{"id":625505,"date":"2018-08-07T03:27:25","date_gmt":"2018-08-07T03:27:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/07\/egypts-debt-has-risen-to-usd-88-2-bn-in-3q2017-18\/"},"modified":"2018-08-07T03:27:25","modified_gmt":"2018-08-07T03:27:25","slug":"egypts-debt-has-risen-to-usd-88-2-bn-in-3q2017-18","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/07\/egypts-debt-has-risen-to-usd-88-2-bn-in-3q2017-18\/","title":{"rendered":"Egypt\u2019s debt has risen to USD 88.2 bn in 3Q2017-18"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Egypt\u2019s foreign debt stood at USD 88.2 bn in 3Q2017-18<\/strong>, up from USD 73.9 bn during the same period last year and up from USD 82.9 bn in December 2017, <a href=\"https:\/\/ent.news\/2018\/8\/1634.pdf\">central bank data showed on Monday (pdf)<\/a>. Despite the 19.3% y-o-y increase, the CBE says the debt-to-GDP ratio is still within safe limits at 36.8%. Debt from international bond issuances rose to USD 12.2 bn in 3Q2017-18, up from USD 8.9 bn in the same period last year, thanks to a USD 4 bn eurobond issuance in February. Total public debt for the period grew EGP 3.5 tn, or 86% of GDP.<\/p>\n<p><strong>CBE data also showed that foreign holdings of Egyptian debt fell in May for the <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/12\/is-the-carry-trade-approaching-a-tipping-point\/\"><strong>second straight month<\/strong><\/a><strong> this year<\/strong>, dropping 17.2% m-o-m to EGP 310.6 bn. We expect this figure to continue to drop for the following month as the CBE continues to record the impact of the emerging markets selloff on Egyptian debt instruments. <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/29\/goldman-sachs-is-calling-it-its-the-end-of-the-em-zombie-apocalypse\/\">According to Goldman Sachs<\/a> the wider EM selloff reached its peak in June. Finance Minister Mohamed Maait said last week that foreign portfolio investors had sold off USD 3-4 bn of Egyptian debt.<\/p>\n<p><strong>On the flipside, debt service costs fell to USD 2.4 bn in 3Q2017-18<\/strong>, down from USD 6.8 bn in December 2017.<\/p>\n<p><strong>This comes as Egypt is expecting to receive around USD 450 mn in new loans from Europe to support the economic reform program<\/strong>, Vice Minister of Finance Ahmed Kouchouk said yesterday, <a href=\"http:\/\/almalnews.com\/Story\/385215\/14\/-%D9%83%D8%AC%D9%88%D9%83-450-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D9%86-%D8%A3%D9%84%D9%85%D8%A7%D9%86%D9%8A%D8%A7-%D9%88%D9%81%D8%B1%D9%86%D8%B3%D8%A7-%D9%84%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9\">Al Mal reports<\/a>. We\u2019ll be receiving USD 250 mn from Germany and another USD 200 mn from France, he added, without elaborating. As for the fate of any upcoming eurobond issuance, Maait had told us that the decision will be taken in the fall whether to go ahead with an issuance or seek alternative financing. Turbulence in emerging markets and global political tensions had left any potential issuance to the fate of market conditions.<\/p>\n<p><strong>Egypt will reportedly repay USD 6.3 bn of its foreign debt obligations in 2H2018<\/strong>, includes some USD 850 mn owed to international oil companies, <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/31\/egypt-to-repay-usd-6-3-bn-in-foreign-debt-obligations-in-2h2018\/\">according to previous reports<\/a> from the newspaper. UAE government reportedly agreed to roll over two deposits at the CBE worth USD 2 bn each, with the CBE working on similar moves from other GCC depositors.<\/p>\n<p><strong>The story is gaining traction in the foreign press,<\/strong> with an <a href=\"https:\/\/www.nytimes.com\/aponline\/2018\/08\/06\/world\/middleeast\/ap-ml-egypt-economy.html\">Associated Press<\/a> story now getting traction trying to paint the uptick in debt as a dent in the Sisi administration\u2019s economic reform program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s foreign debt stood at USD 88.2 bn in 3Q2017-18, up from USD 73.9 bn during the same period last year and up from USD 82.9 bn in December 2017, central bank data showed on Monday (pdf). Despite the 19.3% y-o-y increase, the CBE says the debt-to-GDP ratio is still within safe limits at 36.8%. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-625505","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5aeed83a-0ef2-4ebe-adc5-f6010df71f0d","order":"0","is_powered_by":true,"section_story_id":"2375554a-4d92-45de-ae7e-dff03b2f8e5c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[625496],"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 has risen to USD 88.2 bn in 3Q2017-18 - 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\/08\/07\/egypts-debt-has-risen-to-usd-88-2-bn-in-3q2017-18\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s debt has risen to USD 88.2 bn in 3Q2017-18\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s foreign debt stood at USD 88.2 bn in 3Q2017-18, up from USD 73.9 bn during the same period last year and up from USD 82.9 bn in December 2017, central bank data showed on Monday (pdf). Despite the 19.3% y-o-y increase, the CBE says the debt-to-GDP ratio is still within safe limits at 36.8%. 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Despite the 19.3% y-o-y increase, the CBE says the debt-to-GDP ratio is still within safe limits at 36.8%. 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External debt rose 3.7% on a quarterly basis from 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":598347,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/egypts-domestic-debt-rises-20-in-2018\/","url_meta":{"origin":625505,"position":1},"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":[]},{"id":597203,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/foreign-holdings-of-sovereign-egyptian-debt-at-usd-19-2-bn-mid-june\/","url_meta":{"origin":625505,"position":2},"title":"Foreign holdings of sovereign Egyptian debt at USD 19.2 bn mid-June","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"Madbouly presents final FY2018-2019 figures: Egypt\u2019s economy grew 5.7% in the final quarter of the fiscal year 2018-2019, Prime Minister Madbouly said at a presser yesterday, according to a cabinet statement. 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":571326,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/07\/egypts-foreign-debt-reaches-usd-112-6-bn-in-2q2019-20\/","url_meta":{"origin":625505,"position":3},"title":"Egypt\u2019s foreign debt reaches USD 112.6 bn in 2Q2019-20","author":"enterpriseam admin","date":"7 May 2020","format":false,"excerpt":"DEBT WATCH- Egypt\u2019s total external debt rose 16% y-o-y in 2Q2019-2020 to USD 112.6 bn from USD 96.6 bn the previous year, according to official data. External debt rose 2.9% on a quarterly basis from USD 109.4 bn on 30 September.","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":594097,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/20\/egypts-foreign-debt-hits-usd-108-7-bn-in-4q2018-19\/","url_meta":{"origin":625505,"position":4},"title":"Egypt\u2019s foreign debt hits USD 108.7 bn in 4Q2018-19","author":"enterpriseam admin","date":"20 October 2019","format":false,"excerpt":"Egypt\u2019s foreign debt rose increased to USD 108.7 bn at the end of 4Q2018-2019, up 17.3% y-o-y from USD 92.6 bn at the end of June 2018, according to the Central Bank of Egypt's monthly statistical bulletin (pdf \u2014 pp. 66, table 38). 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The law would reduce the power of the CBE governor by\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\/625505","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=625505"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/625505\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/625496"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=625505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=625505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=625505"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=625505"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=625505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}