{"id":557228,"date":"2021-09-12T04:00:26","date_gmt":"2021-09-12T04:00:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/"},"modified":"2021-09-12T04:00:26","modified_gmt":"2021-09-12T04:00:26","slug":"egypt-can-withstand-a-us-taper-says-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/","title":{"rendered":"Egypt can withstand a US taper, says Maait"},"content":{"rendered":"

<\/a> Egypt should be able to cope if US interest rates rise as the Federal <\/strong>Reserve begins unwinding its covid stimulus programme<\/strong>, Finance Minister Mohamed Maait told Bloomberg<\/a> last week in a TV appearance (watch, runtime: 18:47<\/a>). Policymakers are \u201cclosely monitoring\u201d the potential effects of rising US rates on Egypt\u2019s borrowing costs, he said. \u201cWe have to be ready, always.\u201d<\/p>\n

Egypt has plenty of experience with emerging-market volatility:<\/strong> \u201cWe are taking into consideration our experience with such a situation,\u201d the minister said, telling the business information service that more than USD 20 bn has left the country during volatile moments in global markets over the past three years. Egypt, like other emerging markets, saw sell-downs prompted by the Taper Tantrum of 2013, the EM Zombie Apocalypse of 2018, and last year\u2019s risk-off in global EM in March through May as the covid-19 pandemic unfolded.<\/p>\n

All eyes on the Fed:<\/strong> Fed chair Jerome Powell suggested last month that the bank could begin to scale back its USD 120 bn per month bond-buying programme before the end of the year should it see further improvements in the labor market. A unexpectedly poor jobs report last month has since cast doubt on when the Fed will actually start tapering, but 70% of economists recently surveyed by the Financial Times<\/a> still expect an announcement either in November or December, while more than 70% think the central bank will have to start hiking interest rates far earlier than currently expected, in 2022 rather than in 2023.<\/p>\n

Egypt\u2019s high real interest rate will provide an extra buffer against rising US rates<\/strong>, S&P Global Ratings said in a recent report<\/a>. \u201cCompared with some other emerging markets, we think Egypt may fare somewhat better in the event of US interest rate hikes, mainly due to high real interest rate,\u201d the ratings agency wrote.<\/p>\n

But Egypt is still at risk of seeing outflows if countries with lower risk profiles start <\/strong>tightening policy<\/strong>, particularly given its cost of borrowing, which is among one of the highest in the world, S&P warned. The ratings agency said that the government will need to draw more of its funding from equity sources and lessen its dependence on the debt markets to lower these risks.<\/p>\n

The government is currently working to lower its debt costs by decreasing reliance on <\/strong>short-term debt<\/strong> in favour of longer-term debt, and diversifying its funding sources to include eurobonds<\/a>, sovereign sukuk<\/a> and green bonds<\/a>.<\/p>\n

Debt service accounted for 36% of budget spending as of June, <\/strong>down from 40% last year, Maait told Bloomberg, saying that the government aims to cut that figure to 32% by the end of June 2022. Debt service will account for almost a third of government spending according to the FY 2021-2022 budget<\/a>, rising more than 2% to EGP 579 bn.<\/p>\n

More debt issuance coming:<\/strong> Maait said that the country could issue USD or euro-denominated bonds \u2014 and could sell more green bonds before the end of the fiscal year. Egypt also hopes to issue its first sovereign sukuk bond<\/a> in the first half of 2022, according to Maait, who said the size of the issuance could range between USD 500 mn and USD 700 mn.<\/p>\n

The IMF has warned about the possible effects of a Fed taper on emerging markets:<\/strong> Chief economist Gita Gopinath said last month<\/a> that EMs whose balance sheets are stretched due to covid-19 could see significant damage to their economies. \u201c[Emerging markets] are facing much harder headwinds,\u201d she said. \u201cThey are getting hit in many different ways, which is why they just cannot afford a situation where you have some sort of a tantrum of financial markets originating from the major central banks.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt should be able to cope if US interest rates rise as the Federal Reserve begins unwinding its covid stimulus programme, Finance Minister Mohamed Maait told Bloomberg last week in a TV appearance (watch, runtime: 18:47). Policymakers are \u201cclosely monitoring\u201d the potential effects of rising US rates on Egypt\u2019s borrowing costs, he said. \u201cWe have […]<\/p>\n","protected":false},"author":1,"featured_media":557229,"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":[7106,104,72,9728,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt","tag-economy","tag-enterpriseam","tag-finance-minister","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"779807f6-c3ed-480f-a5e4-ce854f5b1e5f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/138.jpg","photo_position":"above","related_issue":[557222],"teaser":"","voice_url":""},"yoast_head":"\nEgypt can withstand a US taper, says 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\/2021\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt can withstand a US taper, says Maait\" \/>\n<meta property=\"og:description\" content=\"Egypt should be able to cope if US interest rates rise as the Federal Reserve begins unwinding its covid stimulus programme, Finance Minister Mohamed Maait told Bloomberg last week in a TV appearance (watch, runtime: 18:47). 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Others\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\/2018\/9\/415.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626889,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/15\/govt-in-talks-with-global-lenders-for-long-term-facilities\/","url_meta":{"origin":557228,"position":2},"title":"Gov\u2019t in talks with global lenders for long-term facilities","author":"enterpriseam admin","date":"15 July 2018","format":false,"excerpt":"EXCLUSIVE- Maait says global macro headwinds and outlfows from Egyptian debt instruments push gov\u2019t to seek long-term facilities: The Madbouly government is in talks with international finance institutions line up longer-term facilities that will help plug Egypt\u2019s financing gap, Finance Minister Mohamed Maait told Enterprise over the weekend.Who are we\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":675457,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/13\/maait-sees-recovery-now-relief-for-citizens-next\/","url_meta":{"origin":557228,"position":3},"title":"Maait sees recovery now, relief for citizens next","author":"enterpriseam admin","date":"13 November 2025","format":false,"excerpt":"A conversation with Maait: IMF Executive Director and former Finance Minister Mohamed Maait joined Sherif Amer on Yahduth Fi Masr last night to talk all things economy (watch, runtime: 22:02 | 16:40).The IMF and Maait agree \u2014 we\u2019re on the right track: \u201cThe Egyptian economy is now heading in a\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK 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