{"id":594367,"date":"2019-10-28T04:07:21","date_gmt":"2019-10-28T04:07:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/em-state-owned-enterprises-rising-debt-is-a-growing-concern-for-govt-finances-says-imf\/"},"modified":"2019-10-28T04:07:21","modified_gmt":"2019-10-28T04:07:21","slug":"em-state-owned-enterprises-rising-debt-is-a-growing-concern-for-govt-finances-says-imf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/em-state-owned-enterprises-rising-debt-is-a-growing-concern-for-govt-finances-says-imf\/","title":{"rendered":"EM state-owned enterprises\u2019 rising debt is a \u201cgrowing concern\u201d for gov\u2019t finances, says IMF"},"content":{"rendered":"

<\/a> Emerging market state-owned enterprises\u2019 rising debt burdens are a \u201cgrowing concern\u201d for government finances<\/b>, as they currently account for \u201ca significant portion\u201d of all EM debt securities, the IMF said in its Global Financial Stability report (pdf)<\/a>. EM state-owned enterprises (SOEs) have capitalized on \u201ceasy global financial conditions\u201d over the past decade to consistently and substantially increase their debt. Fitch Solutions had warned in a webinar we attended last week<\/a> that a borrowing binge in EMs following the 2008 global financial crisis has created an \u201cAchilles heel\u201d for EMs in the form of USD-denominated debt exposure.<\/p>\n

Just how much debt are we looking at? A lot.<\/b> If we\u2019re just looking at fully government-held SOEs, the amount of debt issued from these companies accounts for a third \u201cof the entire EM sovereign hard currency bond universe.\u201d Expand the scope a little to include SOEs in which governments are just majority owners, and we\u2019re looking at debt accounting for around half of issued corporate securities.<\/p>\n

The bigger issue is that the accrued debt hasn\u2019t exactly helped performance:<\/b> \u201cThe use of debt appears to have been less productive in many EM SOEs that have increased leverage but have become less profitable,\u201d the report says. Oil and gas SOEs, for example, have seen their leverage ratios almost double since the global financial crisis (whereas private sector firms\u2019 leverage has been more or less stable over the past 15 years), but have seen a noticeable drop in profits in the process. And to make matters worse, SOEs\u2019 large debt burdens has seen their creditworthiness taken a significant hit.<\/p>\n

<\/a><\/p>\n

Which countries are most at risk?<\/b> Breathe a sigh of relief \u2014 Egypt is not among those singled out by the report as having a problem with over-indebted SOEs. In countries such as Mexico, Russia, Kazakhstan, and Malaysia, SOE debt is hovering around 10% of these nations\u2019 GDP. The IMF cautions that this can have a spillover effect into sovereign spreads, particularly if these SOEs run into financing issues that necessitate government intervention, which could be problematic for governments\u2019 fiscal health, especially in highly indebted countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging market state-owned enterprises\u2019 rising debt burdens are a \u201cgrowing concern\u201d for government finances, as they currently account for \u201ca significant portion\u201d of all EM debt securities, the IMF said in its Global Financial Stability report (pdf). EM state-owned enterprises (SOEs) have capitalized on \u201ceasy global financial conditions\u201d over the past decade to consistently and […]<\/p>\n","protected":false},"author":1,"featured_media":594368,"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":[9272],"tags":[7106,115,72,272,158,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-imf","tag-state-owned-enterprises","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"e66a1dd3-3c42-4001-9519-69c9fc7c974d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/10\/1571.png","photo_position":"above","related_issue":[594352],"teaser":"","voice_url":""},"yoast_head":"\nEM state-owned enterprises\u2019 rising debt is a \u201cgrowing concern\u201d for gov\u2019t finances, says IMF - 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\/2019\/10\/28\/em-state-owned-enterprises-rising-debt-is-a-growing-concern-for-govt-finances-says-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EM state-owned enterprises\u2019 rising debt is a \u201cgrowing concern\u201d for gov\u2019t finances, says IMF\" \/>\n<meta property=\"og:description\" content=\"Emerging market state-owned enterprises\u2019 rising debt burdens are a \u201cgrowing concern\u201d for government finances, as they currently account for \u201ca significant portion\u201d of all EM debt securities, the IMF said in its Global Financial Stability report (pdf). 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The borrowing frenzy\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593065,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/surging-debt-levels-in-emerging-markets-hit-record-usd-71-4-tn-in-2q2019-iif\/","url_meta":{"origin":594367,"position":2},"title":"Surging debt levels in emerging markets hit record USD 71.4 tn in 2Q2019 -IIF","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"Surging debt levels in emerging markets hit record USD 71.4 tn in 2Q2019 -IIF: Total debt owed by emerging market businesses, governments and households reached a record USD 71.4 tn in 2Q2019, amounting to around 220% of EM GDP, according to the Institute of International Finance (IIF). The Global Debt\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2601.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573136,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/21\/egypt-is-among-ems-most-vulnerable-to-debt-default-as-covid-borrowing-pressures-state-finances-ft\/","url_meta":{"origin":594367,"position":3},"title":"Egypt is among EMs \u201cmost vulnerable\u201d to debt default as covid borrowing pressures state finances -FT","author":"enterpriseam admin","date":"21 July 2020","format":false,"excerpt":"Egypt is among the emerging markets \u201cmost vulnerable\u201d to debt default as covid borrowing pressures state finances, the FT suggests: Egypt, Zambia, and Ghana are the three emerging economies with the greatest risk of defaulting on sovereign external debt in the next year, Absolute Strategy Research\u2019s Adam Wolfe says, according\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\/7\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597367,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/the-imfs-emerging-markets-outlook-is-looking-sluggish-amid-expectations-for-subdued-global-growth\/","url_meta":{"origin":594367,"position":4},"title":"The IMF\u2019s emerging markets outlook is looking sluggish amid expectations for \u201csubdued\u201d global growth","author":"enterpriseam admin","date":"24 July 2019","format":false,"excerpt":"The IMF\u2019s emerging markets outlook is looking sluggish amid expectations for \u201csubdued\u201d global growth: The IMF has revised downwards its forecasts for emerging markets\u2019 GDP growth in its July update of the World Economic Outlook, saying it sees EMs growing 4.1% and 4.7% in 2019 and 2020, respectively. The figures\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2565.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594326,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/27\/usd-debt-exposure-an-achilles-heel-for-ems-right-now-fitch-says\/","url_meta":{"origin":594367,"position":5},"title":"USD debt exposure an Achilles\u2019 heel for EMs right now, Fitch says","author":"enterpriseam admin","date":"27 October 2019","format":false,"excerpt":"USD debt exposure an Achilles\u2019 heel for EMs right now, Fitch says: Of all the macro issues emerging markets have to worry about, the biggest concern for them at the current moment is their exposure to USD-denominated external debt as the USD strengthens, Fitch Solutions\u2019 Michael Larson said in a\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/2055.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\/594367","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=594367"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594367\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/594352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/594368"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=594367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=594367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=594367"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=594367"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=594367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}