{"id":556114,"date":"2021-10-12T04:02:19","date_gmt":"2021-10-12T04:02:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/12\/egypts-external-debt-is-still-growing-thank-you-covid-but-at-a-slower-pace-than-before\/"},"modified":"2021-10-12T04:02:19","modified_gmt":"2021-10-12T04:02:19","slug":"egypts-external-debt-is-still-growing-thank-you-covid-but-at-a-slower-pace-than-before","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/12\/egypts-external-debt-is-still-growing-thank-you-covid-but-at-a-slower-pace-than-before\/","title":{"rendered":"Egypt\u2019s external debt is still growing (thank you, covid), but at a slower pace than before"},"content":{"rendered":"

<\/a> Egypt\u2019s debt is growing, but the pace of growth slowing, says the WB: <\/strong>Egypt\u2019s external debt grew 14.3% y-o-y to USD 131.6 bn in 2020, up from USD 115.1 bn in 2019<\/a>, according to the World Bank\u2019s International Debt Statistics 2022<\/a> report, which came out today. That said, the data shows a marginal slowdown in the annual growth of Egypt\u2019s external debt, continuing a years-long downward trend in the pace of acceleration. External debt was up 14.9% y-o-y in 2019, after growing 18.3% y-o-y in 2018, and 22.5% y-o-y in 2017.<\/p>\n

It was about covid, stupid:<\/strong> While IMF loans to Egypt were up 55% y-o-y in 2020 to hit USD 20.4 bn, according to the report, these were largely due to emergency pandemic loans. The report refers to theUSD 2.8 bn rapid financing instrument (RFI)<\/a>, disbursed in May 2020 to help Egypt support its balance of payments amid the pandemic. We also received USD 3.6 bn in 2020 of the one-year USD 5.2 bn standby loan<\/a> approved by the IMF. As for eurobonds, the government tapped the bond market with a USD 5 bn eurobond<\/a> issuance in May last year. And then there were all the other forms of loans secured by both the government and the private sector to sustain us during the pandemic year, including fiscal assistance loans, development loans, sukuk, green bonds and securitization<\/a>.<\/p>\n

FDI also suffered, but but what did you expect of a global pandemic and subsequent meltdown? <\/strong>Fresh FDI into Egypt tumbled 35% to USD 5.9 bn in 2020, down from USD 9 bn in 2019 \u2014 its lowest recorded level since 2014. That comes \u201cdespite concerted efforts to promote diversification of FDI\u201d in Egypt, including attempts to revive the long-dormant USD 16 bn Saudi-Egypt investment fund<\/a>, according to the report. It added that Egyptian FDI remains highly concentrated in oil and gas.<\/p>\n

Our debt and FDI levels, however, were worse than the MENA average: <\/strong>External debt across the MENA region increased 8.5% to USD 370 bn in 2020, up from USD 341 bn, while Meanwhile, FDI inflows to MENA fell 16 percent on average to USD 14.3 bn, down from USD 16.9 bn a year before, amid a regional slowdown in investment.<\/p>\n

Low and middle-income countries were forced to dig their debt hole deeper: <\/strong>External debt among poorer nations increased 5.3% to USD 8.7 tn in 2020, as they tried to head off the pandemic with massive emergency stimulus measures. The average increase in external debt among low and middle-income countries excluding China stood at 3.4%. Elevated levels of debt put emerging-market economies in a risky position, according to World Bank Group President David Malpass. \u201cWe need a comprehensive approach to the debt problem, including debt reduction, swifter restructuring and improved transparency,\u201d he said in a press release<\/a> accompanying the annual report.<\/p>\n

You can find the report <\/strong>on the landing page here<\/a>or download the full 207-page report here (pdf)<\/a>.<\/p>\n

\n

IN OTHER DEBT NEWS-<\/strong> Local sukuk issuances in 2021 are forecast to reach EGP 7.5 <\/strong>bn by the end of the year<\/strong>, head of the Financial Regulatory Authority\u2019s financial instruments department Sayed Abdel Fadeel told Al Borsa<\/a>. According to Abdel Fadeel, EGP 5 bn-worth of issuances are expected to hit the market before 2022 rolls around, bringing the total for this year up three-fold. Only one company, Contact Financial<\/a>, has issued sharia-compliant debt since the start of the year. Planned offerings we know of include an EGP 5.5 bn sale for Palm Hills Development, an EGP 3 bn issuance for Hassan Allam Properties, and an EGP 1.1 bn offering for Amer Group. Wadi Degla Developments over the summer also revealed plans for a sukuk issuance worth some EGP 2 bn<\/a> through Contact.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s debt is growing, but the pace of growth slowing, says the WB: Egypt\u2019s external debt grew 14.3% y-o-y to USD 131.6 bn in 2020, up from USD 115.1 bn in 2019, according to the World Bank\u2019s International Debt Statistics 2022 report, which came out today. That said, the data shows a marginal slowdown in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7274],"tags":[7106,88,72,103,280,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556114","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam","tag-fdi","tag-sukuk","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"4b8c7096-58b1-4aa8-89ea-ee49a52a593c","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556108],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s external debt is still growing (thank you, covid), but at a slower pace than before - 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\/2021\/10\/12\/egypts-external-debt-is-still-growing-thank-you-covid-but-at-a-slower-pace-than-before\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s external debt is still growing (thank you, covid), but at a slower pace than before\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s debt is growing, but the pace of growth slowing, says the WB: Egypt\u2019s external debt grew 14.3% y-o-y to USD 131.6 bn in 2020, up from USD 115.1 bn in 2019, according to the World Bank\u2019s International Debt Statistics 2022 report, which came out today. 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The breakdown: USD 13.1 bn in IMF loans, USD 90.7 bn worth of long-term obligations, and USD 11.3 from short-term debt, World\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\/2020\/10\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591008,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/30\/external-debt-rises-to-usd-165-4-bn-in-3q-2022-23\/","url_meta":{"origin":556114,"position":1},"title":"External debt rises to USD 165.4 bn in 3Q 2022-23","author":"enterpriseam admin","date":"30 July 2023","format":false,"excerpt":"External borrowing rose almost 5% y-o-y during the quarter","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\/2023\/7\/1174.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559169,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/external-debt-up-15-in-1q-fy2020-2021\/","url_meta":{"origin":556114,"position":2},"title":"External debt up 15% in 1Q FY2020-2021","author":"enterpriseam admin","date":"12 January 2021","format":false,"excerpt":"Egypt\u2019s total external debt rose 15% y-o-y in 1Q FY2020-2021 to more than USD 125 bn, up from almost USD 110 bn last year, new central bank figures showed yesterday. On a quarterly basis, debt increased 1.4% from USD 123.5 bn in 4Q2019-2020. Government external debt surged almost 25% y-o-y\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":571326,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/07\/egypts-foreign-debt-reaches-usd-112-6-bn-in-2q2019-20\/","url_meta":{"origin":556114,"position":3},"title":"Egypt\u2019s foreign debt reaches USD 112.6 bn in 2Q2019-20","author":"enterpriseam admin","date":"7 May 2020","format":false,"excerpt":"DEBT WATCH- Egypt\u2019s total external debt rose 16% y-o-y in 2Q2019-2020 to USD 112.6 bn from USD 96.6 bn the previous year, according to official data. External debt rose 2.9% on a quarterly basis from USD 109.4 bn on 30 September.","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":597990,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypts-foreign-debt-rises-to-usd-96-6-bn-in-2q2018-19\/","url_meta":{"origin":556114,"position":4},"title":"Egypt\u2019s foreign debt rises to USD 96.6 bn in 2Q2018-19","author":"enterpriseam admin","date":"12 May 2019","format":false,"excerpt":"Egypt\u2019s foreign debt rises to USD 96.6 bn in 2Q2018-2019: The nation's foreign debt rose 16.5% y-o-y to USD 96.6 bn in 2Q2018-2019, up from USD 82.9 bn in the same period a year earlier, according to central bank data. External debt rose 3.7% on a quarterly basis from USD\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":594097,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/20\/egypts-foreign-debt-hits-usd-108-7-bn-in-4q2018-19\/","url_meta":{"origin":556114,"position":5},"title":"Egypt\u2019s foreign debt hits USD 108.7 bn in 4Q2018-19","author":"enterpriseam admin","date":"20 October 2019","format":false,"excerpt":"Egypt\u2019s foreign debt rose increased to USD 108.7 bn at the end of 4Q2018-2019, up 17.3% y-o-y from USD 92.6 bn at the end of June 2018, according to the Central Bank of Egypt's monthly statistical bulletin (pdf \u2014 pp. 66, table 38). 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