External Position of the Egyptian Economy...The external debt position continued to be solid and...

Central Bank of Egypt

External Position of the Egyptian Economy

During July / December 2004/05

Quarterly Report

Volume No. (8)

April 2005

rdoweFor

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

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

The report at hand, the Eighth in this series, covers the first half of FY

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

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

interest to both specialized and non-specialized readers.

Governor

Central Bank of Egypt

Table of Contents

Page

Overview

Section I: Balance of Payments 1

Section II: External Liquidity 9

• Net International Reserves 9

• Net Foreign Assets of Banks 10

Section III : External Debt 11

Section IV : Exchange Rate Developments 15

Appendices :

A - Main Statistics 17

B - Detailed Tables & Charts of the External Debt 25

Overview

The main developments in the external position of the Egyptian economy

during the first half of FY 2004/05, compared with that of FY 2003/04 are summarized hereunder.

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

totaling US$ 2943.3 million during July/Dec. 2004/05, compared with US$ 2013.4 million in the corresponding period of the previous year. This is mainly attributed to a higher surplus in services balance by 36.9%, as travel revenues* surged by 22.7%, and to a rise in unrequited transfers by 37.9%. Meanwhile, the trade deficit increased by 32.2%. The capital and financial account resulted in a net outflow of US$ 1574.7 million against US$ 3008.0 million. Foreign investment in Egypt (direct and portfolio) realized net inflows of US$ 1056.4 million (including FDI in petroleum sector) compared with US$ 69.8 million. The overall balance realized a surplus of US$ 637.8 million during July/Dec. 2004/05 compared with a deficit of US$ 124.3 million in the preceding corresponding period.

Net international reserves reached US$ 15.4** billion, with an increase of

US$ 646.0 million during the period, covering about eight months of commodity imports.

Banks' net foreign assets reached US$ 7.6 billion at end of Dec. 2004,

increasing by US$ 1.9 billion. Foreign currency deposits with banks also increased by 7.2%, to reach US$ 21.4 billion at end of Dec. 2004. As the result of the stability of the foreign exchange market, the ratio of foreign currency deposits to total deposits decreased to reach 32.1% at end of Dec. 2004, against 32.6% at end of June 2004.

Egypt's external debt (public and private) totaled US$ 31.1 billion at end of

December 2004, up by about US$ 1.2 billion from US$ 29.9 billion at end of June 2004. The external debt position continued to be solid and well structured, as the medium and long-term debt accounted for 94.5% of total debt, under which the public sector is the major obligor, carrying 94.7% of Egypt's external debt. Despite a net repayment of US$ 0.3 billion, the medium and long-term debt increased by US$ 1.5 billion, due to the depreciation of the US dollar vis-à-vis other currency obligations.

Such a net repayment was an outcome of principal repayments of US$ 0.9

billion and disbursements of US$ 0.6 billion. External debt as a ratio of GDP decreased to reach 38.4% at end of December 2004, against 39.6% at end of December 2003.

By the end of December 2004 the exchange rate appreciated due to the

successful launch of the interbank exchange market (reaching PT 614.14**/US dollar at end of December 2004) as well as the adoption of the new monetary policy regime which focuses on price stability. ____________________ * Calculated on the basis of the number of tourist nights multiplied by a tourist average spending per night. ** During the printing process of this report, Net International Reserves (NIR) reached US$ 18.0 billion at end of

March 2005, and the interbank rate appreciated to reach PT 579.51/US dollar at end of March 2005.

Section I

Balance of Payments

- 1 -

*Developments in the Balance of Payments 50/4200 YF alf ofHirst Fthe During

Introduction

Table (1) reveals the transactions on the balance of payments during July/Dec 2004/05, compared with that of the same period of FY 2003/04. The surplus in the services balance improved noticeably as did the unrequited transfers, while the trade deficit widened. The BOP current account, including transfers, achieved a surplus of US$ 2.9 billion. The capital and financial account realized net outflows. The overall balance recorded a surplus of US$ 637.8 million compared with a deficit of US$ 124.3 million during July/Dec. of FY 2003/04.

Table (1) Balance of Payments*

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

Current Account 2013.4 2943.3 Current Account (Excluding Transfers) 221.6 473.2 Trade Balance -3615.2 -4779.8 Exports*** 4514.1 6381.2

Oil 1701.8 2513.2 Other Exports 2812.3 3868.0

Imports*** -8129.3 -11161.0 Oil -1136.4 -1587.5 Other Imports -6992.9 -9573.5 Service Balance 3836.8 5253.0 Receipts 6503.8 8291.6 Payments -2667.0 -3038.6 Transfers 1791.8 2470.1 Official (net) 317.8 615.9 Private (net) 1474.0 1854.2 Capital and Financial Account -3008.0 - 1574.7 Direct investment abroad -8.7 -11.9 Direct investment in Egypt (net) 89.2 935.3+ Portfolio investment abroad 30.1 241.1 Portfolio investment in Egypt (net), of which: -19.4 121.1 Sovereign bonds -40.5 -4.0 Other investments (net) -3099.2 -2860.3 Net Errors and Omissions 870.3 -730.8 Overall Balance -124.3 637.8 Change in Reserve Assets, Increase (-)

124.3 -637.8

* Compiled according to the Fifth Edition of the IMF's Balance of Payments Manual, September 1993. ** Preliminary Figures. *** Including exports and imports of free zones. + Include US$ 808.0 mn. Investments in petroleum sector.

- 2 - 1 - Current Transactions

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

and imports. Import payments totaled US$ 11.2 billion, indicating a rise of US$3.0 billion, or 37.3%. This was an outcome of a US$ 2.6 billion or 36.9% increase in non-oil imports, to post US$ 9.6 billion, and a US$ 451.1 million or 39.7% increase in payments for oil imports, to reach US$ 1.6 billion.

Commodity export proceeds totaled US$ 6.4 billion during July/Dec. 2004/05,

with an increase of US$ 1.9 billion, or 41.4% over the period of comparison. This pickup was due to a 47.7% rise in oil export proceeds, to reach US$ 2.5 billion, and a 37.5 % rise in non-oil export proceeds, reaching US$ 3.9 billion.

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

by 32.2%, to reach US$ 4.8 billion against US$ 3.6 billion in the previous corresponding period. However, the coverage ratio of export proceeds to import payments increased from 55.5% to 57.2%. Figure (1)

Commodity Transactions July/ Dec.

0123456789

101112

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

( US$ bn )

Non Oil

Oil

Exports Imports

1.2: Services Balance and Transfers

Table (2) reveals that the services surplus increased by 36.9%, to reach US$

5.3 billion during July/Dec. 2004/05, against US$ 3.8 billion. This was a result of higher service receipts by 27.5%, to reach US$ 8.3 billion, and higher service payments by only 13.9%, to reach US$ 3.0 billion.

- 3 -

Table (2) Services Balance

(US$ mn) July /Dec. 2003/04 2004/05* Change (-)

Services Balance 3836.8 5253.0 1416.2 Receipts 6503.8 8291.6 1787.8 Transportation 1769.7 2030.8 261.1 Travel 2861.8 3511.8 650.0 Investment Income 250.4 337.5 87.1 Government Receipts 97.1 67.9 (29.2) Other Receipts 1524.8 2343.6 818.8 Payments 2667.0 3038.6 371.6 Transportation 262.9 428.6 165.7 Travel 672.0 614.2 (57.8) Investment Income 333.7 347.3 13.6 Government Payments 225.5 286.1 60.6 Other Payments 1172.9 1362.4 189.5

* Preliminary Figures.

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

on most items (except government receipts). Travel receipts (tourism revenues) increased by 22.7%, to total US$ 3.5 billion, mainly as tourist nights jumped to 46.8 million nights compared with 38.2 million nights during July/Dec. 2003/04, while the average expenditure of a tourist per night remained at the same level of US$ 75.0/night. Transportation rose as well by 14.8 %, to reach US$ 2.0 billion, as a result of a 15.4% pickup in Suez Canal dues and in the receipts of the Egyptian airline companies. The investment income receipts rose by 34.8% due to higher interest received on deposits abroad. Other receipts rose by 53.7% to amount to US$ 2.3 billion, mainly due to an increase in invisible receipts of the petroleum sector, construction and contractors' services and communication services. On the other hand, government receipts fell by 30.1%, to total US$ 67.9 million .

The 13.9% rise on the service payments side was reflected on most items. Transportation payments surged by 63.0% due to higher transfers by foreign airline companies and Egyptian navigation companies. Government payments rose by 26.9%, to reach US$ 286.1 million due to higher expenditures of government officials working abroad. Other payments rose by 16.2%, to reach US$ 1.4 billion, mainly due to higher transfers by Egyptian petroleum companies, construction and contractors' services, and communication services. Investment income payments rose by 4.1% due to higher interest paid on non-residents’ deposits in Egyptian banks. However, travel payments fell by 8.6% because of lower expenses paid abroad for tourism and medical treatment.

- 4 -

Figure (2)

Services Balance July/Dec.

0

1

2

3

4

5

6

7

8

9

2003 / 2004 2004 / 2005

(US$ bn )

Receipts

Payments

TravelReceipts

Table (3) below shows that net unrequited transfers rose by 37.9%, recording

US$ 2.5 billion in July/Dec. 2004/05. Official transfers increased by 93.8%, due to the rise in the transfers of all items. Meanwhile, private transfers rose by 25.8% as a result of the increase in workers' remittances.

Table (3)

Unrequited Transfers (US$ mn)

July /Dec. 2003/04 2004/05

Change (-)

Total 1791.8 2470.1 678.3 1. Official Transfers (Net) 317.8 615.9 298.1

− Inward cash grants 48.4 217.9 169.5 − Other inward grants 284.2 419.1 134.9 − Outward grants -14.8 -21.1 -6.3

2. Private Transfers (Net) 1474.0 1854.2 380.2 − Workers' remittances 1459.3 1783.5 324.2 − Other transfers 31.8 78.8 47.0 − Foreigners’ transfers abroad -17.1 -8.1 9.0

- 5 -

The BOP current account indicates an increase of US$ 4.3 billion or 33.8% in

current receipts, reaching US$ 17.1 billion. This increase reflected the pickup in all its components, i.e. 41.4% in export proceeds, 27.5% in service receipts, 93.8% in official transfers and 25.8% in private transfers. On the other hand, current payments increased by 31.5% due to a surge of 37.3% in import payments and of 13.9% in service payments. (See Table [4] below) Table (4)

Summary of Current Receipts and Payments (US$ mn)

July /Dec.

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

Current Receipts 12809.7 100.0 17142.9 100.0 4333.2 Export Proceeds (FOB) 4514.1 35.2 6381.2 37.2 1867.1 Service Receipts 6503.8 50.8 8291.6 48.4 1787.8 Private Transfers (net) 1474.0 11.5 1854.2 10.8 380.2 Official Transfers (net)

317.8 2.5 615.9 3.6 298.1

Current Payments 10796.3 100.0 14199.6 100.0 3403.3 Import Payments (CIF) 8129.3 75.3 11161.0 78.6 3031.7 Service Payments 2667.0 24.7 3038.6 21.4 371.6

In July/Dec. 2004/05, external balancing indicators improved, as shown in

Table (5). By excluding official transfers, current receipts cover 116.4% of current payments, against 115.7% in the preceding corresponding period. On adding official transfers, the ratio rises to 120.7% against 118.6%.

Table (5)

Current Receipts/Current Payments Coverage Ratio (%)

July /Dec. 2003/04 2004/05

Commodity Exports/Commodity Imports 55.5 57.2 Invisible Receipts/Invisible Payments 243.9 272.9 Current Receipts/Current Payments (excluding official transfers) 115.7 116.4 Current Receipts/Current Payments 118.6 120.7

- 6 -

2 - Capital and Financial Account

Fig. (3) and Table (6) hereunder reveal that during July/Dec. 2004/05 the net outflow achieved by the capital and financial account dropped to US$ 1.6 billion compared with US$ 3.0 billion during the same period of FY 2003/04. Figure (3)

Capital & Financial AccountJuly/Dec ِ

00.5

11.5

22.5

33.5

44.5

5

2003/2004 2004/2005

(US$ bn)

Capital Inflow

Capital Outflow

FDI

Table (6)

Capital and Financial Account (US$ mn)

July /Dec. 2003/04 2004/05∗Capital and Financial Account -3008.0 -1574.7Direct Investment Abroad -8.7 -11.9Direct Investment in Egypt (net) 89.2 935.3**Portfolio Investment Abroad 30.1 241.1Portfolio Investment in Egypt (net), of which -19.4 121.1

Sovereign bonds -40.5 -4.0Other Investments (net) -3099.2 -2860.3− Disbursements 1501.1 1355.7

• Medium- & long- term loans 425.3 231.3International & regional organizations 358.9 206.5Bilateral loans 66.4 24.8

• Medium- and long-term suppliers’ & buyers’ credit 147.4 8.9• Short-term suppliers’ & buyers’ credit (net) 928.4 1115.5

− Repayments -849.6 -900.1• Medium- & long-term loans -736.4 -752.1

International & regional organizations -343.8 -321.7 Bilateral loans -392.6 -430.4

• Medium- and long-term suppliers’ & buyers’ credit -113.2 -148.0− Other Assets -3047.6 -3231.0

CBE -37.8 -20.5 Banks -1204.7 -1826.9 Others -1805.1 -1383.6− Other Liabilities -703.1 -84.9

CBE 5.8 6.8 Banks -708.9 -91.7∗ Preliminary. ** Including foreign direct investments in petroleum sector.

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

during July/Dec. 2004/05 as compared with the same period of FY 2003/04: - Foreign investments in Egypt (direct and portfolio) realized total inflows of

US$ 1972.1 million (after adding the FDI in petroleum sector) and total outflows of US$ 915.7 million, compared with US$ 560.9 million, and US$ 491.1 million, respectively in July/Dec. 2003/04. Such transactions led to net inflows totalling US$ 1056.4 million during July/Dec. 2004/05 compared with US$ 69.8 million.

• Foreign direct investments in Egypt realized a net inflow of US$ 935.3

million, of which US$ 808.0 million is inflows for the petroleum sector investments, against US$ 89.2 million a year earlier.

• Portfolio investment in Egypt unfolded net inflows of US$ 121.1

million compared with net outflows of US$ 19.4 million.

• It is noteworthy that foreigners' tradings on the Egyptian Stock Market revealed net purchases of US$ 125.1 million during July/Dec. 2004/05 against US$ 21.1 million. Total purchases amounted to US$ 1034.7 million against US$ 448.0 million, while total sales were US$ 909.6 million, against US$ 426.9 million.

• Portfolio investment in Egypt also included purchases of US$ 4.0

million by resident financial institutions (banks and insurance companies) of sovereign bonds issued abroad, against purchases of US$ 40.5 million.

- Medium- & long term loans and suppliers' Credit during July/Dec. 2004/05

revealed net repayments of US$ 659.9 million against US$ 276.9 million. This was due to a fall in total disbursements to amount to US$ 240.2 million and a rise in total repayments to reach US$ 900.1 million. The rise in total repayments was a result of higher medium- & long- term loans, reaching US$ 751.2 billion and higher medium and long term suppliers' credit, to record US$ 148.0 million.

- Foreign assets of the banking system improved by US$ 1.8 billion against

US$ 1.2 billion. Foreign assets of banks increased by US$ 1826.9 million compared with US$ 1.2 billion; and non-reserve foreign assets of the CBE rose by US$ 20.5 million against US$ 37.8 million in the period of comparison.

- Other assets decreased by 23.4%, to amount to US$ 1.4 billion, compared

with US$ 1.8 billion, due to higher banknotes purchases through banks during the period under review, as well as a slight decrease in the difference between the tourism (travel) revenues calculated by multiplying the number of tourists' nights and the average expenditure of a tourist per night and those revenues provided by banks.

- 8 -

- Other liabilities fell by US$ 84.9 million against US$ 703.1 million. This was due to the decrease in banks’ foreign liabilities by US$ 91.7 million, compared with US$ 708.9 million, and the increase in CBE’s foreign liabilities by US$ 6.8 million, compared with US$ 5.8 million.

3 - Overall Balance

The overall surplus amounted to US$ 637.8 million in July/Dec. 2004/05 (0.8% of GDP) against a deficit of US$ 124.3 million in July/Dec. 2003/04 (-0.2% of GDP). Table (7)

Balance of Payments: Summary

(US$ mn) July /Dec.

2003/04 2004/05*

Current Account Balance 2013.4 2943.3 Capital & Financial Account -3008.0 -1574.7

Foreign Direct Investment (inflow-outflow) 80.5 923.4 Portfolio Investment (inflow-outflow) 10.7 362.2 Net Borrowing 651.5 455.6 CBE Non-reserve Foreign Assets** -37.8 -20.5 CBE Short-term Liabilities 5.8 6.8 Net Foreign Assets of Banks** -1913.6 -1918.6 Other Assets -1805.1 -1383.6

Net Errors & Omissions 870.3 -730.8 Overall Balance -124.3 637.8 Change in CBE's Reserve Assets** 124.3 -637.8

* Preliminary. ** Increase = Minus.

Section II

External Liquidity

• Net International Reserves • Net Foreign Assets of Banks

- 9 - 1- Net International Reserves (NIR)

During July/Dec. 2004/05, NIR increased by US$ 646.0 million, against a decrease of US$ 88 million, to reach US$ 15.4 billion at end of December 2004. However, the NIR coverage ratio for commodity imports reached 8.3 months at end of Dec. 2004.

Table (8) (US$ mn)

End of June 2003 Dec. 2003 June 2004 Dec. 2004

Net International Reserves (1-2) 14809 14721 14781 15427

1- Gross Official Reserves 14845 14763 14800 15453

Gold 631 631 717 717

Foreign Exchange 13837 13652 13734 14310

SDRs 51 166 73 162

Other 326 314 276 264

2- Reserve Liabilities 36 42 19 26

Reserves/Months Imports 12.0 9.7 9.7 8.3

Figure (4)

NIR and Months Imports Coverd

0.0

1.5

3.0

4.5

6.0

7.5

9.0

10.5

12.0

13.5

15.0

16.5

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

US$ bn

0.0

1.5

3.0

4.5

6.0

7.5

9.0

10.5

12.0

13.5

15.0

16.5

(Month)

ForeignExchange

Gold

Other

Reserves/MonthsImports

( Balance at end of month)

- 10 - 2- Net Foreign Assets of Banks (NFA) Banks’ net foreign assets increased by US$ 1.9 billion during July/Dec. of FY 2004/05, to reach US$ 7.6 billion at end of Dec. 2004. (See Figure [5]) Figure (5)

Net Foreign Assets of Banks

0.0

2.0

4.0

6.0

8.0

10.0

12.0


US$ bn

Assets Liabilities

( Balance at end of month)

During July/Dec. 2004/05, foreign currency deposits with banks increased by 7.2% against 7.1% in the corresponding period, to reach US$ 21.4 billion at end of Dec. 2004. On the other hand, local currency deposits increased by 8.7% against 7.1%. Accordingly, the ratio of foreign currency deposits to total deposits posted 32.1% at end of Dec. 2004, against 32.6% at end of June 2004. Figure (6)

Developments in Deposits by Local and Foreign Currencies

0

50

100

150

200

250

300

350

400

450


LE bn ( Balance at end of month)

Local Currency Deposits

Foreign Currency Deposits

Section III

External Debt

- 11 - 1 - Egypt’s External Debt

Egypt’s external debt (public and private) in US dollar reached US$ 31.1 billion at end of December 2004, denoting a rise of US$ 1.2 billion or 4.1 %. The rise was an outcome of the exchange rate effects (depreciation of the US dollar vis-à-vis other currencies of borrowing) amounting to US$ 1.5 billion on the one hand, and a net repayment of US$ 0.3 billion on the other hand.

Table (9) External Debt

(US$ mn) June 2004 December 2004 Change

End of Value % Value % + (-)

External Debt 29871.8 100.0 31099.3 100.0 1227.5

Rescheduled bilateral debt* 16384.8 54.9 17153.7 55.2 768.9 ODA ** 8052.6 27.0 8302.5 26.7 249.9 Non-ODA 8332.2 27.9 8851.2 28.5 519.0 Other bilateral debt 4432.8 14.8 4621.0 14.9 188.2 Paris Club countries 3263.4 10.9 3510.2 11.3 246.8 Other countries 1169.4 3.9 1110.8 3.6 (58.6) International & regional organizations 5080.8 17.0 5208.8 16.7 128.0 Suppliers' & buyers' credit 1333.0 4.5 1244.1 4.0 (88.9) Sovereign bonds 587.7 2.0 583.7 1.9 (4.0) Long-term Deposits + 0.0 0.0 500.0 1.6 500.0 Short-term debt: 1967.5 6.5 1717.8 5.5 (249.7) Deposits 1267.5 4.2 708.0 2.3 (559.5) Other facilities 700.0 2.3 1009.8 3.2 309.8 Private sector (non-guaranteed) 85.2 0.3 70.2 0.2 (15.0)

* According to the agreement signed with Paris Club countries on 25/5/1991 ** Official Development Assistance + As of December 2004, The deposit of the Arab International Bank was transferred from short-term debt to

long-term deposits.

- 12 -

Figure (7)

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

structure, as medium- and long-term debt accounted for 94.5% of total debt, and short-term debt accounted for 5.5%. The public sector owed 94.7% of Egypt’s external debt, and the private sector owed 5.3%. (see Figure [7] above)

In spite of the net repayments realized during July/December 2004/05, which reached US$ 0.3 billion, the medium- and long-term debt increased by US$ 1.5 billion, to reach US$ 29.4 billion at end of December 2004, compared with end of June 2004. Such an increase was a result of the depreciation of the US dollar vis-à-vis other currencies of borrowing. It is worth noting that the net repayment was an outcome of principal repayments of US$ 0.9 billion and disbursements of only US$ 0.6 billion.

2 - External Debt by Creditor

A breakdown of Egypt’s external debt by creditor indicates that bilateral loans owed to Paris Club members (rescheduled and non-rescheduled) accounted for 66.5% of the total, reaching US$ 20.7 billion at end of December 2004. Debt owed to non Paris Club members amounted to US$ 1.1 billion, or 3.6%. The outstanding debt of suppliers’ and buyers’ credit amounted to US$ 1.2 billion, or 4.0% of the total. Egypt’s debt to international and regional organizations reached US$ 5.2 billion at end of December 2004, accounting for 16.7% of the total.

External Debt By Maturity & Debtor Sector

End of December

05000

1000015000

20000250003000035000

2002 2003 2004

US$ mn

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

Public Sector Debt Private Sector Debt

- 13 -

The stock of sovereign bonds decreased by US$ 4.0 million, to reach US$ 583.7 million or 1.9% at end of December 2004, against US$ 587.7 million at end of June 2004. Long–term deposits accounted for 1.6% of the total, reaching US$ 500 million at end of December 2004. Short-term debt decreased by US$ 249.7 million, to reach US$ 1.7 billion or 5.5% of the total. The non-guaranteed debt of the private sector decreased by US$ 15.0 million, to reach US$ 70.2 million or 0.2% of the total.

It is worth noting that 59.2% of Egypt's external debt is owed to France,

USA, Japan and Germany.

3 - External Debt by Debtor Table (10) reveals that the external debt data display an increase of US$ 1.2

billion in main institutional sectors during July/December 2004/05. Specifically, the balance of the other sectors increased by US$ 882.0 million, and of central and local government by US$ 782.0 million. In contrast, there was a decrease in the balance of banks by US$ 435.2 million and of the Central Bank by US$ 1.3 million. In spite of the said developments, the structure of Egypt’s external debt by debtor has not seen any significant change during the period under review. The central and local government, as shown in the table, has continued to be the main debtor, with US$ 19.7 billion or 63.5% of the total, representing claims on the government.

Table (10)

External Debt by Debtor (US$ mn)

June December End of 2004 % 2004 % Change

+ (-)

External Debt 29871.8 100.0 31099.3 100.0 1227.5 Total Medium- & Long-Term Debt 27904.3 93.4 29381.5 94.5 1477.2Total Short-Term Debt 1967.5 6.6 1717.8 5.5 (249.7) Central & Local Government 18964.5 63.5 19746.5 63.5 782.0 Medium- & Long-term Debt, of which 18964.5 63.5 19746.5 63.5 782.0 Bonds & Notes 587.7 2.0 583.7 1.9 (4.0) Short-term Debt 0.0 0.0 0.0 0.0 0.0Monetary Authority 987.0 3.3 985.7 3.2 (1.3) Medium- & Long-term Debt 337.0 1.1 835.7 2.7 498.7 Short-term Debt 650.0 2.2 150.0 0.5 (500)Banks 2353.3 7.9 1918.1 6.2 (435.2) Medium- & Long-term Debt 1035.8 3.5 1044.5 3.4 8.7 Short-term Debt 1317.5 4.4 873.6 2.8 (443.9)Other Sectors 7567.0 25.3 8449.0 27.1 882.0 Medium- & Long-term Debt 7567.0 25.3 7754.8 24.9 187.8 Short-term Debt 0.0 0.0 694.2 2.2 694.2

- 14 -

4 - External Debt Indicators

External debt service payments increased by US$ 34.4 million during July/December 2004/05 to reach US$ 1.2 billion. This was a result of the US$ 50.5 million increase in principal repayments, to reach US$ 900.1 million, and of the US$ 16.1 million decrease in interest payments, to stand at US$ 293.3 million.

Despite this increase, the debt service ratio to export proceeds of goods and

services declined to 8.1% during July/December 2004/05, from 10.5% in the previous corresponding period. This was mainly due to an increase in commodity exports, travel receipts and Suez Canal dues. In the same manner, debt service ratio to current receipts stepped down to 7.0%, compared with 9.0%. (See Figure [8] and Table [11])

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

from 5.7% to 5.5%. Similarly, its ratio to NIR decreased from 11.9% to 11.1%. As a percentage of GDP, the external debt decreased to reach 38.4% at end of December 2004, against 39.6% at end of December 2003. Figure (8)

External Debt IndicatorsEnd of December

05

10152025303540

2002/2003 2003/2004 2004/2005Short-term Debt / External Debt (end of period)Short-term Debt / Net International Reserves (end of period)External Debt/GDPDebt Service / Exports (G & S) Debt Service / Current Receipts

%

Table (11)

External Debt Indicators (%) July / December

2002/03 2003/04 2004/05 Debt Service/Exports (G&S) 11.3 10.5 8.1 Debt Service/Current Receipts 9.4 9.0 7.0 Short-term Debt/External Debt (end of period) 7.5 5.7 5.5 Short-term Debt/NIR (end of period) 15.1 11.9 11.1 External Debt/GDP 31.1 39.6 38.4

Section IV

Exchange Rate Developments

- 15 -

Exchange Rate Developments Since 29 January 2003, the exchange rate of the Egyptian pound has been liberalized. According to CBE Central Chamber for FX Statistics, the US dollar exchange rate reached pt 610.6389 at end of December 2004, against pt 615.8967 at end of December 2003. This exchange rate is calculated on the basis of the weighted average of US dollar exchange rate at all market participants, including the CBE. As such, the LE exchange rate appreciated by about 0.86 % during the year under review. This appreciation is mainly attributed to the successful launch of the interbank foreign exchange market in December 2004 as well as the adoption of a new monetary policy regime focusing on price stability. Exchange rate in interbank market reached PT 614.14 per US dollar at end of December 2004.

Table (12) Exchange Rate

(in PT/US$) End of December Weighted Average Rate 2002 461.4048 2003 615.8967 2004 610.6389 LE appreciation (%) 0.86 %

Figure (9)

400.0

425.0

450.0

475.0

500.0

525.0

550.0

575.0

600.0

625.0

650.0

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

December 03 December 04December 02

Appendices

A. Main Statistics

Page

I- Balance of Payments

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

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

II- External Liquidity

Net International Reserves & Net Foreign Assets of Banking

System ………………………………………………………

21

III- External Debt

External Debt……………………………………………….. 22

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

IV- Exchange Rate Developments

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

(US$ mn)

2003/04 2004/05*

Trade Balance -3615.2 -4779.8 Exports** 4514.1 6381.2

Petroleum 1701.8 2513.2

Other Exports 2812.3 3868.0

Imports** -8129.3 -11161.0

Petroleum -1136.4 -1587.5

Other Imports -6992.9 -9573.5

Services (Net) 3836.8 5253.0Receipts 6503.8 8291.6 Transportation, of which : 1769.7 2030.8

Suez Canal (1374.0) (1586.0)

Travel 2861.8 3511.8

Investment Income 250.4 337.5

Government Services 97.1 67.9

Other 1524.8 2343.6

Payments 2667.0 3038.6 Transportation 262.9 428.6

Travel 672.0 614.2

Investment Income, of which 333.7 347.3

Interest Paid (294.0) (297.0)

Government Expenditures 225.5 286.1

Other 1172.9 1362.4

Balance of Goods & Services 221.6 473.2Transfers 1791.8 2470.1Private Transfers (Net) 1474.0 1854.2

Official Transfers (Net) 317.8 615.9

Current Account Balance 2013.4 2943.3

* Preliminary.**Include free zones exports and imports.

- 19 -

Table (1) Balance of Payments

July/December

(US$ mn)

2003/04 2004/05*

Capital & Financial Account -3008.0 -1574.7

Financial Account -3008.0 -1574.7

Direct Investment Abroad -8.7 -11.9

Direct Investment in Egypt (Net) 89.2 935.3

Portfolio Investment Abroad (Net) 30.1 241.1

Portfolio Investment in Egypt (Net), of which: -19.4 121.1

Bonds -40.5 -4.0

Other Investment (Net) -3099.2 -2860.3

Net Borrowing 651.5 455.6

M&L Term Loans (Net) -311.1 -520.8

Drawings 425.3 231.3

Repayments -736.4 -752.1

MT Suppliers' Credit (Net) 34.2 -139.1

Drawings 147.4 8.9

Repayments -113.2 -148.0

ST Suppliers' Credit (Net) 928.4 1115.5

Other Assets -3047.6 -3231.0

Central Bank -37.8 -20.5

Banks -1204.7 -1826.9

Other -1805.1 -1383.6

Other Liabilities -703.1 -84.9

Central Bank 5.8 6.8

Banks -708.9 -91.7

Net Errors & Omissions 870.3 -730.8

Overall Balance -124.3 637.8

Change in CBE Reserve Assets ,Increase(-) 124.3 -637.8

*Preliminary. **Include Investments in Petroleum Sector.

July/December

- 20 -

Table (1) Balance of Payments (contd.)

**

End of June-00 June-01 June-02 June-03 Dec-03 June-04 Dec-04

Net International Reserves(1-2) 15130.4 14244.0 14146.6 14808.6 14721.1 14780.6 15426.7

1- Gross Official Reserves 15160.6 14269.2 14179.1 14844.7 14763.1 14800.1 15453.1

Gold 511.1 488.2 570.7 631.2 631.2 716.9 716.9

Foreign exchange 14220.9 13374.7 13228.1 13836.6 13651.8 13734.8 14310.4

SDRs 35.7 37.7 34.4 51.4 165.6 72.7 161.7

Other 392.9 368.6 345.9 325.5 314.5 275.7 264.1

2- Reserve Liabilities 30.2 25.2 32.5 36.1 42.0 19.5 26.4

Banks' Net Foreign Assets 2681.1 1394.3 1614.3 2169.5 4083.0 5705.3 7623.9

Assets 7347.4 6328.9 6102.8 6594.8 7799.6 9188.1 11015.0

Liabilities 4666.3 4934.6 4488.5 4425.3 3716.6 3482.8 3391.1

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

US $ million

(US$ mn)June June June June Dec. June Dec.2000 2001 2002 2003 2003 2004 2004

Total External Debt* 27783.3 26560.0 28660.8 29396.2 30548.2 29871.8 31099.3Rescheduled bilateral debt ** 16291.8 14779.4 15336.4 16192.0 17021.0 16384.8 17153.7 ODA 7968.7 7345.1 7455.6 7900.0 8253.0 8052.6 8302.5 Non-ODA 8323.1 7434.3 7880.8 8292.0 8768.0 8332.2 8851.2Other bilateral debt 4226.4 3894.4 4057.2 4350.0 4587.0 4432.8 4621.0 Paris Club countries 3677.0 3353.0 3405.0 3320.0 3529.5 3263.4 3510.2 Other countries 549.4 541.4 652.2 1030.0 1057.5 1169.4 1110.8International & regional institutions 4275.2 4310.4 4697.4 4904.0 5113.6 5080.8 5208.8Suppliers' & buyers' credits 980.6 896.0 923.8 1133.1 1212.1 1333.0 1244.1Sovereign bonds 0.0 0.0 953.6 735.4 694.9 587.7 583.7Long -term deposits + 500.0Short-term debt 1627.9 2207.0 2150.0 1864.5 1747.3 1967.5 1717.8Private sector debt (non-guaranteed) 381.4 472.8 542.4 217.2 172.3 85.2 70.2

* The difference from World Bank Data is in short-term debt .** According to the agreement signed with Paris Club countries on May 25, 1991.+ It has been agreed to consider the Arab International Bank deposit as medium and long term external debt.

End of

Table (3) External Debt

- 22 -

End of June-04 % Dec-04 % Change (-) %

External Debt 29871.8 100.0 31099.3 100.0 1227.5 4.1 6.58648Total Medium & Long-Term 27904.3 93.4 29381.5 94.5 1477.2 5.3Total Short-Term 1967.5 6.6 1717.8 5.5 (249.7) (12.7)

Central & Local Government 18964.5 63.5 19746.5 63.5 782.0 4.1 Medium & Long-Term (of which) 18964.5 63.5 19746.5 63.5 782.0 4.1 Bonds & Notes 587.7 2.0 583.7 1.9 (4.0) (0.7) Loans 18376.8 61.5 19162.8 61.6 786.0 4.3 Currency and Deposits Other Liabilities Short-Term 0.0 0.0 0.0 0.0 0.0 0.0

Monetary Authority 987.0 3.3 985.7 3.2 (1.3) (0.1) Medium & Long-Term 337.0 1.1 835.7 2.7 498.7 148.0 Bonds & Notes Loans 337.0 1.1 335.7 1.1 (1.3) (0.4) Currency and Deposits 0.0 0.0 500.0 1.6 0.0 0.0 Other Liabilities Short-Term 650.0 2.2 150.0 0.5 (500.0) (76.9) Money Market Instruments Loans Currency and Deposits 650.0 2.2 150.0 0.5 (500.0) (76.9) Other Liabilities

Banks 2353.3 7.9 1918.1 6.2 (435.2) (18.5) Medium & Long-Term Loans 1035.8 3.5 1044.5 3.4 8.7 0.8 Bonds & Notes Loans 1035.8 3.5 1044.5 3.4 8.7 0.8 Currency and Deposits Other Liabilities Short-Term Loans 1317.5 4.4 873.6 2.8 (443.9) (33.7) Money Market Instruments Loans 87.7 0.3 51.3 0.2 (36.4) (41.5) Currency and Deposits 617.5 2.1 558.0 1.8 (59.5) (9.6) Other Liabilities 612.3 2.0 264.3 0.8 (348.0) (56.8)

Other Sectors 7567.0 25.3 8449.0 27.2 882.0 11.7 Medium & Long-Term 7567.0 25.3 7754.8 24.9 187.8 2.5 Loans from direct investors Bonds & Notes Trade credits Loans 7567.0 25.3 7754.8 24.9 187.8 2.5 Currency and Deposits Other Liabilities Short-Term 0.0 0.0 694.2 2.2 694.2 0.0 Loans from direct investors Money Market Instruments Trade credits 0.0 0.0 694.2 2.2 694.2 0.0 Loans Currency and Deposits Other Liabilities

-23-

Table (4) External Debt by Debtor (US$ mn)

First : Interbank Rates

Minimum

Maximum

Weighted average

Second : Market Rates Buy Sell

US Dollar 614.4505 614.9966

Euro 835.2840 836.0264

Pound Sterling 1176.7342 1177.7800

100 Japanese Yens 590.8178 591.3429

Swiss Franc 567.3021 567.4508

Canadian Dollar 504.1852 504.6333

Saudi Riyal 163.8578 164.0035

Kuwaiti Dinar 2085.4988 2087.3523

UAE Dirham 167.3021 167.4508

Bahrain Dinar 1647.6200 1652.9200

Source : CBE daily exchange rates.

611.75

615.75

614.14

- 24 -

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

End of Dec.2004

B. Detailed Tables and Charts of the External Debt Page

I- Total External Debt 27

A. Stock of Medium -and Long-Term

1. Public and Publicly Guaranteed

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

III- Exchange Rates of the Currencies of External Debt

Versus US Dollar

51

2001 2002 2003 20041- Medium-and Long-Term Public & Publicly Guaranteed Debt 25,144.89 26,365.77 28,628.62 29,311.29A. Paris Club Bilateral Debt 18,960.64 19,816.67 21,762.63 21,908.05

1-May 1991 (Third Stage) 14,641.46 15,490.61 17,021.25 17,153.75 2-Post Cut-Off Date 4,319.18 4,326.06 4,741.38 4,754.30B. Non- Paris Club Bilateral Debt 538.90 947.59 1,057.45 1,110.78C. Multilateral Agencies 4,441.05 4,852.11 5,113.64 5,208.76

D. Sovereign Bonds 1,204.30 749.40 694.90 583.70

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

2- Medium-and Long-Term Private 519.42 299.07 172.25 70.23 Sector (Non-Guaranteed Debt)3- Short-Term Debt 2,266.65 2,173.44 1,747.35 1,717.77 Deposits (Non Residents) 902.29 870.40 756.63 708.02 Arab International Bank Deposit 500.00 500.00 500.00 0.00 Others 864.36 803.04 490.72 1,009.75

27,930.96 28,838.28 30,548.22 31,099.29{1} End of period exchange rate.{2} It has been agreed to include the Arab International Bank deposit in medium and long term external debt.

Figure 1

-27-

(US$mn){1}

Table ( 1 )Total External Debt

Stock as at End of December

Total Debt

Total External Debt Stock as at End of December

25.5

26.5

27.5

28.5

29.5

30.5

31.5

1998 1999 2000 2001 2002 2003 2004

( US$bn )

-28-

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

as at End of December 2004

Sovereign Bonds2%

Arab International Bank Deposit

2%

Paris Club Bilateral Debt

74%

Multilateral Agencies18%

Non-Paris Club Bilateral Debt 4%

Figure 1-1

(US$mn){1}

2001 2002 2003 2004France 4,021.10 4,503.84 5,230.57 5,319.08Int'l Organizations 4,441.05 4,852.11 5,113.64 5,208.76United States 5,461.94 5,193.73 4,927.12 4,649.36Japan 3,251.02 3,487.46 4,199.96 4,370.10Germany, Fed. Reb. of 2,292.55 2,716.92 3,281.79 3,541.40Spain 850.04 836.29 830.90 828.24Italy 987.15 934.37 889.66 824.65Austria 472.62 539.48 620.29 636.13Sovereign Bonds 1,204.30 749.40 694.90 583.70Switzerland 408.03 476.12 510.21 526.39Arab International Bank Deposit {2} 0.00 0.00 0.00 500.00Bahrain 0.00 300.00 300.00 420.00Kuwait 296.53 304.64 410.54 398.85United Kingdom 504.09 361.39 381.80 299.69Canada 190.69 188.48 212.03 216.81Australia 182.41 187.39 217.21 211.90Denmark 121.02 140.02 176.14 189.72China.P.R.of 80.13 95.28 105.96 114.80Belgium 78.99 90.05 103.77 106.03The Netherlands 65.80 77.49 92.65 99.24Saudi Arabia 54.24 147.59 145.42 90.93United Arab Emirates 105.15 98.60 95.04 85.94Sweden 40.19 44.94 50.11 49.64Norway 32.99 38.69 38.41 39.66Taiwan 0.00 0.00 0.40 0.24Germany, Dem. R. of 0.52 0.51 0.03 0.03Turkey 0.15 0.05 0.07 0.00Romania 1.15 0.77 0.00 0.00Bulgaria 0.96 0.16 0.00 0.00India 0.07 0.00 0.00 0.00

Grand Total 25,144.88 26,365.77 28,628.62 29,311.29{1} End of period exchange rate.{2} It has been agreed to include the Arab International Bank deposit in medium and long term external debt.

Country

-29-

Total Debt

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

by Creditor Countryas at End of December

Table ( 2 )

- 30 -Stock of Medium-and Long-Term

Public And Publicly Guaranteed External Debt by Creditor Country

as at End of December 2004

Int'l Organizations18%

United States16%

Japan15%

Sovereign Bonds2%

Others12% France

19%

Others18%

Figure 2

(US$mn){2}

2001 2002 2003 2004

France 4,021.10 4,503.84 5,230.57 5,319.08Japan 3,251.02 3,487.46 4,199.96 4,649.36United States 5,461.94 5,193.73 4,927.12 4,370.10Germany, Fed. R. of 2,292.55 2,716.92 3,281.79 3,541.40Spain 850.04 836.29 830.90 828.24Italy 987.15 934.38 889.66 824.65Austria 472.62 539.48 620.29 636.13Switzerland 408.03 476.12 510.21 526.39United Kingdom 504.09 361.39 381.80 299.69Canada 190.69 188.48 212.03 216.81Australia 182.41 187.39 217.21 211.90Denmark 121.02 140.02 176.14 189.72Belgium 78.99 90.05 103.77 106.04The Netherlands 65.80 77.49 92.65 99.24Sweden 40.19 44.94 50.11 49.64Norway 33.00 38.69 38.42 39.66

Grand Total 18,960.64 19,816.67 21,762.63 21,908.05{1} This Table is the total of Tables No 4 and 5.{2} End of period exchange rate.

Country

-31-

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

Public & Publicly Guaranteed External DebtParis Club Bilateral Debtas at End of December

Total Debt

17.018.019.020.021.022.023.0

( US$

bn )

1998 1999 2000 2001 2002 2003 2004

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

Paris Club Bilateral Debtas at End of December

Figure 3

(US$mn){1}

2001 2002 2003 2004.

France 3,391.88 3,804.87 4,323.83 4,436.84United States 4,438.96 4,243.43 4,047.89 3,840.29Japan 2,213.70 2,424.57 3,097.53 3,159.69Germany, Fed. R. of 1,430.94 1,686.01 2,016.93 2,161.65Spain 850.05 827.03 802.41 771.34Austria 439.67 503.32 582.90 602.30Italy 578.07 564.83 551.01 531.00Switzerland 379.74 443.05 477.41 497.02United Kingdom 231.31 251.55 271.75 284.06Australia 182.41 187.39 217.21 211.90Canada 182.22 180.19 202.85 207.48Denmark 120.79 139.76 161.76 169.89The Netherlands 65.48 77.16 92.30 98.91Belgium 72.74 83.04 95.11 97.64Sweden 30.50 35.72 41.94 44.08Norway 33.00 38.69 38.42 39.66

Grand Total 14,641.46 15,490.61 17,021.25 17,153.75{1} End of period exchange rate.

Country

-32-

Total Debt

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

Public & Publicly Guaranteed External DebtParis Club Bilateral Debt

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

0.0

5.0

10.0

15.0

20.0

( US$

bn )

1998 1999 2000 2001 2002 2003 2004


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

as at End of December

Figure 4

(US$mn){1}

2001 2002 2003 2004

Germany, Fed. R. of 861.61 1,030.91 1,264.86 1,379.75Japan 1,037.32 1,062.90 1,102.43 1,210.41France 629.22 698.97 906.74 882.24United States 1,022.98 950.30 879.23 809.07Italy 409.07 369.55 338.65 293.66Spain 0.00 9.26 28.49 56.90Austria 32.95 36.16 37.39 33.83Switzerland 28.29 33.07 32.80 29.37Denmark 0.23 0.26 14.37 19.83United Kingdom 272.78 109.84 110.05 15.63Canada 8.47 8.28 9.18 9.32Belgium 6.25 7.01 8.66 8.40Sweden 9.69 9.22 8.18 5.56The Netherlands 0.32 0.33 0.35 0.33


Country

-33-


Public & Publicly Guaranteed External DebtParis Club Bilateral Debt

Contracted after October 31,1986 as at End of December

Total Debt

4,1004,2004,3004,4004,5004,6004,7004,800

( US$

mn

)

1998 1999 2000 2001 2002 2003 2004


Contracted after October 31, 1986as at End of December

Figure 5

- 34 -

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

Paris Club Bilateral Debtas at End of December 2004

Post Cut-Off Date22%

May 1991(Third Stage)

78%

Figure 5-1

(US$mn){1}

2001 2002 2003 2004

Bahrain 0.00 300.00 300.00 420.00Kuwait 296.53 304.64 410.54 398.85China P. R. of 80.13 95.28 105.96 114.80Saudi Arabia 54.24 147.59 145.42 90.93United Arab Emirates 105.15 98.60 95.04 85.93Taiwan 0.00 0.00 0.40 0.24Germany Dem. R. Of 0.52 0.51 0.03 0.03Turkey 0.15 0.05 0.06 0.00Romina 1.15 0.77 0.00 0.00Bulgaria 0.96 0.15 0.00 0.00India 0.07 0.00 0.00 0.00

Grand total 538.90 947.59 1,057.45 1,110.78{1} End of period exchange rate.

Country

- 35-


Public & Publicly Guaranteed External DebtNon-Paris Club Bilateral Debt


Total Debt

0

200

400

600

800

1,000

1,200

( US$

mn

)

1998 1999 2000 2001 2002 2003 2004


Non-Paris Club Bilateral Debt as at End of December

Figure 6

(US$mn){1}

2001 2002 2003 2004

IDA 1,260.50 1,316.94 1,402.17 1,448.93

European Investment Bank 673.75 802.24 1,121.41 1,165.75

Arab Fund for Economic and Social Development 928.15 934.20 911.95 949.51

IBRD 606.68 551.54 506.63 433.93

African Development Bank 491.93 404.69 329.17 310.04

Arab Monetary Fund 87.21 360.73 388.14 308.78

Islamic Development Bank 143.74 222.52 179.72 288.27

African Development Fund 147.43 155.12 166.00 174.45

International Fund For Agricultural Development 73.46 80.84 90.22 89.61

Arab Trade Financing Program 0.00 0.00 0.00 26.93

Arab International Bank 23.92 19.14 14.35 9.57

Nordic Investment Bank 4.28 4.15 3.88 2.99


Creditor

- 36 -

Total Debt


Public & Publicly Guaranteed External DebtMultilateral Agencies


0

1,000

2,000

3,000

4,000

5,000

6,000

( U

S$m

n )

1998 1999 2000 2001 2002 2003 2004

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

Multilateral Agencies as at End of December

Figure 7-1

- 37 -


Multilateral Agencies as at End of December 2004

Arab Monetary Fund6%

African Development Bank6%

AFESD19%

IDA28%

Others11%

IBRD8%

European Investment Bank

22%

Figure 7 - 2

(US$mn){1}

2001 2002 2003 2004

Int'l Organizations 5.64 83.55 60.00 50.00United Arab Emirates 9.00 11.00 17.50 17.50Austria 1.77 2.10 2.53 2.73Germany, Fed. R. of 65.71 67.76 53.05 0.00United Kingdom 236.00 132.05 37.80 0.00United States 200.12 1.80 0.90 0.00Italy 1.01 0.79 0.47 0.00Sudan 0.02 0.02 0.00 0.00Malaysia 0.01 0.00 0.00 0.00France 0.14 0.00 0.00 0.00

Grand Total 519.42 299.07 172.25 70.23{1} End of period exchange rate.

Country

- 38 -

Total Debt


Private Sector Non-Guaranteed External Debtas at End of December

0

100

200

300

400

500

600

( US$

mn

)

1998 1999 2000 2001 2002 2003 2004

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


Figure 8

(US$mn){1}

2001 2002 2003 2004

Short-Term Debt {2} 2,116.81 2,009.98 1,655.98 1,453.51

Non-Financial Public Sector 71.81 41.39 26.83 421.51 Financial Public Sector {2} 200.64 343.29 316.55 331.68 Private Sector (Guaranteed) 141.78 192.03 122.27 73.59 Private Sector (Non-Guaranteed) 1,202.58 933.27 690.33 626.73 Arab International Bank Deposit {3} 500.00 500.00 500.00 0.00

Short-Term Banking Facilities 149.84 163.46 91.37 264.26

Public Sector Banks 3.55 9.99 0.84 0.00Private Banks 146.29 153.47 90.53 264.26

Grand Total 2266.65 2173.44 1747.35 1717.77

{1} End of period exchange rate.(2) Excludes banking facilities .{3} It has been agreed to include the Arab International Bank deposit in medium and long-term external debt.

- 39 -

Outstanding External Short-Term DebtTable ( 9 )


Total Debt

0

500

1,000

1,500

2,000

2,500

( US$

mn

)

1998 1999 2000 2001 2002 2003 2004

Outstanding External Short-Term Debtas at End of December

Figure 9

(US$mn){1}

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

1- Medium-and Long-Term Public & Publicly Guaranteed Debt 58,392.23 1,908.35 56,483.88 52,855.55 3,628.33

A. Paris Club Bilateral Debt 38,289.28 341.64 37,947.64 37,281.92 665.72

1-May 1991 (Third Stage) 22,584.81 0.00 22,584.81 22,584.81 0.00 2-Non-Guaranteed Debt {2} 2,287.31 34.91 2,252.40 2,252.40 0.00 3-Post Cut-Off Date 13,417.16 306.73 13,110.43 12,444.71 665.72

B. Non- Paris Club Bilateral Debt 3,688.88 69.54 3,619.34 3,315.06 304.28

C. Multilateral Agencies 16,414.07 1,497.17 14,916.90 12,258.57 2,658.33

2- Medium-and Long-Term Private Sector Non-Guaranteed Debt 1,209.42 23.69 1,233.11 1,178.73 7.00

Grand Total 59,601.65 1,932.04 57,716.99 54,034.28 3,635.33

{1} End of period exchange rate. {2} As of 1974.

- 40 -

as at End of December 2004Disbursed and Undisbursed Amounts of Contracted Loans

Table ( 10 )

0

10,000

20,000

30,000

40,000

50,000

60,000

( US$

mn

)

1998 1999 2000 2001 2002 2003 2004

Disbursed and Undisbursed Amounts of Contracted Loansas at End of December

Contracted Amounts Net Commitments Disbursed Amounts

Figure 10

Period Principal {2} Interest ( * ) Total Period Principal {2} Interest Total

2005/1 1221.00 293.41 1514.41 2028/1 80.83 4.58 85.412005/2 885.96 279.03 1164.99 2028/2 95.23 5.07 100.302006/1 748.38 280.57 1028.95 2029/1 88.40 3.65 92.05

2006/2(**) 1242.48 275.01 1517.49 2029/2 76.96 3.72 80.68 2007/1(***) 1626.00 260.86 1886.86 2030/1 60.03 2.90 62.93

2007/2 821.37 269.74 1091.11 2030/2 63.66 2.84 66.502008/1 829.28 246.26 1075.54 2031/1 53.96 2.41 56.372008/2 875.14 243.52 1118.66 2031/2 46.92 2.18 49.102009/1 861.76 228.80 1090.56 2032/1 43.53 2.00 45.532009/2 893.30 226.22 1119.52 2032/2 41.99 1.84 43.832010/1 891.48 224.06 1115.54 2033/1 39.54 1.68 41.222010/2 910.87 214.59 1125.46 2033/2 34.24 1.53 35.77

2011/1 909.71 204.43 1114.14 2034/1 33.61 1.40 35.01 2011/2(****) 1415.70 206.75 1622.45 2034/2 27.04 1.28 28.32

2012/1 885.04 184.57 1069.61 2035/1 26.79 1.18 27.972012/2 888.17 184.32 1072.49 2035/2 26.11 1.08 27.192013/1 903.48 165.06 1068.54 2036/1 43.37 0.98 44.352013/2 913.28 166.04 1079.32 2036/2 24.97 0.89 25.862014/1 897.71 145.56 1043.27 2037/1 23.96 0.79 24.752014/2 931.22 147.70 1078.92 2037/2 23.05 0.70 23.752015/1 920.18 127.96 1048.14 2038/1 21.81 0.62 22.432015/2 959.44 129.39 1088.83 2038/2 19.23 0.54 19.772016/1 957.30 110.38 1067.68 2039/1 14.62 0.46 15.082016/2 999.19 110.79 1109.98 2039/2 13.59 0.41 14.002017/1 539.42 92.19 631.61 2040/1 12.24 0.36 12.602017/2 558.75 94.37 653.12 2040/2 11.78 0.31 12.092018/1 541.62 79.33 620.95 2041/1 10.28 0.27 10.552018/2 560.80 80.66 641.46 2041/2 9.91 0.23 10.142019/1 515.20 66.33 581.53 2042/1 8.04 0.19 8.232019/2 545.32 67.29 612.61 2042/2 5.65 0.16 5.812020/1 496.06 54.14 550.20 2043/1 5.65 0.14 5.792020/2 576.62 54.79 631.41 2043/2 5.29 0.12 5.412021/1 480.30 42.77 523.07 2044/1 4.42 0.10 4.522021/2 455.42 42.73 498.15 2044/2 4.19 0.08 4.272022/1 286.33 32.47 318.80 2045/1 3.21 0.06 3.272022/2 307.66 34.38 342.04 2045/2 3.21 0.05 3.262023/1 280.88 26.96 307.84 2046/1 3.21 0.04 3.252023/2 303.08 28.32 331.40 2046/2 3.12 0.03 3.152024/1 284.27 21.62 305.89 2047/1 2.60 0.02 2.622024/2 302.38 22.36 324.74 2047/2 0.46 0.01 0.472025/1 282.11 16.23 298.34 2048/1 0.46 0.01 0.472025/2 303.05 16.34 319.39 2048/2 0.46 0.00 0.462026/1 281.54 10.83 292.37 2049/1 0.33 0.00 0.332026/2 296.76 10.37 307.13 2049/2 0.33 0.00 0.332027/1 85.24 5.56 90.80 2050/1 0.31 0.00 0.312027/2 105.46 6.66 112.12 2050/2 0.06 0.00 0.06

Grand Total 32,894.36 5,878.63 38,772.99{1} The exchange rate of December 31, 2004

(*) Includes projections for interest on US$ 583.7 millions sovereign bonds up to 2011/2.(**) Includes US$ 500 million sovereign bonds.(***) Includes US$ 500 million for the Arab International Bank deposit which was included in medium and long-term external debt.(****) Includes US$ 83.7 million sovereign bonds.

{2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

(US$mn){1}as of January 1, 2005

- 41-

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

External Debt Service

- 42 -

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

0200400600800

1,0001,2001,4001,6001,8002,0002,2002,4002,6002,8003,0003,2003,4003,6003,8004,0004,2004,4004,6004,8005,0005,20020

06

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal {2} Interest ( * ) Total

US$ mn

Figure 11

(US$mn){1}

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

2005/1 511.51 174.57 686.08 2028/1 31.53 2.49 34.022005/2 518.59 186.62 705.21 2028/2 47.32 3.33 50.652006/1 507.30 177.75 685.05 2029/1 44.70 2.25 46.952006/2 533.50 189.03 722.53 2029/2 40.51 2.62 43.132007/1 749.31 183.03 932.34 2030/1 30.79 2.03 32.822007/2 581.38 192.94 774.32 2030/2 36.96 2.11 39.072008/1 550.33 171.48 721.81 2031/1 30.51 1.81 32.322008/2 613.13 182.34 795.47 2031/2 30.33 1.70 32.032009/1 570.40 161.65 732.05 2032/1 29.57 1.59 31.162009/2 611.25 171.33 782.58 2032/2 28.03 1.49 29.522010/1 593.94 150.86 744.80 2033/1 26.43 1.38 27.812010/2 646.93 159.57 806.50 2033/2 25.33 1.29 26.622011/1 613.59 140.23 753.82 2034/1 24.69 1.19 25.882011/2 732.11 147.83 879.94 2034/2 23.60 1.11 24.712012/1 639.29 129.06 768.35 2035/1 23.35 1.02 24.372012/2 684.09 136.24 820.33 2035/2 22.67 0.93 23.602013/1 668.88 117.73 786.61 2036/1 39.93 0.85 40.782013/2 719.85 123.78 843.63 2036/2 21.85 0.76 22.612014/1 705.16 106.15 811.31 2037/1 21.27 0.68 21.952014/2 743.81 111.44 855.25 2037/2 20.37 0.60 20.972015/1 732.22 93.94 826.16 2038/1 19.12 0.52 19.642015/2 780.77 97.93 878.70 2038/2 16.55 0.45 17.002016/1 773.24 81.41 854.65 2039/1 12.42 0.39 12.812016/2 824.29 84.30 908.59 2039/2 11.92 0.35 12.272017/1 368.09 68.12 436.21 2040/1 10.58 0.30 10.882017/2 399.37 72.53 471.90 2040/2 10.11 0.26 10.372018/1 383.66 59.60 443.26 2041/1 8.62 0.22 8.842018/2 415.07 63.00 478.07 2041/2 8.24 0.19 8.432019/1 378.72 50.62 429.34 2042/1 6.74 0.16 6.902019/2 410.07 53.33 463.40 2042/2 4.76 0.14 4.902020/1 382.98 41.88 424.86 2043/1 4.76 0.12 4.882020/2 412.81 44.17 456.98 2043/2 4.39 0.10 4.492021/1 375.94 32.97 408.91 2044/1 3.52 0.08 3.602021/2 370.50 34.10 404.60 2044/2 3.29 0.07 3.362022/1 206.59 24.20 230.79 2045/1 2.96 0.05 3.012022/2 229.93 27.09 257.02 2045/2 2.96 0.04 3.002023/1 209.68 20.31 229.99 2046/1 2.96 0.03 2.992023/2 233.53 22.20 255.73 2046/2 2.87 0.02 2.892024/1 214.79 16.01 230.80 2047/1 2.34 0.01 2.352024/2 233.22 17.27 250.49 2047/2 0.21 0.00 0.212025/1 214.70 11.65 226.35 2048/1 0.21 0.00 0.212025/2 238.82 12.27 251.09 2048/2 0.21 0.00 0.212026/1 220.36 7.21 227.57 2049/1 0.08 0.00 0.082026/2 240.45 7.14 247.59 2049/2 0.08 0.00 0.082027/1 31.53 2.72 34.25 2050/1 0.06 0.00 0.062027/2 52.74 4.20 56.94 2050/2 0.06 0.00 0.06

Grand Total 22,568.18 4,198.53 26,766.71{1} The exchange rate of December 31, 2004.


- 43 -

as of January 1, 2005Paris Club Bilateral Debt

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

Table ( 12 )

Figure 12

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

as of January 1 , 2005

0200400600800

1,0001,2001,4001,6001,8002,0002,2002,4002,6002,8003,0003,2003,4003,600

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal Interest Total

US$ mn

Period Principal Interest Total Period Principal Interest Total

2005/1 318.17 138.67 456.84 2016/1 696.64 73.07 769.712005/2 326.28 134.04 460.32 2016/2 719.06 66.33 785.392006/1 343.31 145.56 488.87 2017/1 297.73 60.86 358.592006/2 352.63 141.09 493.72 2017/2 299.72 56.47 356.192007/1 393.89 154.61 548.50 2018/1 315.83 53.31 369.142007/2 404.37 149.53 553.90 2018/2 317.92 48.78 366.702008/1 423.18 147.79 570.97 2019/1 322.07 45.26 367.332008/2 434.50 142.83 577.33 2019/2 324.27 40.75 365.022009/1 448.15 140.28 588.43 2020/1 328.53 37.07 365.602009/2 460.24 134.91 595.15 2020/2 330.83 32.66 363.492010/1 479.36 132.26 611.62 2021/1 335.42 28.68 364.102010/2 492.35 126.70 619.05 2021/2 306.12 24.27 330.392011/1 507.56 123.86 631.42 2022/1 172.42 20.56 192.982011/2 521.36 118.18 639.54 2022/2 175.10 18.46 193.562012/1 543.73 115.05 658.78 2023/1 177.80 16.63 194.432012/2 558.34 109.37 667.71 2023/2 180.56 14.50 195.062013/1 575.70 105.45 681.15 2024/1 183.13 12.57 195.702013/2 591.37 99.38 690.75 2024/2 180.43 10.45 190.882014/1 615.62 95.36 710.98 2025/1 183.11 8.45 191.562014/2 632.55 89.45 722.00 2025/2 186.03 6.32 192.352015/1 651.96 84.51 736.47 2026/1 188.78 4.25 193.032015/2 669.98 77.98 747.96 2026/2 187.68 2.07 189.75

17,153.78 3,388.63 20,542.41{1} The exchange rate of December 31, 2004.

-45-

(US$mn){1}

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

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

Third Stage of The Agreed Minute on May 25, 1991

Period Principal {2} Interest Total Period Principal {2} Interest Total2005/1 192.98 35.90 228.88 2028/1 31.53 2.49 34.022005/2 192.31 52.59 244.90 2028/2 47.32 3.33 50.652006/1 163.99 32.20 196.19 2029/1 44.70 2.25 46.952006/2 180.88 47.94 228.82 2029/2 40.51 2.62 43.132007/1 355.43 28.42 383.85 2030/1 30.79 2.03 32.822007/2 177.01 43.41 220.42 2030/2 36.96 2.11 39.072008/1 127.16 23.69 150.85 2031/1 30.51 1.81 32.322008/2 178.62 39.51 218.13 2031/2 30.33 1.70 32.032009/1 122.25 21.37 143.62 2032/1 29.57 1.59 31.162009/2 151.01 36.43 187.44 2032/2 28.03 1.49 29.522010/1 114.58 18.61 133.19 2033/1 26.43 1.38 27.812010/2 154.58 32.87 187.45 2033/2 25.33 1.29 26.622011/1 106.03 16.37 122.40 2034/1 24.69 1.19 25.882011/2 210.74 29.65 240.39 2034/2 23.60 1.11 24.712012/1 95.56 14.01 109.57 2035/1 23.35 1.02 24.372012/2 125.76 26.87 152.63 2035/2 22.67 0.93 23.602013/1 93.18 12.28 105.46 2036/1 39.93 0.85 40.782013/2 128.48 24.41 152.89 2036/2 21.85 0.76 22.612014/1 89.54 10.79 100.33 2037/1 21.27 0.68 21.952014/2 111.25 21.99 133.24 2037/2 20.37 0.60 20.972015/1 80.26 9.43 89.69 2038/1 19.12 0.52 19.642015/2 110.79 19.95 130.74 2038/2 16.55 0.45 17.002016/1 76.61 8.34 84.95 2039/1 12.42 0.39 12.812016/2 105.23 17.97 123.20 2039/2 11.92 0.35 12.272017/1 70.37 7.26 77.63 2040/1 10.58 0.30 10.882017/2 99.66 16.06 115.72 2040/2 10.11 0.26 10.372018/1 67.83 6.29 74.12 2041/1 8.62 0.22 8.842018/2 97.15 14.22 111.37 2041/2 8.24 0.19 8.432019/1 56.65 5.36 62.01 2042/1 6.74 0.16 6.902019/2 85.80 12.58 98.38 2042/2 4.76 0.14 4.902020/1 54.45 4.81 59.26 2043/1 4.76 0.12 4.882020/2 81.99 11.15 93.14 2043/2 4.39 0.10 4.492021/1 40.52 4.29 44.81 2044/1 3.52 0.08 3.602021/2 64.38 9.83 74.21 2044/2 3.29 0.07 3.362022/1 34.48 3.95 38.43 2045/1 2.96 0.05 3.012022/2 54.84 8.63 63.47 2045/2 2.96 0.04 3.002023/1 31.87 3.68 35.55 2046/1 2.96 0.03 2.992023/2 52.97 7.70 60.67 2046/2 2.87 0.02 2.892024/1 31.66 3.44 35.10 2047/1 2.34 0.01 2.352024/2 52.80 6.82 59.62 2047/2 0.21 0.00 0.212025/1 31.58 3.20 34.78 2048/1 0.21 0.00 0.212025/2 52.79 5.95 58.74 2048/2 0.21 0.00 0.212026/1 31.58 2.96 34.54 2049/1 0.08 0.00 0.082026/2 52.77 5.07 57.84 2049/2 0.08 0.00 0.082027/1 31.53 2.72 34.25 2050/1 0.06 0.00 0.062027/2 52.74 4.20 56.94 2050/2 0.06 0.00 0.06

Grand Total 5,414.40 809.90 6,224.30{1} The exchange rate of December 31, 2004.


- 46 -

(US$mn){1}

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

Paris Club Bilateral DebtContracted after October 31, 1986

Table ( 14 )

Period Principal {2} Interest Total Period Principal {2} Interest Total2005/1 378.67 17.47 396.14 2019/1 16.56 2.22 18.782005/2 24.31 10.48 34.79 2019/2 16.56 1.97 18.532006/1 31.36 10.11 41.47 2020/1 13.23 1.73 14.962006/2 25.06 9.70 34.76 2020/2 13.57 1.55 15.122007/1 148.83 9.53 158.36 2021/1 13.74 1.37 15.112007/2 25.63 7.47 33.10 2021/2 11.71 1.19 12.902008/1 29.27 7.97 37.24 2022/1 10.48 1.01 11.492008/2 23.16 9.68 32.84 2022/2 10.57 0.84 11.412009/1 30.34 9.69 40.03 2023/1 6.17 0.67 6.842009/2 24.22 9.50 33.72 2023/2 6.17 0.58 6.752010/1 33.53 9.13 42.66 2024/1 6.17 0.48 6.652010/2 27.41 8.70 36.11 2024/2 6.17 0.39 6.562011/1 33.53 8.28 41.81 2025/1 4.97 0.30 5.272011/2 27.41 7.85 35.26 2025/2 4.97 0.22 5.192012/1 31.87 7.43 39.30 2026/1 1.92 0.15 2.072012/2 25.12 7.03 32.15 2026/2 1.92 0.13 2.052013/1 30.49 6.63 37.12 2027/1 1.92 0.11 2.032013/2 25.12 6.25 31.37 2027/2 1.92 0.10 2.022014/1 30.49 5.86 36.35 2028/1 0.65 0.08 0.732014/2 25.12 5.47 30.59 2028/2 0.65 0.07 0.722015/1 28.28 5.08 33.36 2029/1 0.65 0.06 0.712015/2 22.92 4.72 27.64 2029/2 0.65 0.06 0.712016/1 28.28 4.37 32.65 2030/1 0.65 0.05 0.702016/2 23.07 4.01 27.08 2030/2 0.65 0.04 0.692017/1 25.76 3.65 29.41 2031/1 0.65 0.04 0.692017/2 20.38 3.33 23.71 2031/2 0.75 0.03 0.782018/1 20.38 3.00 23.38 2032/1 0.75 0.02 0.772018/2 20.38 2.67 23.05 2032/2 0.75 0.02 0.77

2033/1 0.75 0.01 0.76Grand Total 1,376.66 220.55 1,597.21{1} The exchange rate of December 31, 2004.{2} Includes assumptions on disbursement of undisbursed portionof contracted loans - see Table (10) for disbursement assumptions.

- 47 -

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

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

Table ( 15 )

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

2005/1 330.62 78.03 408.65 2028/1 48.66 2.02 50.682005/2 343.26 59.21 402.47 2028/2 47.27 1.68 48.952006/1 209.72 69.99 279.71 2029/1 43.07 1.34 44.412006/2 183.92 53.56 237.48 2029/2 35.81 1.05 36.862007/1 227.39 64.64 292.03 2030/1 28.60 0.83 29.432007/2 214.96 65.68 280.64 2030/2 26.05 0.69 26.742008/1 249.68 63.15 312.83 2031/1 22.81 0.56 23.372008/2 238.85 47.83 286.68 2031/2 15.83 0.45 16.282009/1 261.03 53.79 314.82 2032/1 13.21 0.39 13.602009/2 257.83 41.73 299.56 2032/2 13.21 0.34 13.552010/1 264.02 60.40 324.42 2033/1 12.36 0.29 12.652010/2 236.54 42.66 279.20 2033/2 8.91 0.24 9.152011/1 262.59 52.27 314.86 2034/1 8.91 0.21 9.122011/2 572.58 47.42 620.00 2034/2 3.44 0.18 3.622012/1 213.88 48.10 261.98 2035/1 3.44 0.16 3.602012/2 178.95 41.06 220.01 2035/2 3.44 0.15 3.592013/1 204.11 40.69 244.80 2036/1 3.44 0.14 3.582013/2 168.31 36.01 204.32 2036/2 3.13 0.12 3.252014/1 162.07 33.55 195.62 2037/1 2.68 0.11 2.792014/2 162.29 31.14 193.43 2037/2 2.68 0.10 2.782015/1 159.68 28.94 188.62 2038/1 2.68 0.09 2.772015/2 155.75 26.74 182.49 2038/2 2.68 0.08 2.762016/1 155.78 24.61 180.39 2039/1 2.20 0.07 2.272016/2 151.83 22.47 174.30 2039/2 1.66 0.06 1.722017/1 145.56 20.41 165.97 2040/1 1.66 0.06 1.722017/2 139.00 18.51 157.51 2040/2 1.66 0.05 1.712018/1 137.59 16.73 154.32 2041/1 1.66 0.05 1.712018/2 125.36 14.99 140.35 2041/2 1.66 0.04 1.702019/1 119.93 13.49 133.42 2042/1 1.30 0.03 1.332019/2 118.70 11.98 130.68 2042/2 0.90 0.03 0.932020/1 99.86 10.53 110.39 2043/1 0.90 0.02 0.922020/2 150.24 9.44 159.68 2043/2 0.90 0.02 0.922021/1 90.61 8.42 99.03 2044/1 0.90 0.02 0.922021/2 73.21 7.45 80.66 2044/2 0.90 0.01 0.912022/1 68.95 6.95 75.90 2045/1 0.23 0.01 0.242022/2 67.16 6.46 73.62 2045/2 0.23 0.01 0.242023/1 65.04 5.99 71.03 2046/1 0.23 0.01 0.242023/2 63.39 5.55 68.94 2046/2 0.23 0.01 0.242024/1 63.32 5.12 68.44 2047/1 0.23 0.01 0.242024/2 62.99 4.70 67.69 2047/2 0.23 0.01 0.242025/1 62.45 4.28 66.73 2048/1 0.23 0.01 0.242025/2 59.26 3.86 63.12 2048/2 0.23 0.00 0.232026/1 59.26 3.47 62.73 2049/1 0.23 0.00 0.232026/2 54.39 3.09 57.48 2049/2 0.23 0.00 0.232027/1 51.80 2.73 54.53 2050/1 0.23 0.00 0.232027/2 50.81 2.37 53.18 0.00

Grand Total 7,865.66 1,331.94 9,197.60{1} The exchange rate of December 31, 2004. {2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

(US$mn){1}

- 48 -

Multilateral AgenciesExternal Debt Service as of January 1, 2005

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

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

Multilateral Agenciesas of January 1, 2005

0100200300400500600700800900

1,0001,1001,2001,3001,4001,500

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal Interest Total

US$ mn

Figure 16

(US$mn){1}Period Principal {2} Interest Total2005/1 5.00 0.00 5.002005/2 22.50 0.00 22.502006/1 5.00 0.00 5.002006/2 12.00 0.00 12.002007/1 5.00 0.00 5.002007/2 5.00 0.00 5.002008/1 5.00 0.00 5.002008/2 5.00 0.00 5.002009/1 5.00 0.00 5.002009/2 5.00 0.00 5.00

Grand Total 74.50 0.00 74.50{1} The exchange rate of December 31, 2004. {2} Includes assumptions on disbursement of undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

External Debt Service as of January 1, 2005

- 50 -Table ( 17 )

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

Table ( 18 )Exchange Rates of the Currencies of External Debt Versus US Dollar


Country Currency 2001 2002 2003 2004

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 1.77 1.48 1.32 1.13

Denmark DKK 8.68 7.49 6.36 5.46

Sweden SEK 10.71 9.18 7.65 6.61

Japan JPY 124.65 119.52 110.37 103.73

India INR 47.09 48.91 45.78 43.23

United Kingdom GBP 0.71 0.65 0.60 0.52

Canada CAD 1.52 1.52 1.35 1.21

Australia AUD 1.94 1.78 1.47 1.29

Norway NOK 9.20 7.50 7.01 6.10

Euro EURO 1.17 1.01 0.86 0.73

Special Drawing Rights SDR 0.80 0.75 0.71 0.65

Kuwait KWD 0.31 0.30 0.29 0.29

Libya LYD 0.28 0.28 0.70 0.77

United Arab Emirates AED 3.67 3.67 3.67 3.67

Saudi Arabia SAR 3.75 3.75 3.75 3.75

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External Position of the Egyptian Economy...The external debt position continued to be solid and...

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