{"id":549625,"date":"2022-09-25T04:00:06","date_gmt":"2022-09-25T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/it-could-take-another-month-or-two-to-finalize-imf-support-maait\/"},"modified":"2022-09-25T04:00:06","modified_gmt":"2022-09-25T04:00:06","slug":"it-could-take-another-month-or-two-to-finalize-imf-support-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/it-could-take-another-month-or-two-to-finalize-imf-support-maait\/","title":{"rendered":"It could take another month or two to finalize IMF support -Maait"},"content":{"rendered":"

<\/a> Talks for an IMF facility could wrap in another month or two<\/strong>, Finance Minister Mohamed Maait told Bloomberg (watch, runtime: 14:28<\/a>) in a wide-ranging interview that tackled everything from the IMF loan to Egypt\u2019s rising debt levels, devaluation of the EGP, and future bond issuances.<\/p>\n

Maait again refrained from providing a range for the size of the IMF loan<\/strong>, saying only that this will be decided in the final stage of negotiations. Maait has previously signaled that the sum will be significantly lower than the USD 15 bn<\/a> that some analysts have forecast, while some in the market<\/a> are now expecting a package in the USD 3-5 bn range. Egypt has been in talks with the IMF since March<\/a> in a bid to secure financial assistance following the economic shocks brought on by Russia\u2019s war in Ukraine, rising interest rates in advanced economies, and a global risk-off hitting emerging markets.<\/p>\n

ON THE DEVAL-<\/strong><\/p>\n

Maait declined to say whether a further depreciation of the EGP is expected. <\/strong>\u201cI cannot say how the markets will move,\u201d he said, when pushed on whether the currency would weaken further should the USD continue to rise. The economy is facing a \u201cdifficult\u201d time because of the combination of pressures including inflation, rising interest rates, commodity prices, and portfolio outflows.<\/p>\n

Debt levels are rising thanks to the deval:<\/strong> Some 4.0% of our debt-to-GDP ratio \u2014 which stood at 87.2% as of June \u2014 is due to the change in the USD-EGP exchange rate, Maait said.<\/p>\n

Remember- Planning Minister Hala El Said has <\/strong>made it clear<\/a><\/strong> that the government is on board with a flexible exchange rate policy.<\/strong> The EGP has been inching down against the greenback in recent weeks as the central bank appears to pursue a gradual devaluation policy. The EGP currently stands at around 19.52 to the USD \u2014 down nearly 24% since the initial devaluation in March. Most market watchers are forecasting a double-digit depreciation by the end of the year.<\/p>\n

THE SEARCH FOR FX-<\/strong><\/p>\n

<\/a> \u201cAffordable\u201d loans from China + Japan? <\/strong>Egypt is in talks with Japan for a USD 500 mn loan, part of which will go towards environmentally friendly projects, Bloomberg<\/a> quotes Maait as saying. Maait also reportedly said the country is in talks with China on securing loans at a reasonable cost as part of a \u201cpackage of alternatives.\u201d The government is looking to China and Japan for new avenues to raise foreign currency following a major hit to portfolio inflows amid the global economic turbulence.<\/p>\n

Remember- China <\/strong>has emerged as a competitor for the IMF in recent years <\/strong>by shelling out<\/a> discreet emergency loans to \u201ccrisis-hit\u201d countries with no strings attached. Egypt has reportedly been getting a slice of the pie, though it\u2019s not clear how much we\u2019ve received from the country.<\/p>\n

The gov\u2019t is scouting out several less-expensive alternatives for FX: <\/strong>Maait also reiterated plans to issue sukuk<\/a>, CNY-denominated panda bonds<\/a> worth more than USD 500 mn, and a \u201cgreen\u201d JPY-denominated bond<\/a>, following the ministry\u2019s maiden samurai bond issuance in late March<\/a>. \u201cWith the conditions of capital markets, we have to rely on nontraditional, cheaper sources of foreign currencies,\u201d Maait said, adding that debt diversification has helped us manage a \u201chuge outflow\u201d of 22 bn USD in hot money. Maait told us<\/a><\/strong> in August that Egypt is in talks with Chinese officials to issue panda bonds<\/strong> and is still on the hunt for bookrunners for the issuance.<\/p>\n

Another green bond in the works?<\/strong> The government is also looking at the possibility of issuing a green eurobond \u201cif market conditions allow,\u201d Maait added. The Finance Ministry in January signaled<\/a> that it is looking to take to the green bond market for a second time with another USD 750 mn issuance, matching the 2020 issuance<\/a> that saw Egypt debut sovereign green bonds in the MENA region.<\/p>\n

NO HEDGING FOR NOW- <\/strong><\/p>\n

The government is still looking to hedge against commodities like wheat but will wait for the markets to cool further<\/strong>, Maait said. <\/strong>\u201cWhen wheat prices come back under USD 300 per ton, I think we may say that\u2019s a reasonable cost for hedging which can support us to go for such a decision,\u201d he said. International wheat prices have fallen back from record highs in recent weeks as supply problems ease, but remain elevated due to the impact of the war in Ukraine. Hedging could allow the state to purchase commodities at a fixed price during times of market volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"

Talks for an IMF facility could wrap in another month or two, Finance Minister Mohamed Maait told Bloomberg (watch, runtime: 14:28) in a wide-ranging interview that tackled everything from the IMF loan to Egypt\u2019s rising debt levels, devaluation of the EGP, and future bond issuances. Maait again refrained from providing a range for the size […]<\/p>\n","protected":false},"author":1,"featured_media":549626,"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":[7206],"tags":[102,7106,88,838,104,1419,72,3690,224,949,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-capital-markets","tag-debt","tag-debt-watch","tag-devaluation","tag-economy","tag-egp","tag-enterpriseam","tag-eurobonds","tag-green-bonds","tag-hedging","tag-imf","wpautop","entry"],"acf":{"mongo_id":"819d9c6c-a362-484e-86cf-e5c31939b6d0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/365.jpg","photo_position":"above","related_issue":[549619],"teaser":"","voice_url":""},"yoast_head":"\nIt could take another month or two to finalize IMF support -Maait - 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\/09\/25\/it-could-take-another-month-or-two-to-finalize-imf-support-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It could take another month or two to finalize IMF support -Maait\" \/>\n<meta property=\"og:description\" content=\"Talks for an IMF facility could wrap in another month or two, Finance Minister Mohamed Maait told Bloomberg (watch, runtime: 14:28) in a wide-ranging interview that tackled everything from the IMF loan to Egypt\u2019s rising debt levels, devaluation of the EGP, and future bond issuances. 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Maait maintained\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577170,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/","url_meta":{"origin":549625,"position":1},"title":"Egypt can cover USD 16 bn financing gap, says Maait","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"More funding, investments coming in \u201cdays, weeks, months\u201d -Maait: Egypt expects to see more FDI and more funding inflows, including from the Gulf and \u201cother sources,\u201d after reaching a staff-level agreement with the IMF for a USD 3 bn, 46-month loan, Finance Minister Mohamed Maait told Bloomberg on Thursday (watch,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/195.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599363,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/egypt-hopes-to-reach-a-non-loan-program-agreement-with-imf-before-october\/","url_meta":{"origin":549625,"position":2},"title":"Egypt hopes to reach a non-loan program agreement with IMF before October","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"Egypt is in talks with the IMF for a non-loan program and hopes to reach an agreement by October, Finance Minister Mohamed Maait told Bloomberg TV yesterday (watch, runtime: 4:59). \u201cWe started discussing with the IMF, first of all, what are the options Egypt is eligible to and after that\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\/2019\/6\/1125.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549063,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/bnp-paribas-thinks-were-getting-usd-3-5-bn-from-the-imf\/","url_meta":{"origin":549625,"position":3},"title":"BNP Paribas thinks we\u2019re getting USD 3-5 bn from the IMF","author":"enterpriseam admin","date":"1 September 2022","format":false,"excerpt":"BNP Paribas has revised down its prediction on the size of the loan we\u2019ll be getting from the IMF to USD 3-5 bn in a research note yesterday. The French bank in July said we would need USD 10 bn or more from the multilateral lender to plug our growing\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/92.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548168,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/progress-in-imf-talks-but-we-still-have-disagreements-maait-says\/","url_meta":{"origin":549625,"position":4},"title":"Progress in IMF talks, but we still have disagreements, Maait says","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"Egypt is working to resolve differences with the IMF in talks for a fresh assistance program, Finance Minister Mohamed Maait said in a round of interviews yesterday. \u201cLike any talks, there are two different perspectives, and we agreed on some points and disagreed on other points,\u201d the minister told Al\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/301.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549101,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/","url_meta":{"origin":549625,"position":5},"title":"The return of foreign money rests on outcome of IMF talks, devaluation plans, Bloomberg says","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"Still more from Bloomberg on our FX challenges: Protracted negotiations with the IMF over a new loan and risk of further devaluation are putting more pressure on the local debt market, Bloomberg writes \u2014 it\u2019s the latest in a long string of stories from the business information service (and on\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/108.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549625"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549625\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549626"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549625"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549625"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}