{"id":559318,"date":"2021-01-18T03:30:04","date_gmt":"2021-01-18T03:30:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/"},"modified":"2021-01-18T03:30:04","modified_gmt":"2021-01-18T03:30:04","slug":"foreign-holdings-near-pre-covid-peak","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/","title":{"rendered":"Foreign holdings near pre-covid peak"},"content":{"rendered":"

<\/a> Foreign investment in EGP bonds has continued to rebound through the <\/strong>beginning of 2021<\/strong>, with total holdings now standing at USD 26 bn, Minister Mohamed Maait told Al Arabiya<\/a> and CNBC<\/a> in separate interviews yesterday. This is up from USD 23 bn at the end of November<\/a> and is less than USD 2 bn shy of the USD 27.8 bn<\/a> seen in February before the huge covid-inspired sell-off that swept emerging markets.<\/p>\n

Egyptian assets were hammered by the covid-19 sell-off in the spring:<\/strong> Investors sold more than 60% of their holdings of Egyptian bills and bonds between March and May as capital fled emerging markets in response to the escalating pandemic. Over the three months foreign holdings fell from almost USD 28 bn to just USD 10.4 bn.<\/p>\n

The money soon came roaring back:<\/strong> Holdings more than doubled in the following five months to hit USD 21.1 bn<\/a> by mid-October. It was part of a reversal of flows that the minister described yesterday as a \u201cvery big shift.\u201d<\/p>\n

GDP targets upgraded:<\/strong> Egypt\u2019s economy is now expected to expand between 2.8 and 4% this fiscal year under the Finance Ministry\u2019s amended targets, while the debt-to-GDP ratio is penciled in at 89% rather than 83%, Maait said. The growth upgrade compares with the most recent expectation<\/a> of 2.8-3.5% and comes after the release of 1H2020 fiscal data. The minister told Enterprise last week<\/a> that GDP figures and budget targets for FY2020-2021 would be amended in line with the data.<\/p>\n

The projected overall deficit is now expected to come in at 7.9%<\/strong>, up from the 6.3% originally penciled into the budget<\/a>, while the primary surplus is expected to come in at EGP 35-40 bn, less than a third of the EGP 130 bn target in the budget. The government also expects to forgo some EGP 150-200 mn of revenues in FY2021-2022 in light of the continued economic instability caused by covid-19.<\/p>\n

The amended targets come days after the Madbouly Cabinet <\/strong>agreed<\/a><\/strong> to extend 2020-2021 spending by an extra EGP 2 bn<\/strong> to help finance measures to support the economy through the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foreign investment in EGP bonds has continued to rebound through the beginning of 2021, with total holdings now standing at USD 26 bn, Minister Mohamed Maait told Al Arabiya and CNBC in separate interviews yesterday. This is up from USD 23 bn at the end of November and is less than USD 2 bn shy […]<\/p>\n","protected":false},"author":1,"featured_media":559319,"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":[82,279,2082,7106,104,72,276,348,2412,235,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-bonds","tag-budget-watch","tag-carry-trade","tag-debt","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-gdp","tag-informal-economy","tag-labor","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"31d82a35-c9b5-4ce5-afa9-37d48c7bfacb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/199.jpg","photo_position":"above","related_issue":[559314],"teaser":"","voice_url":""},"yoast_head":"\nForeign holdings near pre-covid peak - 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\/01\/18\/foreign-holdings-near-pre-covid-peak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign holdings near pre-covid peak\" \/>\n<meta property=\"og:description\" content=\"Foreign investment in EGP bonds has continued to rebound through the beginning of 2021, with total holdings now standing at USD 26 bn, Minister Mohamed Maait told Al Arabiya and CNBC in separate interviews yesterday. This is up from USD 23 bn at the end of November and is less than USD 2 bn shy […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-18T03:30:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/199.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Foreign holdings near pre-covid peak\",\"datePublished\":\"2021-01-18T03:30:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/\"},\"wordCount\":341,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/199.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bonds\",\"budget watch\",\"carry trade\",\"debt\",\"economy\",\"EnterpriseAM\",\"Finance Ministry\",\"GDP\",\"informal economy\",\"labor\",\"Mohamed Maait\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/foreign-holdings-near-pre-covid-peak\/\",\"name\":\"Foreign holdings near pre-covid peak - 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The government was originally expecting to have wrapped up technical discussions with Euroclear between September and\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/119.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594869,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/egypt-to-issue-up-to-usd-7-bn-in-intl-bonds-in-fy2019-2020-maait\/","url_meta":{"origin":559318,"position":5},"title":"Egypt to issue up to USD 7 bn in int\u2019l bonds in FY2019-2020 -Maait","author":"enterpriseam admin","date":"10 September 2019","format":false,"excerpt":"The Finance Ministry plans to issue USD 3-7 bn in international bonds during FY2019-2020, Finance Minister Mohamed Maait said on the sidelines of the Euromoney conference yesterday, according to Reuters. \u201cWe would love to go for yuan and yen,\u201d he said, adding that the offerings could also include sukuk and\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\/9\/2115.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\/559318","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=559318"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559318\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559319"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559318"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559318"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}