{"id":600670,"date":"2019-02-06T03:47:37","date_gmt":"2019-02-06T03:47:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/"},"modified":"2019-02-06T03:47:37","modified_gmt":"2019-02-06T03:47:37","slug":"foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/","title":{"rendered":"Foreign holdings in Egyptian treasuries at USD 13.1 bn by end-Jan"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <b>Everything you need to know about the Finance Ministry\u2019s epic presser yesterday \u2014 and there is a lot. <\/b>Foreign holdings in Egyptian treasuries stood at USD 13.1 bn by end-January, Finance Minister Mohamed Maait and Vice Minister of Finance Ahmed Kouchouk said during a press conference held yesterday. January alone saw inflows of USD 900 mn, Maait told reporters. Key points from the presser:<\/p>\n<p><b>#1- GDP growth target for FY2018-19 is now a bit lower: <\/b>The ministry has revised downward to 5.6% from 5.8% Egypt\u2019s GDP growth projections for the current fiscal year, which ends in June. The target for the next fiscal year is set at 6%, Maait said. He also reminded us that the IMF is due to complete its final review of Egypt\u2019s economic reform program in July. The IMF <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/05\/the-long-awaited-fifth-tranche-of-egypts-imf-loan-is-on-its-way-finally\/\">approved on Monday<\/a> the disbursal of our fifth and second-to-last USD 2 bn tranche of its USD 12 bn fund facility.<\/p>\n<p><b>#2- Fuel hedging may be coming soon:<\/b> The government has the framework in place to launch its fuel hedging strategy, but has yet to decide on a time frame to pull the trigger, according to Maait. A senior government official had <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/05\/egypt-could-hedge-against-strategic-commodity-prices-in-fy2019-20\/\">told us on Monday<\/a> that a number of international banks have approached the government with offers. The official had said the government was also looking to hedge against volatility in the prices of wheat in the coming fiscal year to ensure Egypt meets its budget deficit target. Last December, the government <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/10\/egyptian-govt-retracts-oil-hedging-contracts-as-crude-falls-short-of-budget-forecast\/\">pulled back from fuel hedging contracts<\/a> with two banks as crude prices turned lower than those in annual budget projections.<\/p>\n<p><b>#3- The privatization program will resume soon<\/b>, Maait said, without delving into specifics.A senior government source <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/17\/govt-considers-jumpstarting-privatization-program-in-march\/\">previously told Enterprise<\/a> the program is on the agenda for March provided market conditions hold up, adding that the sale of a 4.5% additional stake in Eastern Tobacco is likely still in line to pilot the program.<\/p>\n<p><b>#4- Asia roadshow confirmed: <\/b>Kouchouk confirmed the ministry is planning to launch next week an Asia roadshow for Egypt\u2019s upcoming international issuances, starting with Dubai and Abu Dhabi. The ministry is <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/03\/egypt-to-issue-sukuk-worth-usd-1-1-5-bn-in-fy2019-20\/\">planning to sell<\/a> between USD 3-7 bn in USD- and EUR-denominated bonds, in addition to green bonds and Egypt\u2019s first JPY-denominated bonds.<\/p>\n<p><b>#5- The ministry\u2019s comprehensive debt strategy has already been rolled out: <\/b>A recent focus on promoting long-term treasuries is part of Egypt\u2019s new <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/\">debt control strategy<\/a>, which the ministry drafted last month and is set to officially unveil next month. The target of the strategy is to eventually increase the average tenor of all sources of debt to five years,Kouchouk said.<\/p>\n<p><b>#6- A decision on whether we seek another IMF package will be made by July \u201cin the country\u2019s interest,\u201d<\/b> Maait told reporters. Speculation had risen late last year that authorities were planning to ask the IMF for further funding, but Maait at the time <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/29\/egypt-will-not-ask-the-imf-for-further-funding\/\">denied the reports<\/a>. Egypt will begin making repayments for the USD 12 bn facility starting mid-2020. The repayment plan includes installments of between USD 250-300 mn every six months for five and a half years, Kouchouk said.<\/p>\n<p><b>#7- Egypt\u2019s national outstanding debt to foreigners has reached USD 10.5 bn<\/b>, Kouchouk said, noting that annual interest payments on both foreign and local debt increased to EGP 207 bn in the first half of FY18-19, up 19% y-o-y from EGP 173 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everything you need to know about the Finance Ministry\u2019s epic presser yesterday \u2014 and there is a lot. Foreign holdings in Egyptian treasuries stood at USD 13.1 bn by end-January, Finance Minister Mohamed Maait and Vice Minister of Finance Ahmed Kouchouk said during a press conference held yesterday. January alone saw inflows of USD 900 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":600671,"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":[8572],"tags":[317,7106,104,93,72,7087,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-commodities","tag-debt","tag-economy","tag-energy","tag-enterpriseam","tag-finance","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1a1756b9-11f0-43d2-8e15-a4e8f07e4007","is_powered_by":true,"section_story_id":"3c65e187-5219-4325-939d-59c7f86363e4","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/292.jpg","photo_position":"above","related_issue":[600663],"teaser":"","voice_url":""},"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>Foreign holdings in Egyptian treasuries at USD 13.1 bn by end-Jan - 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\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign holdings in Egyptian treasuries at USD 13.1 bn by end-Jan\" \/>\n<meta property=\"og:description\" content=\"Everything you need to know about the Finance Ministry\u2019s epic presser yesterday \u2014 and there is a lot. Foreign holdings in Egyptian treasuries stood at USD 13.1 bn by end-January, Finance Minister Mohamed Maait and Vice Minister of Finance Ahmed Kouchouk said during a press conference held yesterday. January alone saw inflows of USD 900 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-06T03:47:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/292.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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Foreign holdings in Egyptian treasuries at USD 13.1 bn by end-Jan\",\"datePublished\":\"2019-02-06T03:47:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/\"},\"wordCount\":566,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/292.jpg?fit=%2C&ssl=1\",\"keywords\":[\"commodities\",\"debt\",\"economy\",\"energy\",\"EnterpriseAM\",\"Finance\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/\",\"name\":\"Foreign holdings in Egyptian treasuries at USD 13.1 bn by end-Jan - 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The budget deficit recorded 8.2% of GDP, or EGP 431 bn, falling below the government\u2019s target of 8.4% for\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":597906,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/08\/finmin-gives-update-on-fiscal-performance-as-the-imf-arrives-in-cairo\/","url_meta":{"origin":600670,"position":1},"title":"FinMin gives update on fiscal performance as the IMF arrives in Cairo","author":"enterpriseam admin","date":"8 May 2019","format":false,"excerpt":"FinMin gives update on fiscal performance as the IMF arrives in Cairo: The budget deficit shrank to 5.3% of GDP in the first nine months of FY2018-19, compared to 6.2% in the same period a year earlier, Finance Minister Mohamed Maait announced in a press conference yesterday, according to a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601483,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/foreign-holdings-in-egyptian-treasuries-rise-21-6-to-c-usd-13-36-bn-in-jan\/","url_meta":{"origin":600670,"position":2},"title":"Foreign holdings in Egyptian treasuries rise 21.6% to c.USD 13.36 bn in Jan","author":"enterpriseam admin","date":"3 March 2019","format":false,"excerpt":"Foreign holdings in Egyptian treasuries climbed 21.6% to EGP 233.8 bn (c.USD 13.36 bn) in January, up from EGP 192.2 bn (c.USD 11 bn) in December, according to the CBE\u2019s latest monthly statistical bulletin (pdf \u2014 pp. 66, table 38). The figure roughly coincides with the USD 13.1 bn previously\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":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":600670,"position":3},"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 &quot;Speed Round&quot;","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":[]},{"id":598130,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/foreign-holdings-of-egyptian-treasuries-rise-to-usd-14-6-bn-in-february\/","url_meta":{"origin":600670,"position":4},"title":"Foreign holdings of Egyptian treasuries rise to USD 14.6 bn in February","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"Foreign holdings of Egyptian treasuries rose to USD 14.6 bn in February (EGP 249.6 bn) , compared to USD 13.7 bn (EGP 233.8 bn) in January, according to the CBE\u2019s March monthly statistical bulletin (pdf). Finance Minister Mohamed Maait said in March that foreign holdings of t-bills stood at USD\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":601697,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/foreign-holdings-in-egyptian-treasuries-up-to-usd-15-8-bn\/","url_meta":{"origin":600670,"position":5},"title":"Foreign holdings in Egyptian treasuries up to USD 15.8 bn","author":"enterpriseam admin","date":"7 March 2019","format":false,"excerpt":"Foreign holdings in Egyptian treasuries up to USD 15.8 bn: Foreign investors held USD 15.8 bn of Egyptian treasury bills and bonds at the end of February, Finance Minister Mohamed Maait revealed on Wednesday, in a leap from January\u2019s figures of USD 13.36 bn, Reuters reports. \u201cThat\u2019s great news,\u201d said\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600670","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=600670"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600670\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600671"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600670"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600670"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}