, ranging between 90-100 points. These countries can be distinguished and noticed easily on the map by countries colored dark green, as shown above.

Statistical Capacity Indicator 2015 (on a scale of 0-100)

Indicator Egypt All Countries

Overall 87.8 69.0 Methodology 80 58.4 Source Data 100 67.0 Periodicity & timeliness 83.3 81.7

A country's statistical capacity means its ability to extract and publish reliable and timely statistical data, easily accessible by the public. The statistical capacity index, issued annually by the World Bank, consists of three sub-indicators which include; methodology, data sources, and its periodicity and timeliness. The latter measures the degree of information and data dissemination concerning changes in government policy, and how easily that information can be accessed by the public. It is worth mentioning that, aiming to improve the statistical capacity of 147 developing countries, the World Bank provides information on various aspects of national statistical systems through the BBSC indicator at its website.

0 20 40 60 80 100

Overall

Methodology

Source Data

Periodicity & Timeliness

Egypt All Countries

As can be seen from the table and its chart, Egypt’s score outpaced the average score of all countries, either on the level of the overall index, or on the level of its three sub-indicators, getting the highest score of 100 points on the scale in the source data sub-indicator. _______________________________________ * Source: bbsc.Worldbank.org, accessed in December, 2016.


Box. (3): Doing Business in Egypt: One of the most important indices and reports that is closely related to investment climate and investor’s decisions is Doing Business. The Report has been designed and issued by the World Bank Group on an annual basis since 2003. It provides objective measures of business regulations for firms in 190 economies worldwide. The 2017 ranking on the ease of doing business is built upon indicator sets that measure and benchmark regulations affecting 10 areas in a business’s life cycle. Doing Business encompasses 2 types of data. The first is “Legal scoring indicators” that provides a measure of legal provisions in the laws and regulations. The other type is “Time and motion indicators”, which measures the efficiency and complexity in achieving a regulatory goal by recording the procedures, time and cost required to complete a transaction according to all relevant regulations. By comparing business regulation environments across nations (the ease of doing business ranking) and over time (the distance to frontier score), Doing Business encourages countries to compete towards more efficient regulations; offers measurable benchmarks for reform; and serves as a resource for policymakers and other interested parties.

Topic Rankings 2017 Rank 2016 Rank Change in Rank

Overall index 122 131 +9

Distance to frontier score* 56.64 54.43 2.21

Starting a Business 39 73 +34

Dealing with Construction Permits 64 113 +49

Getting Electricity 88 144 +56

Registering Property 109 111 +2

Getting Credit 82 79 -3

Protecting Investors 114 122 +8

Paying Taxes 162 151 -11

Trading Across Borders 168 157 -11

Enforcing Contracts 162 155 -7

Resolving Insolvency 109 119 +10 * The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics.

During 2015/2016, Egypt made starting a business easier by merging procedures at the one-stop shop and strengthened minority investor protections by increasing shareholder rights and role in major corporate decisions and by clarifying ownership and control structures. Egypt overall index stepped up 9 ranks to occupy the 122nd rank in 2017.

Area of Reform Year Reform Actions

Starting a Business

2008 The minimum capital required to start a business was cut from EGP 50,000 to EGP

1,000, and halved start-up time and cost.

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

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

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

2011 Egypt reduced the cost to start a business.

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

Dealing with Construction Permits

2008 The cost of dealing with licenses was reduced.

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

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

processing construction-related approvals.

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

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

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

Getting Credit 2009

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

inspect their data in the private credit bureau.

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

database of the private credit bureau.

Registering Property 2008 Registering property was reduced from 3% of the property value to a low fixed fee.

2009

Simplified administrative procedures for registering property and new time limits have

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

Trading Across Borders

2008 New one-stop shops were launched for traders at the ports, cutting the time to import

by 7 days and the time to export by 5 days.

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

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

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

and import documents. Protecting Minority Investors 2009

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

shareholders: now an independent body must assess transactions between

interested parties before they are approved.

2015 Additional requirements have been introduced to strengthen minority investor

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

disclosure of such transactions to the Egyptian Exchange.

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

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

clarifying ownership and control structures.

Trading Across Borders

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

and import documents.

Source: www.doingbusiness.org, accessed in December 2016.

Central Bank of Egypt – External Position 76 Sources: CBE, MOT, and CAPMAS.

Box. (4):Tourism Sector Performance:

On Q-over-Q comparison, the tourism sector experienced a boom in activities during Q3 of 2016/2017, as it witnessed a sharp increase in all tourism indicators; tourism receipts, the number of tourist arrivals, and the number of tourist nights compared to the same period last year. (Lines 1, 2, and 5 in the table below). Ministry of Tourism figures show that a total of 1,738 thousand tourists came from all over the world and spent 14,249 thousand nights in Q3 of 2016/2017, with an increase of 51.0 percent and 107.6 percent, respectively, compared with the same period of the previous year. About 51.0 percent increase in tourist arrivals resulted from more visitors coming from European countries (55.7 percent of total increase). Concurrently, there was an increase in the numbers coming from other regions as follows; Middle East region (20.0 percent), Asia & Pacific region (14.3 percent), African countries (7.1 percent), and Americas countries (2.6 percent).

The average expenditure per night scaled up to US$ 88.2/night in Q3 of 2016/2017 from US$ 80.2 /night in the corresponding quarter a year earlier (line 7 in the following table). This increase was mainly attributable to an increase in the number of tourist arrivals and the huge increase in the number of tourist nights. Spurred by the increase in the number of tourist nights (107.6 percent), combined with the increasing effect of the average expenditure per night (10 percent), travel receipts' data in the balance of payments recorded an increase of US$ 706.2 million or 128.3 percent to US$ 1,256.7 million Q-over-Q in the third quarter 2016/17. During Q3 of 2016/2017, data show that visitors stayed longer on average of 8.4 nights per person compared to 6 nights per person in the same period of the previous year (line 6). Moreover, American tourists headed the list in terms of the length of stay per visitor, with an average of (10.6 nights/visitor). African and Middle East countries followed with 9.1 nights per visitor. European countries were the runner up with 8.2 nights/visitor, followed by Asia & Pacific region (6.3 nights/visitor).

Indicators of Tourism Activity 2014/15 2015/16 2014/15 2015/16 2016/2017

Q3 Q3 Q2 Q3

1. Tourism Receipts (USD mn) 7370.3 3767.5 1458.1 550.5 825.8 1256.7 2. Stay-over Visitors (x 1.000) 10242.5 6874.0 2153.0 1150.7 1557.5 1737.8 3. Market Shares (% of Tourist Arrivals) 100 100 100 100 100 100 a. European Countries 75.6 62.8 73.5 49.9 54.4 51.9 b. Middle East Countries 13.9 20.7 14.4 27.9 24.2 25.2 c. African Countries 4 6.6 4.1 7.8 7.3 7.6 d. The Americas 2.7 4.1 2.9 5.1 4.7 4.3 e. Asia & Pacific 3.5 5.5 4.8 8.9 9.0 10.7 f. Other Countries 0.3 0.3 0.3 0.3 0.3 0.3 4. Market Shares (% of Tourist Nights) 100 100 100 100 100 100 a. European Countries 76.9 65.2 73.7 47.7 54.3 52.5 b. Middle East Countries 15.5 21.5 18.3 33.0 28.6 27.5 c. African Countries 3 5.4 2.9 6.5 5.6 6.8 d. The Americas 2.5 3.8 2.1 5.5 4.8 5.7 e. Asia & Pacific 2 4.0 2.9 7.2 6.6 7.3 f. Other Countries 0.1 0.1 0.1 0.1 0.1 0.1 5. Visitor Nights (x 1.000) 99,246 51,779 20,001 6,864 10,010 14,248 6. Average Nights Spent (per Visitor) 10 7.5 9.3 5.9 6.7 8.4 7. Receipts per Visitor a Night (USD/night) 74.3 72.8 72.9 80.2 82.5 88.2 8. Contribution to Current Receipts % 11.1 7.2 10.3 4.6 6.1 8.7


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

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

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


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

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

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