{"id":581545,"date":"2023-02-15T00:00:00","date_gmt":"2023-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/external-debt-falls-for-a-second-consecutive-quarter\/"},"modified":"2023-02-15T00:00:00","modified_gmt":"2023-02-15T00:00:00","slug":"external-debt-falls-for-a-second-consecutive-quarter","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/external-debt-falls-for-a-second-consecutive-quarter\/","title":{"rendered":"External debt falls for a second consecutive quarter"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt\u2019s external debt dropped by 0.5% q-o-q to just under USD 155.0 bn in 1Q FY <\/span><span style=\"font-weight:700\">2022-2023<\/span><span style=\"\"> (from July-September 2022)<\/span><span style=\"font-weight:700\">,<\/span><span style=\"\"> down from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/13\/external-debt-dips-from-all-time-high-in-4q-fy-2021-22-83839\/\" style=\"\">USD 155.7 bn<\/a><\/span><span style=\"\"> in the fourth quarter of last fiscal year, according to <\/span><span style=\"\">central bank figures<\/span><span style=\"font-weight:400;\">. This is the second consecutive drop since external debt hit a record high of USD 157.8 bn during the third quarter of FY 2021-2022. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">External debt is still running high<\/span><span style=\"\">: The figure is up some 12.8% y-o-y from<\/span><span style=\"\"> 1Q FY 2021-2022.<\/span><span style=\"font-weight:400;\"> Egypt\u2019s external position has come under significant pressure on the back of a stronger USD, higher interest rates, and turmoil in the financial markets. The EGP has lost more than half of its value against the USD since last year, making it more difficult to repay our debts.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span style=\"\"> Our <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/11\/imf-breaks-down-the-details-on-our-usd-3-bn-loan-93298\/\" style=\"\">USD 3 bn IMF financing package<\/a><\/span><span style=\"\"> is helping to alleviate the squeeze on our external position and could help attract more FDI from other quarters, while the devaluation of the EGP has seen a partial return of foreign inflows. That said, Moody\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/moodys-downgrades-egypts-credit-rating-for-first-time-since-2013-95854\/\" style=\"\">downgraded Egypt\u2019s credit rating<\/a><\/span><span style=\"\"> <\/span><span style=\"\">earlier this month<\/span><span style=\"\"> <\/span><span style=\"\">on \u201creduced external buffers,\u201d while Fitch Ratings cut its outlook on Egyptian debt from \u201cstable\u201d to \u201cnegative\u201d in November due to \u201cdeterioration\u201d in the country\u2019s external liquidity position. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/09\/fitch-cuts-outlook-on-egypt-to-negative-affirms-b-rating-86674\/\" style=\"\">Fitch says<\/a><\/span><span style=\"\"> the country has USD 15 bn of public external debt coming due this fiscal year and the next.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the second consecutive drop since external debt hit a record high in 3Q 2021-2022<\/p>\n","protected":false},"author":1,"featured_media":581546,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"b612f659-416a-4093-bff9-001769d6277e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/money-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581530],"teaser":"This is the second consecutive drop since external debt hit a record high in 3Q 2021-2022","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.f0af5dff-4d91-4c82-a0dc-0e0679f5d164.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>External debt falls for a second consecutive quarter - 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\/2023\/02\/15\/external-debt-falls-for-a-second-consecutive-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"External debt falls for a second consecutive quarter\" \/>\n<meta property=\"og:description\" content=\"This is the second 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USD 155.7 bn during the fourth quarter of last fiscal year (from April-June 2022), down from an all-time high of USD 157.8 bn the preceding quarter, according to central bank figures.Debt is still up on last year: The figure is up some 12.9%\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584683,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/external-debt-hits-record-high-in-2q-fy-2022-2023\/","url_meta":{"origin":581545,"position":1},"title":"External debt hits record high in 2Q FY 2022-2023","author":"enterpriseam admin","date":"4 April 2023","format":false,"excerpt":"External borrowing hit USD 162.9 bn by the end of December","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/118.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":581545,"position":2},"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 &quot;Economy&quot;","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":563651,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/egypts-external-debt-jumps-in-3q-2020-2021\/","url_meta":{"origin":581545,"position":3},"title":"Egypt\u2019s external debt jumps in 3Q 2020-2021","author":"enterpriseam admin","date":"12 July 2021","format":false,"excerpt":"Egypt\u2019s external debt jumped by 21% in 3Q2020-2021 to USD 134.8 bn, compared to USD 111.3 bn in the same period in the previous fiscal year, according to central bank figures released yesterday. On a quarterly basis, external debt increased 4.3% from USD 129.2 bn in the second quarter.Blame lower\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/169.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/foreign-investors-are-slowly-coming-back-to-the-debt-market\/","url_meta":{"origin":581545,"position":4},"title":"Foreign investors are slowly coming back to the debt market","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"FROM THE DEPT. OF GOOD NEWS- Foreign flows have begun to trickle back into Egypt\u2019s local debt market. Foreign holdings of Egyptian treasury bills rose for the first time in five months in June, a tentative sign that Egypt may have seen the worst of the 2022 emerging-market sell-off which\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578364,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/","url_meta":{"origin":581545,"position":5},"title":"It\u2019s been a helluva year for global debt markets","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"It has been a tumultuous year in the global debt markets as central banks around the world have aggressively raised interest rates in response to the largest wave of inflation since the 1970s. Reacting to price growth spurred by Russia\u2019s invasion of Ukraine in February and the impact of the\u2026","rel":"","context":"In &quot;YEAR IN REVIEW: DEBT&quot;","block_context":{"text":"YEAR IN REVIEW: DEBT","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.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\/581545","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=581545"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581545\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581546"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581545"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581545"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}