{"id":590005,"date":"2023-07-12T00:00:00","date_gmt":"2023-07-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/finmin-wants-to-raise-usd-3-bn-in-debt-by-the-end-of-2023-plus-quick-economic-update-from-maait\/"},"modified":"2023-07-12T00:00:00","modified_gmt":"2023-07-12T00:00:00","slug":"finmin-wants-to-raise-usd-3-bn-in-debt-by-the-end-of-2023-plus-quick-economic-update-from-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/finmin-wants-to-raise-usd-3-bn-in-debt-by-the-end-of-2023-plus-quick-economic-update-from-maait\/","title":{"rendered":"FinMin wants to raise USD 3 bn in debt by the end of 2023. PLUS: Quick economic update from Maait"},"content":{"rendered":"

<\/span>The Madbouly government <\/span>is looking to secure some USD 3 bn in financing from bond issuances<\/span> through the end of the year, Finance Minister Mohamed Maait <\/span>said yesterday<\/a><\/span> during Prime Minister Moustafa Madbouly\u2019s privatization presser (more on that in Privatization Watch, above). <\/span><\/p>\n

REMEMBER- Egypt has only tapped the international debt markets once in the p<\/span>ast 1<\/span>5 months<\/span>after the knock-on effects of the war in Ukraine and tighter global financial conditions all but locked us out of the international debt m<\/span>arkets and raised concerns in some quarters about Egyptian debt. <\/span>That sole issuance was the Finance Ministry\u2019s maiden sukuk issuance in February of this year, which was c.4x oversubscribed. <\/span><\/p>\n

Samurai bonds next? <\/span>Maait said that the government is working on a plan to move forward <\/span>with its second JPY-denominated bond issuance, without providing further information. We made our maiden samurai bond debut in <\/span>March 2022<\/a><\/span>, when the government sold USD 500 mn of the JPY-denominated bonds.<\/span><\/p>\n

More fresh paper in the pipeline: <\/span>The <\/span>African Development Bank<\/a><\/span> and <\/span>Asian Infrastructure<\/a><\/span>Investment Bank<\/a><\/span> are set to provide ins. coverage for <\/span>our maiden USD 500 mn CNY-denominated panda bond issuance, which will be used to fund sustainable development projects.The green panda bonds may not go to market until early next fiscal year, a Finance Ministry official previously said.<\/span><\/p>\n

OUR FIRST LOOK AT <\/span>FY 2022-2023<\/a><\/span> RESULTS<\/span>-<\/span><\/p>\n

Maait also gave an overview of some preliminary economic figures for the 202<\/span>2-2023 fiscal year<\/span>, which ended on 30 June. <\/span><\/p>\n

The budget deficit came in lower than targeted: <\/span>The country\u2019s budget deficit widened to <\/span>6.2% by the end of the fiscal year 2022-2023, up from 6.1% a year before. The Finance Ministry had been expecting the deficit to <\/span>come in at 6.4%<\/a><\/span>. <\/span><\/p>\n

The better-than-expected deficit figure is \u201cproof that the ministry can control pub<\/span>lic finances<\/span> despite economic shocks,\u201d Maait said, pointing to the interest rate hikes and exchange rate fluctuations seen last fiscal year as well as government interventions to offer more social support. <\/span><\/p>\n

And our <\/span>primary surplus came in higher than expected: <\/span>The country recorded a primary surplus of <\/span>1.6% (EGP 157 bn) during last fiscal year, up from 1.3% a year earlier, Maait <\/span>said <\/span>(<\/span>watch, runtime: 5:19<\/a><\/span>). The government had been expecting the primary surplus to inch up to 1<\/span>.5% in FY 2022-2023. <\/span><\/p>\n

Higher tax revenues + higher spending: <\/span>Tax revenues recorded EGP 1.2 tn during the la<\/span>st fiscal year, up 23% y-o-y in what Maait called an \u201cunprecedented\u201d increase. Spending rose 16.3% y-o-y to record EGP 2.1 tn. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt has only tapped the int\u2019l debt markets once since March 2022<\/p>\n","protected":false},"author":1,"featured_media":590006,"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":[279,88,104,72,276,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-watch","tag-debt-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"6177f96a-174f-49f5-8453-84604d883121","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/447.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian Finance Ministry wants to issue USD 3 bn in debt by end-2023. PLUS: Budget deficit widened less than expected in FY 2022-23","related_issue":[589996],"teaser":"Egypt has only tapped the int\u2019l debt markets once since March 2022","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.b5eea672-deb5-4487-bda8-578f5b9426cd.mp3"},"yoast_head":"\nFinMin wants to raise USD 3 bn in debt by the end of 2023. PLUS: Quick economic update from 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\/2023\/07\/12\/finmin-wants-to-raise-usd-3-bn-in-debt-by-the-end-of-2023-plus-quick-economic-update-from-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin wants to raise USD 3 bn in debt by the end of 2023. 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Yes, said Finance Minister Mohamed Maait at a luncheon yesterday hosted by AmCham. Egypt\u2019s economy is\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":611301,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/finmin-looks-to-india-for-potential-bond-offering-could-tap-up-to-usd-1-bn-in-separate-sustainability-bonds-next-year\/","url_meta":{"origin":590005,"position":3},"title":"FinMin looks to India for potential bond offering, could tap up to USD 1 bn in separate \u201csustainability bonds\u201d next year","author":"enterpriseam admin","date":"5 December 2023","format":false,"excerpt":"Egypt has been shut out of Western capital markets, forcing it to turn to to more unconventional sources of finance","rel":"","context":"In \"Bonds\"","block_context":{"text":"Bonds","link":"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/176.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568142,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/fresh-eurobonds-arent-in-the-cards-yet-maait\/","url_meta":{"origin":590005,"position":4},"title":"Fresh eurobonds aren\u2019t in the cards yet -Maait","author":"enterpriseam admin","date":"20 December 2020","format":false,"excerpt":"The Finance Ministry doesn\u2019t have any immediate plans to take a USD 7 bn eurobond sale to market in 1H2021, Finance Minister Mohamed Maait told Kelma Akhira\u2019s Lamees El Hadidi yesterday (watch, runtime: 3:17). Maait denied an earlier report from Asharq Bloomberg suggesting that Egypt is actively moving towards a\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":577170,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/","url_meta":{"origin":590005,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590005","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=590005"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590005\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/589996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590006"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590005"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590005"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}