{"id":604406,"date":"2018-12-03T04:10:21","date_gmt":"2018-12-03T04:10:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/03\/egypts-debt-control-strategy-looks-to-reduce-public-debt-to-72-75-of-gdp-in-2021-22\/"},"modified":"2018-12-03T04:10:21","modified_gmt":"2018-12-03T04:10:21","slug":"egypts-debt-control-strategy-looks-to-reduce-public-debt-to-72-75-of-gdp-in-2021-22","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/03\/egypts-debt-control-strategy-looks-to-reduce-public-debt-to-72-75-of-gdp-in-2021-22\/","title":{"rendered":"Egypt\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP in 2021-22"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <b>EXCLUSIVE- FinMin\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP by 2021-22:<\/b> The Finance Ministry\u2019s comprehensive debt control strategy, which has been in the works since August, will aim to reduce Egypt\u2019s public debt to 72-75% of GDP by 2021-22 from 98% today, a senior government official told Enterprise. State budget guidelines for FY2019-20 <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\">released last month<\/a> had set a public debt target of 79.3% of GDP by that time. The rollout of the strategy comes as government has reportedly set a foreign borrowing cap of USD 16.733 bn for FY2018-19, Reuters <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/28\/egypt-caps-foreign-borrowing-in-fy2018-19-at-usd-16-7-bn\/\">had reported in October<\/a>, and is <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/04\/egypt-to-cap-foreign-borrowing-at-usd-14-3-bn-in-next-fiscal-year-reuters-report-2\/\">aiming for a limit<\/a> of USD 14.3 bn in the next fiscal year. The ministry is expected to officially unveil the strategy by the end of the month. <b>Diversification is the name of the game. <\/b><\/p>\n<p><b>Diversification through new instruments:<\/b> The diversification will see the government look at issuing green bonds and sovereign sukuk (a form of Islamic bonds) as two new-to-Egypt debt instruments. The government is also studying returning to issuing zero-coupon bonds with a tenor of 1.5 years, the official tells us. Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/29\/egypt-will-not-ask-the-imf-for-further-funding\/\">had previously said<\/a> he expects Egypt\u2019s maiden green bond issuance to take place before the end of the current fiscal year, and sukuk in the fiscal year thereafter.<\/p>\n<p><b>Diversification of currencies in which we borrow: <\/b>Egypt is preparing to issue USD 4-7 bn worth of yen-, yuan-, USD-, and EUR-denominated bonds in 1Q2019, and is currently waiting on global markets to stabilize before moving ahead with the issuances, our source says. Maait had said Egypt will next tap the bond market in February or April. The ministry sees Egypt issuing a total of USD 20 bn worth of bonds until 2022, according to our source.<\/p>\n<p><b>Diversification in sources of funding:<\/b> Under the strategy, Egypt will look to secure loans from a variety of international institutions to reduce its reliance on treasury issuances. Yields on Egyptian debt soared to an average of 19% this fiscal year, <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\">according to the Finance Ministry<\/a>.<\/p>\n<p><b>EGP-denominated int\u2019l bonds aren\u2019t happening \u2014 at least not right now<\/b>. The Finance Ministry is not planning to issue <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/11\/egypt-will-not-issue-egp-denominated-bonds-during-the-next-two-fiscal-years\/\">EGP-denominated international bonds<\/a> for the time being, but could do so when and if the time is right, our source said. (Separately, Egypt is close to signing an agreement with Belgium-based clearing house Euroclear <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/28\/govt-treasuries-to-trade-on-the-egx-in-1q2019\/\">to allow foreign investors to trade Egyptian bonds directly<\/a> instead of through local banks.)<\/p>\n<p><b>The strategy will see Egypt relying as much as possible on long-term financing to alleviate the burden of repayment<\/b>. To that end, the Finance Ministry is currently working with the central bank to extend the tenors of its debt to an average of 2.2 years, rather than relying on instruments with three- and nine-month tenors. The ministry is also looking to bring debt service levels down to 20% of GDP from a current 40%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- FinMin\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP by 2021-22: The Finance Ministry\u2019s comprehensive debt control strategy, which has been in the works since August, will aim to reduce Egypt\u2019s public debt to 72-75% of GDP by 2021-22 from 98% today, a senior government official told Enterprise. State budget [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":604407,"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":[7106,72,276,224,277,2380,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-enterpriseam","tag-finance-ministry","tag-green-bonds","tag-mohamed-maait","tag-speed-round","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"775077f0-02f5-458a-bcdd-6375906fd303","order":"0","is_powered_by":true,"section_story_id":"a2d1b0a1-513f-40d0-8484-af6cecd07bce","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/172.jpg","photo_position":"above","related_issue":[604400],"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\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP in 2021-22 - 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\/2018\/12\/03\/egypts-debt-control-strategy-looks-to-reduce-public-debt-to-72-75-of-gdp-in-2021-22\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP in 2021-22\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- FinMin\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP by 2021-22: The Finance Ministry\u2019s comprehensive debt control strategy, which has been in the works since August, will aim to reduce Egypt\u2019s public debt to 72-75% of GDP by 2021-22 from 98% today, a senior government official told Enterprise. 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Egypt: The Finance Ministry is targeting reducing Egypt\u2019s public debt to 80-85% of GDP by the end of FY2021-22, according to an initial draft of the FY2019-20 state budget presented to President Abdel Fattah El Sisi last week, according to an\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":599786,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/","url_meta":{"origin":604406,"position":1},"title":"Finance Ministry drafts \u201cmore realistic\u201d comprehensive debt strategy, raises Egypt\u2019s public debt targets","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"EXCLUSIVE- FinMin completes drafting \u201cmore realistic\u201d comprehensive debt control strategy, raises public debt targets: The Finance Ministry has completed drafting a comprehensive debt control strategy spanning the next four years, in which it targets bringing down Egypt\u2019s public debt to 80-85% of GDP by the end of FY2021-22, a senior\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\/2018\/9\/415.jpg?fit=%2C&ssl=1&resize=350%2C200","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":604406,"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":604459,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/finmin-looks-to-raise-egypts-average-borrowing-tenor-to-3-5-years\/","url_meta":{"origin":604406,"position":3},"title":"FinMin looks to raise Egypt\u2019s average borrowing tenor to 3.5 years","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"FinMin looks to raise average borrowing tenor to 3.5 years: The Finance Ministry is looking to extend the average tenor of the state\u2019s debt to 3.5 years from a current average of two or fewer by the end of FY2018-19, Vice Minister of Finance Ahmed Kouchouk said, according to Reuters\u2019\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":569416,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/finmin-to-cut-debt-to-gdp-ratio-to-79-next-fiscal-year-maait\/","url_meta":{"origin":604406,"position":4},"title":"FinMin to cut debt-to-GDP ratio to 79% next fiscal year -Maait","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"BUDGET WATCH- FinMin adopts more ambitious debt-to-GDP targets in coming fiscal year: The Finance Ministry will aim to lower Egypt\u2019s debt-to-GDP ratio to 79% during FY2020-2021, Minister Mohamed Maait said on the sidelines of a conference yesterday, Hapi Journal reports. The new figure is more ambitious than targets announced in\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":598347,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/egypts-domestic-debt-rises-20-in-2018\/","url_meta":{"origin":604406,"position":5},"title":"Egypt\u2019s domestic debt rises 20% in 2018","author":"enterpriseam admin","date":"22 May 2019","format":false,"excerpt":"Egypt\u2019s domestic debt rose 20.25% y-o-y to EGP 4.1 tn at the end of December 2018 compared to EGP 3.4 tn in the previous year, according to central bank data (pdf). The country\u2019s domestic debt-to-GDP ratio reached 78.2%, up from 77% a year earlier. Figures released last week showed that\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604406","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=604406"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604406\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604407"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604406"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604406"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}