{"id":601746,"date":"2019-03-10T03:56:31","date_gmt":"2019-03-10T03:56:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/"},"modified":"2019-03-10T03:56:31","modified_gmt":"2019-03-10T03:56:31","slug":"egypt-begins-implementing-debt-reduction-strategy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/","title":{"rendered":"Egypt begins implementing debt reduction strategy"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> The Finance Ministry has begun implementing its comprehensive debt reduction <\/b><a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/\"><b>strategy<\/b><\/a>, which aims to reduce debt to 80% of GDP by 2022, <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release-a2-7-3-2019.aspx\">according to a ministry statement<\/a>. During a meeting with a delegation from the European Bank for Reconstruction and Development (EBRD), headed by first vice president Jurgen Rigterink, ministry officials reiterated the government\u2019s plans to<a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/24\/still-the-best-carry-trade-in-the-world-despite-surprise-rate-cut-egypt-is-recalibrating-its-debt-strategy\/\">prolong debt maturities<\/a>, outlined <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/11\/government-reviews-fx-rate-oil-price-at-2018-2019-budget\/\">targets for growth and deficits<\/a>, and recapped status of the state privatization program, which kicked off earlier this month with <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/07\/alabbar-saudis-gobble-up-25-of-shares-on-offer-from-eastern-company-stake-sale\/\">Eastern Tobacco\u2019s secondary offering<\/a>.<\/p>\n<p>(An aside worth noting: <b>The EBRD is looking to invest more in Egypt this year<\/b> after having provided EUR 1.2 bn-worth of financing for about 50 projects in 2018, Rigterink said, according to a ministry statement.)<\/p>\n<p><b>EXCLUSIVE- Egypt will issue 10- and 30-year bonds to cover interest due on 3- and 9-month treasury bills<\/b> in the fiscal year starting in July, a senior government official told Enterprise. The mechanism is part of the government\u2019s bid to reduce pressure on the budget, he said. \u201cWe have spoken to our international partners and found very high interest from foreign investors, domestically and internationally, in long-term securities,\u201d the source said, adding that the government is now targeting a budget deficit of 7% and GDP growth of 6.1% for the coming fiscal year.<\/p>\n<p><b>Background:<\/b> The ministry has been <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/\">drafting the strategy<\/a> since last year. An initial draft of the FY2019-20 state budget that Finance Minister Mohamed Maait had presented to President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/06\/did-the-finmin-revise-upwards-its-public-debt-targets-for-egypt\/\">in January<\/a> set a revised debt target of 80-85% of GDP by the end of FY2021-22. Previously-issued guidelines for FY2019-20 had set a public debt target of 79.3% of GDP for that fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Ministry has begun implementing its comprehensive debt reduction strategy, which aims to reduce debt to 80% of GDP by 2022, according to a ministry statement. During a meeting with a delegation from the European Bank for Reconstruction and Development (EBRD), headed by first vice president Jurgen Rigterink, ministry officials reiterated the government\u2019s plans [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":601747,"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":[7106,104,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-economy","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"68c39a61-6ca7-47df-bbaa-a7819e8352aa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/292.jpg","photo_position":"above","related_issue":[601741],"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>Egypt begins implementing debt reduction strategy - 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\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt begins implementing debt reduction strategy\" \/>\n<meta property=\"og:description\" content=\"The Finance Ministry has begun implementing its comprehensive debt reduction strategy, which aims to reduce debt to 80% of GDP by 2022, according to a ministry statement. During a meeting with a delegation from the European Bank for Reconstruction and Development (EBRD), headed by first vice president Jurgen Rigterink, ministry officials reiterated the government\u2019s plans [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-10T03:56:31+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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt begins implementing debt reduction strategy\",\"datePublished\":\"2019-03-10T03:56:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/\"},\"wordCount\":282,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/292.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"economy\",\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/egypt-begins-implementing-debt-reduction-strategy\/\",\"name\":\"Egypt begins implementing debt reduction strategy - 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According to Kouchouk, the ministry\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":597728,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/government-sets-usd-110-bn-cap-on-foreign-debt\/","url_meta":{"origin":601746,"position":1},"title":"Government sets USD 110 bn cap on foreign debt","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"EXCLUSIVE- The finance and planning ministries have agreed to set a USD 110 bn cap on foreign debt, a figure the government expects to reach within two to three years, a senior government official told Enterprise. Once we reach that mark, the government will move to cut its foreign borrowing\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":592728,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/05\/finmin-revises-egypts-public-debt-target-for-fy2020-2021-again\/","url_meta":{"origin":601746,"position":2},"title":"FinMin revises Egypt\u2019s public debt target for FY2020-2021 again","author":"enterpriseam admin","date":"5 November 2019","format":false,"excerpt":"FinMin sets more ambitious public debt reduction target, but more conservative GDP growth estimate, for FY2020-2021: The Finance Ministry is expecting Egypt\u2019s public debt levels to drop to 80% of GDP during the next fiscal year \u2014 a more ambitious goal than the ministry had announced in June, Minister Mohamed\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":603312,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/","url_meta":{"origin":601746,"position":3},"title":"Financing gap to increase to EGP 820 bn in FY2019-20","author":"enterpriseam admin","date":"18 April 2019","format":false,"excerpt":"EXCLUSIVE- Egypt\u2019s financing gap is expected to widen to EGP 820 bn in FY2019-20: The Finance Ministry expects the budget deficit to reach EGP 820 bn in FY2019-20, up from EGP 715 bn in the current fiscal year, which is set to end on 30 June, a senior government official\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\/4\/1797.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593048,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/egypt-successfully-closes-usd-2-bn-triple-tranche-eurobond-issuance\/","url_meta":{"origin":601746,"position":4},"title":"Egypt successfully closes USD 2 bn triple-tranche eurobond issuance","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"Egypt successfully closes USD 2 bn triple-tranche eurobond issuance in first int\u2019l debt auction for FY2019-2020: Egypt sold USD 2 bn-worth of four-, 12-, and 40-year USD-denominated eurobonds in an issuance that went to market on the Luxembourg Stock Exchange on Thursday, the Finance Ministry said. The offering was more\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\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573169,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/22\/egypts-maiden-sukuk-green-bond-sales-are-in-the-pipeline-as-govt-eyes-return-to-debt-diversification-strategy\/","url_meta":{"origin":601746,"position":5},"title":"Egypt\u2019s maiden sukuk + green bond sales are in the pipeline as gov\u2019t eyes return to debt diversification strategy","author":"enterpriseam admin","date":"22 July 2020","format":false,"excerpt":"Egypt\u2019s maiden state sukuk + green bond sales are in the pipeline as gov\u2019t eyes return to debt diversification strategy: The government is currently \u201cin an advanced stage\u201d of a USD 500 mn green bond offering in what would be Egypt\u2019s maiden sovereign sale of the debt instrument, head of\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\/7\/182.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\/601746","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=601746"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601746\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/601741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/601747"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=601746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=601746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=601746"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=601746"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=601746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}