{"id":611121,"date":"2023-12-03T00:00:00","date_gmt":"2023-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/we-have-a-lot-of-foreign-debt-to-repay-next-year\/"},"modified":"2023-12-03T00:00:00","modified_gmt":"2023-12-03T00:00:00","slug":"we-have-a-lot-of-foreign-debt-to-repay-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/we-have-a-lot-of-foreign-debt-to-repay-next-year\/","title":{"rendered":"We have a lot of foreign debt to repay next year"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Our 2024 debt burden just got higher: <\/strong>New <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/13.pdf\" style=\"\" rel=\"noopener\">central bank projections (pdf)<\/a> out on Thursday see us spending at least USD 42.3 bn on foreign debt repayments in 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Long, medium term debt rise: <\/strong>Egypt will have to pay some USD 32.8 bn \u2014 20% of our total external debt \u2014 to fulfill medium and long-term debt obligations in 2024. This marks a USD 3.6 bn increase from the bank\u2019s September estimates, which put our medium and long-debt repayments at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4c99b98-6ac1-44ac-92fc-525f702f20e4\" style=\"\" rel=\"noopener\">USD 29.2 bn for next year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s our short-term debt service looking like? <\/strong>Egypt will have to repay an additional USD 9.5 bnin short-term debt obligations during the first half of 2024. The largest chunk of the payment is scheduled for February and March. Short-term debt payment projections don\u2019t extend beyond June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total external debt inches down: <\/strong>By the end of the fiscal year 2022-2023, Egypt\u2019s total external debt sat at USD 164.7 bn, down from USD 165.4 bn in March 2023, but still about USD 9 bn higher from the figure recorded at the end of the fiscal year 2021-2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Egypt\u2019s external debt has quadrupled over the past decade, reaching a record high of USD 165.4 bn at the end of March due to increased borrowing from multilateral lenders and international debt markets. This equates to around 40.3% of GDP, below the IMF\u2019s 50% threshold for manageable debt levels, according to the report. More than two-thirds of the country\u2019s external debt is denominated in USD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TOOLS TO HELP US MANAGE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- GCC deposits:<\/strong><\/p>\n<ul>\n<li><strong>UAE has renewed a USD 1 bn deposit<\/strong> that matured in July 2023 to be now due in July 2026, the report shows. The UAE has USD 5.7 bn in total deposited at the CBE. <\/li>\n<li><strong>Kuwait has renewed a 2 USD bn deposit that matured in April 2023 to now be due <\/strong><strong>in April 2024,<\/strong> according to the report. Kuwait has USD 4 bn in total deposited at the CBE. A <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d88f6ae5-58fa-4e18-90f3-92a7ff6a161f\" style=\"\" rel=\"noopener\">local report suggested last month<\/a> that Kuwait also renewed the other USD 2 bn deposit to be due in September 2024 \u2014 this was not reflected in the CBE report, which tracks data until 1 July 2023.<\/li>\n<li><strong>Another USD 5 bn could be coming our way from UAE and Saudi<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fce7768-6487-4227-b5ef-860694c72f8a\" style=\"\" rel=\"noopener\">unconfirmed reports<\/a> out in October, although this could also refer to a rollover of maturing portions of existing deposits.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Larger IMF program:<\/strong> The IMF is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e3b6af2-e413-454a-ad16-4b0f5e9184cb\" style=\"\" rel=\"noopener\">\u201cseriously considering\u201d<\/a> increasing our USD 3 bn loan program as the conflict in Gaza poses difficulties for the country, with Egypt reportedly in talks to raise the program to USD 5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- More FDI + state asset sales:<\/strong> The government wants to raise FDI of <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/pach5awd\" style=\"\" rel=\"noopener\">USD 12 bn<\/a> in the current fiscal year, almost half of which is expected to come from the state privatization program, which is expected to raise <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">around USD 5 bn<\/a> until the end of June 2024. The program now includes 35 state-owned companies and the list could see newcomers in the coming months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Softer loans: <\/strong>Egypt is looking to secure USD 3 bn by the end of the current fiscal year <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab54f077-c5c2-4205-93a9-92757baed9bf\" style=\"\" rel=\"noopener\">through bond issuances and international loans<\/a>. We already halfway through our target after securing USD 500 mn from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1da3bb8b-8dce-46d6-b011-5adcd4b8f734\" style=\"\" rel=\"noopener\">Deutsche Bank and the Arab Banking Corporation<\/a>, USD 500 mn from a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce19e583-ed68-49db-9e75-f748b4f180ed\" style=\"\" rel=\"noopener\">samurai bond issuance<\/a> in November, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/24a3b396-64fe-4ac7-8fd7-c6da54bdcb5a\" style=\"\" rel=\"noopener\">USD 478.7 mn<\/a> from our maiden panda bond issuance in October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Tourism revenues: <\/strong>The country is on track <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/433c8e3e-e10e-409a-add3-4105e6ccdb16\" style=\"\" rel=\"noopener\">to reach USD 14 bn<\/a> of tourism revenues in 2023, a rise of nearly 15% compared to 2022. The Tourism Ministry is planning to increase that figure by another 25% next year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- Initiatives to bring in FX: <\/strong>Recent government initiatives to drum up FX include allowing expats to import cars in return for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4abdda01-8838-4d6b-ab48-fe05576d6448\" style=\"\" rel=\"noopener\">depositing fees in FX<\/a> and settle any <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/951d1b5b-f0ae-4e05-94c8-2887e80e4689\" style=\"\" rel=\"noopener\">outstanding military service<\/a> for USD \/ EUR 5k. The government also introduced a program allowing foreigners and Egyptians abroad to buy <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6877e9b-11cc-4db7-bd39-53bfb157854a\" style=\"\" rel=\"noopener\">real estate in FX<\/a>, while a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17a8718e-d87f-4515-a0c9-05d43f958eb0\" style=\"\" rel=\"noopener\">separate program<\/a> offers investors generous tax breaks if they use hard currency to fund at least half of the investment cost of industrial projects.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>That\u2019s more than a quarter of the country\u2019s total external debt<\/p>\n","protected":false},"author":1,"featured_media":611122,"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":[88,104,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt-watch","tag-economy","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"ff49ee89-5a9a-422b-a6d3-99cd78e21b65","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/28.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt has at least USD 42 bn in foreign debt repayments next year","related_issue":[611116],"teaser":"That\u2019s more than a quarter of the country\u2019s total external debt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.5e056001-5e4d-4f53-bce3-0fb09dc0355b.mp3"},"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>We have a lot of foreign debt to repay next year - 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\/12\/03\/we-have-a-lot-of-foreign-debt-to-repay-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We have a lot of foreign debt to repay next year\" 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