{"id":546230,"date":"2022-05-09T04:00:21","date_gmt":"2022-05-09T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/rate-hikes-leave-govt-with-at-least-egp-6-bn-in-unexpected-debt-costs\/"},"modified":"2022-05-09T04:00:21","modified_gmt":"2022-05-09T04:00:21","slug":"rate-hikes-leave-govt-with-at-least-egp-6-bn-in-unexpected-debt-costs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/rate-hikes-leave-govt-with-at-least-egp-6-bn-in-unexpected-debt-costs\/","title":{"rendered":"Rate hikes leave gov\u2019t with at least EGP 6 bn in unexpected debt costs"},"content":{"rendered":"

<\/a> FinMin needs at least another EGP 6 bn for debt repayments:<\/strong> The House Budget Committee has approved legislative amendments that would unlock an extra EGP 6 bn to help Egypt meet its debt repayments as interest rates rise at home and abroad, Youm7<\/a> reports.<\/p>\n

But that\u2019s not likely going to be enough:<\/strong> It doesn\u2019t appear that the Finance Ministry was prepared for the Federal Reserve to be quite as hawkish with its tightening cycle, penciling in a quarter-point rate hike instead of the 50-bps increase we saw last week. A Finance Ministry official said at the committee meeting yesterday that the amendment was drafted before the Fed\u2019s decision. This leaves the ministry facing higher-than-expected payments on USD-denominated debt, potentially requiring more than EGP 6 bn to cover the costs.<\/p>\n

More rate hikes are coming:<\/strong> The Central Bank of Egypt may move to hike rates for the second time in two months when it meets next week, while the Fed has indicated that it will continue to tighten aggressively through the year as it tries to get a handle on soaring inflation.<\/p>\n

Draft legislation aiming to tighten anti-money-laundering regulations has landed in the House<\/strong> and will now be reviewed by the House economic affairs and constitution committees, Speaker Hanafy El Gebaly said yesterday, Ahram Online<\/a>\u2019s Gamal Essam El-Din reported. The anti-money laundering bill aims to form an anti-money laundering unit affiliated with the Central Bank of Egypt (CBE). Cabinet signed off on the bill<\/a> last month.<\/p>\n

Also making its way to the House:<\/strong> The hajj will be regulated under a new bill that would set up a unified online portal for would-be pilgrims seeking travel visas to Saudi Arabia to undertake the pilgrimage. Data on the pilgrims will be available on the portal, with each pilgrim having a code number to be stamped on their passport.<\/p>\n","protected":false},"excerpt":{"rendered":"

FinMin needs at least another EGP 6 bn for debt repayments: The House Budget Committee has approved legislative amendments that would unlock an extra EGP 6 bn to help Egypt meet its debt repayments as interest rates rise at home and abroad, Youm7 reports. But that\u2019s not likely going to be enough: It doesn\u2019t appear […]<\/p>\n","protected":false},"author":1,"featured_media":546231,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[279,72,274,349,180,187,265],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-budget-watch","tag-enterpriseam","tag-house-of-representatives","tag-interest-rates","tag-legislation","tag-legislation-watch","tag-money-laundering","wpautop","entry"],"acf":{"mongo_id":"97997647-a184-4084-b35b-0516af2a970b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/102.jpg","photo_position":"above","related_issue":[546220],"teaser":"","voice_url":""},"yoast_head":"\nRate hikes leave gov\u2019t with at least EGP 6 bn in unexpected debt costs - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/rate-hikes-leave-govt-with-at-least-egp-6-bn-in-unexpected-debt-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rate hikes leave gov\u2019t with at least EGP 6 bn in unexpected debt costs\" \/>\n<meta property=\"og:description\" content=\"FinMin needs at least another EGP 6 bn for debt repayments: The House Budget Committee has approved legislative amendments that would unlock an extra EGP 6 bn to help Egypt meet its debt repayments as interest rates rise at home and abroad, Youm7 reports. 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Finance\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/112.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572660,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/house-planning-committee-approves-egp-80-bn-overdraft-for-egypts-fy2019-2020-budget\/","url_meta":{"origin":546230,"position":1},"title":"House Planning Committee approves EGP 80 bn overdraft for Egypt\u2019s FY2019-2020 budget","author":"enterpriseam admin","date":"5 July 2020","format":false,"excerpt":"BUDGET WATCH- The House Planning and Budgeting Committee on Wednesday signed off on a EGP 80 bn overdraft for the FY2019-2020 state budget, Al Masry Al Youm reported. The overdraft was required to pay off the Electricity Ministry\u2019s EGP 102 bn debt to the Oil Ministry and another EGP 50\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598497,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/27\/finmin-looking-to-narrow-egypts-financing-gap-to-egp-720-bn-next-fiscal-year\/","url_meta":{"origin":546230,"position":2},"title":"FinMin looking to narrow Egypt\u2019s financing gap to EGP 720 bn next fiscal year","author":"enterpriseam admin","date":"27 May 2019","format":false,"excerpt":"FinMin looking to narrow Egypt\u2019s financing gap to EGP 720 bn next fiscal year -Kouchouk: The Finance Ministry is working to trim EGP 100 bn off Egypt\u2019s forecasted budget deficit in FY2019-2020 to EGP 720 bn, Vice Minister of Finance Ahmed Kouchouk tells Al Shorouk. According to Kouchouk, the ministry\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":665978,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/27\/investors-are-loving-long-term-debt-instruments-post-rate-cut\/","url_meta":{"origin":546230,"position":3},"title":"Investors are loving long-term debt instruments post rate cut","author":"enterpriseam admin","date":"27 May 2025","format":false,"excerpt":"Strong demand drove yields on 5-year bonds down to an average 19.250%","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1760.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556298,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/19\/egyptair-gets-house-backing-for-finmin-guarantee-of-egp-5-bn-loan\/","url_meta":{"origin":546230,"position":4},"title":"Egyptair gets House backing for FinMin guarantee of EGP 5 bn loan","author":"enterpriseam admin","date":"19 October 2021","format":false,"excerpt":"Egyptair Holding Company will now be able to take out a long term, EGP 5 bn loan from state owned banks backed by the Finance Ministry after the House of Representatives approved a decision by the prime minister greenlighting a law that grants the finance minister the right to issue\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599181,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/house-committee-approves-fy2019-2020-draft-budget\/","url_meta":{"origin":546230,"position":5},"title":"House committee approves FY2019-2020 draft budget","author":"enterpriseam admin","date":"20 June 2019","format":false,"excerpt":"LEGISLATION WATCH- House Budget committee approves FY2019-2020 draft budget: The House of Representatives Planning and Budget Committee has approved the draft budget for the FY2019-2020 fiscal year and referred it to the general assembly to set a date for a vote, MP Yasser Omar told the local press. 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