Egypt - External Position Quarterly Report Volume No61 2017-2018

Central Bank of Egypt
External Position of the Egyptian Economy
July/March 2017/18
Volume No. (61)

Central Bank of Egypt – External Position
Preface
The External Position of the Egyptian Economy Report is a series
produced by the Economic Research Sector in the Central Bank of
Egypt (CBE). The report tracks, on a quarterly basis, the international
transactions that the Egyptian economy conducts with the rest of the
world. It relies, for this purpose, on the national statistics that are
regularly compiled in line with the SDDS prescriptions.
Enthused by the CBE keenness to enhance its disclosure,

transparency and communication policy, the Report is meant to serve
several functions. Generally, it spreads, to a broad array of readers,
knowledge of Egypt’s external accounts including the balance of
payments, external debt, international investment position and external
liquidity. Particularly, it monitors key external sector performance
indicators of the economy in order to identify areas of policy needs.
The information revealed in this series has also significant implications
for decision-making, investment climate, doing-business environment
and sovereign credit ratings.
The Report contains 6 sections. The first section gives a
performance portrait of the key components of Egypt's Balance of
Payments (BOP). The second and third review developments related to
the International Investment Position (IIP) and external liquidity. The
fourth and fifth show Egypt's external debt in its different
classifications and the exchange rate developments. The last section is
a statistical part that provides more details on the above mentioned five
sections. This is in addition to a glossary.
The report is available at the CBE's website www.cbe.org.eg.
Hard copies can be obtained from the Economic Research Sector, 8th
floor, 54 El Gomhoreya Street, Cairo.
Table of Contents
Page
Overview
Section I: Balance of Payments (BOP)

BOP Performance 1
1-Current Account 1
2-Capital and Financial Account 4
Section II: International Investment Position (IIP) 7-8
Section III: External Liquidity

A -Net International Reserves (NIR) 9
B -Net Foreign Assets of Banks (NFA) 9
Section IV: External Debt

A - Breakdown by Maturity 11
B - Breakdown by Type 12
C - Breakdown by Currency 12
D - Breakdown by Creditor 13
E - Breakdown by Debtor 13
F - External Debt Indicators 14
Section V: Exchange Rate Developments 15
Section VI: Statistics
Appendix I
1- Balance of Payments 19
2- International Investment Position (IIP) 21
3 3- Coordinated Portfolio Investment Survey
(CPIS) 22
4- NIR & NFA at Banks 23
5- External Debt by Type 24
6- External Debt Indicators 25
7- External Debt by Debtor 26
8- Foreign Exchange Rates 27
Table of Contents (Cont.)

Page
Appendix II
A- Outstanding External Debt 31-42
B- Outstanding External Debt By Currency 43
C- Disbursed and Undisbursed Amounts for
Signed Loans & Deposits 44
D- Projected Medium- and Long-Term Public
and Publicly Guaranteed External Debt
Service 45-56
E- Projected Short-Term Debt 57
F- Exchange Rates of the Currencies of

External Debt versus US Dollar 58
Appendix III
Box. (1): Egypt's Subscription to SDDS and
Data Quality Dimensions 61
Box. (2): Egypt's Data Quality Dimensions 62
Box. (3): Doing Business in Egypt 63
Box. (4): Tourism Sector Performance 64
Glossary 65
Overview
Aiming to place Egypt's external and liabilities achieved a net outflow
position on a more sustainable of about US$ 8.5 billion.
footing and encourage foreign Egypt’s International Investment
investors back to the country, the
CBE decided on 3 November 2016 to Position (IIP) at end of March 2018
recorded net external liabilities
unpeg the Egyptian pound, allowing (assets minus liabilities) of about
its value to float. Accordingly, bid
and ask exchange rates would be US$ 144.7 billion, up by 10.5 percent
compared to end of June 2017.
determined by forces of demand and
supply. By floating the pound, the Net International Reserves (NIR)
Central Bank would eventually be increased by US$ 11.3 billion to
able to fully dismantle FX reach US$ 42.6 billion, thus covering
restrictions, reducing disruptions to 8.2 months of merchandise imports at
activity. Such a courageous move end of March 2018.
aims to quash the currency parallel
market and attract the much-needed The increase was a result of the
foreign capital. rise in foreign currencies by about
US$ 11.1 billion and of gold by
This Decision helped replenish US$ 0.2 billion. During the Report’s
international reserves through the preparation, NIR reached US$ 44.3
official market. billion at end of July 2018.
Egypt's transactions with the Banks’ net foreign assets increased
external world recorded an overall by around US$ 1.0 billion during
BOP surplus of about US$ 5.6 July/March 2017/2018.
billion during the first half of FY
2017/2018 (against about US$ 7.0 Foreign currency deposits with
billion in the corresponding period). banks increased by 2.4 percent during
The current account deficit the period concerned, reaching US$
narrowed by 64.0 percent to about 39.4 billion at end of March 2018. As
US$ 3.4 billion (from about US$ 9.4 a percentage of total deposits, they
billion). The capital and financial made up 23.7 percent.
account recorded a net inflow of
about US$ 10.4 billion (against about Total external debt recorded US$
US$ 18.7 billion). 88.2 billion at end of March 2018, up
by 11.6 percent (compared with
The decline in the current ac- about US$ 79.0 billion at end of June
count deficit was mainly traceable
to the following developments: the 2017).
services surplus surged by 138.2 The external debt remains within
percent, recording about US$ 7.8 manageable limits, and its position
billion, net unrequited current continues to have a favorable struc-
transfers scaled up by 23.2 percent to ture, as 87.0 percent of the debt are
about US$ 19.5 billion, the trade medium- and long-term.
deficit narrowed by 1.3 percent to
about US$ 28.0 billion, and the The weighted average of the inter-
income balance ran a deficit of about bank foreign exchange market rate
US$ 4.7 billion. revealed that the Egyptian pound
The capital and financial account interbank rate appreciated by 2.5
revealed the following develop- percent during July/March
ments: the net inflows of FDI in 2017/2018, as the EGP reached
Egypt registered about US$ 6.0 17.6441 per US dollar at end of
billion, portfolio investment in Egypt March 2018, against EGP 18.0911
accelerated, registering a net inflow per US dollar at end of June 2017.
of US$ 14.9 billion, and other assets
Section I
Balance of Payments (BOP)

Central Bank of Egypt – External Position 1
BOP Performance
E gypt's transactions with the

external world recorded an
1.1: Trade on Goods
Trade volume increased by 8.7
overall BOP surplus of about US$ percent, to reach US$ 65.6 billion
10.97 billion during July/March (27.4 percent of GDP) during
2017/2018 (against about US$ 10.98 July/March 2017/18.
billion in the corresponding period).
The current account deficit The trade deficit decreased by US$
narrowed by 57.5 percent to about 359.9 million, to US$ 28.0 billion
(11.7 percent of GDP) from US$ 28.4
US$ 5.3 billion (from about US$
billion, due to the following
12.5 billion). The capital and developments:
financial account recorded a net
inflow of about US$ 19.0 billion Merchandise exports increased by
(against about US$ 27.1 billion). 17.6 percent to US$ 18.8 billion, due
to the increase in both oil exports by
Chart (1) shows the developments in 29.2 percent, to reach US$ 6.0 billion
Egypt’s BOP main components, on (32.0 percent of total exports) and in
quarterly basis. non-oil exports by 12.9 percent to
reach US$ 12.8 billion (68.0 percent
of total exports). As a result, the
US$ bn Chart (1) : Egypt's BOP Main Components
15.0
exports/imports ratio mounted to 40.2
percent, from 36.1 percent.
10.0
5.0
Merchandise imports increased by
0.0 5.5 percent to US$ 46.8 billion,
-5.0 reflecting the increase in both oil
-10.0 imports by 10.2 percent to US$ 9.4
Q1 Q2 Q3 Q1 Q2 Q3 billion (20.1 percent of total imports),
2016/2017 2017/2018 and in non-oil imports by 4.4 percent
Capital & Financial Account Current Account Overall Balance
to US$ 37.4 billion (79.9 percent of
total imports).
1- Current Account
Chart (2): Oil & Non-oil Exports and Imports
July/March
The decline in the current US$ bn
account deficit was mainly 20.0

10.0
traceable to the following develop- 0.0
ments: the services surplus surged -10.0

-20.0
by 138.2 percent, recording about -30.0
US$ 7.8 billion (against about US$ -40.0

-50.0
3.3 billion), net unrequited current 2015/2016 2016/2017 2017/2018
transfers scaled up by 23.2 percent oil exports non-oil exports oil imports
non-oil imports trade balance
to about US$ 19.5 billion (versus
about US$ 15.9 billion), the trade
deficit narrowed by 1.3 percent to The following charts illustrate the
distribution of commodity exports by
about US$ 28.0 billion (from about degree of processing and imports by
US$ 28.4 billion), and the income degree of use during July/March
balance ran a deficit of about US$ 2017/18.
4.7 billion.
- As for imports, Egypt's trade

Chart (3): Proceeds of Merchandise Exports
US$ 18.8 bn partners were China, UAE, Saudi
Arabia, Russia, Germany, USA,
UK, France, Switzerland, Brazil,
Italy and Turkey. These countries
combined, accounted for some
Fuel,
mineral
Raw
materials
Semi-
finished
Finished
goods
53.8 percent of total imports.
oils & 7.5 % goods 42.2%
products
32.8%
17.5% 1.2: Services Balance
Services surplus surged, recording
about US$ 7.8 billion (against about
Chart (4): Payments for Merchandise Imports US$ 3.3 billion), as the increase in
US$ 46.8 bn, of which services receipts outpaced the rise in
services payments, as follows:
Chart (7) : Services Balance

US$ bn
8.0
6.0
Fuel, Raw Inter- Invest- Con-
mineral materials mediate
4.0
ment sumer
oils & 9.4% goods goods goods 2.0
products 31.2% 15.2% 20.8% 0.0
20.9%
-2.0
-4.0
Q1 Q2 Q3 Q1 Q2 Q3
Hereunder is the geographical distri- 2016/2017

Services Receipts Services Payments
2017/2018
Services Balance
bution of merchandise exports and
imports: 1.2.1: Services receipts increased by
53.0 percent, to some US$ 15.8
Chart (5) : Exports by Geographical Distribution
July/March 2017/2018
billion (against about US$ 10.3
African Australia & billion), driven by the increase in the
Countries Other
(Non-Arab) Countries EU following items:
2.9% 10.8% 34.8%
Asian
 Tourism revenues to about US$
Countries
Other EU
7.3 billion (against about US$ 2.8
(Non-Arab)
9.7% Countries billion), driven by the increase in
8.6%
Arab
Countries
Russian the number of tourist nights to
Federation
24.3% USA
7.8%
&C.I.S 75.8 million nights (against 33.4
1.1%
million nights). This was con-
current with the increase in the
- Egypt's main trade partners in average tourist spending per
terms of exports were Italy, UAE, night.
USA, UK, Turkey, India, Saudi
 Transportation receipts by 16.5
Arabia, Germany, Switzerland
percent to about US$ 6.4
and Spain. These countries billion (against some US$ 5.5
combined, accounted for some billion), due to the increase in
58.7 percent of total exports. Suez Canal dues by 11.9 percent
Chart (6) : Imports by Geographical Distribution
to about US$ 4.2 billion (against
July/March 2017/2018 some US$ 3.7 billion), which
African
Australia &
Other
increased, in turn, as a result of
EU
Countries
(Non-Arab)
Countries
13.3%
26.5% the increase in net tonnage by 9.3
1.3% percent, and the increase of SDR
Asian Other EU
Countries
against the US dollar by
Countries
(Non-Arab) 6.5% 3.7 percent. Another contributing
19.5%
Russian factor was the increase in the
Arab
Countries USA
Federation
& C.I.S
receipts of Egyptian navigation
20.3%
4.5% 8.1%
and airline companies.
 Government services receipts to and the expenses of Egyptian

US$ 433.3 million (against US$ embassies abroad.
191.3 million), due to the increase
in the expenses of the Arab  Transportation payments by
League & the international 18.4 percent, to US$ 1.1 billion
organizations located in Egypt, and (against US$ 931.5 million), due
the expenses of the foreign to the rise in the amounts
embassies in Egypt. transferred by foreign navigation
and airline companies, airplanes
 On the other hand, other services
and ships rental fees, and amounts
receipts decreased by 5.0 percent
to about US$ 1.7 billion (against transferred for repairing ships and
about US$ 1.8 billion), due to the aircrafts in foreign airports and
fall in the receipts of communica- ports.
tion services, cultural &  On the other hand, travel
recreational services, and legal & payments fell by 22.2 percent to
consultation fees.
about US$ 1.7 billion (against
(against about US$ 2.2
US$ bn Chart (8): Services Balances billion), due to the decline of e-
5.0
4.0 card payments abroad,
3.0 pilgrimage (Hajj & Umrah)
2.0
1.0 expenses, and tourism & hotels
0.0
-1.0 companies payments abroad.
-2.0
Q1 Q2 Q3 Q1 Q2 Q3 1.3: Income Balance
2016/2017 2017/2018
Other Services Balance Government Services Balance Investment income balance ran a
Tourism Services Balance Transportation Services Balance deficit of about US$ 4.7 billion in
Services Balance
July/March 2017/18 (against some
US$ 3.3 billion), as an outcome of
1.2.2: Services payments rose by
13.1 percent, to about US$ 7.9 the rise of investment income
billion (against about US$ 7.0 payments to register about US$ 5.3
billion), driven by the increase in billion (against some US$ 3.6
the following items: billion), 57.2 percent of which were
 Other services payments by 22.0 profit transfers by oil and non-oil
percent, to about US$ 3.9 foreign companies operating in
billion (against about US$ 3.2 Egypt. Meanwhile the investment
billion), driven by the increase in income receipts increased to register
the amounts transferred abroad by US$ 624.7 million (against US$
foreign petroleum companies, 305.3 million).
communication services, royalties
and license fees and computer US$ bn Chart (9): Income Balance
services, and subscription to 0.5
magazines & newspapers. 0.0
-0.5
 Government services payments to -1.0
US$ 1.2 billion (against US$ -1.5
700.1 million), reflecting the -2.0
increase in the salaries of Q1 Q2 Q3 Q1 Q2 Q3
government employees abroad, 2016/2017 2017/2018
Income Receipts Income Payments Income Balance
1.4:Unrequited Current Transfers (Net) 2- Capital and Financial Account

Net unrequited current transfers The capital and financial account
scaled up by 23.2 percent to US$ recorded a net inflow of about US$
19.5 billion (from US$ 15.9 billion), 19.0 billion in July/March 2017/18
mainly due to the increase in net (against some US$ 27.1 billion), as
private transfers from US$ 15.8 an outcome of:
billion to US$ 19.5 billion, supported
by the increase in workers’ remit- A- Total FDI inflows registered
tances by 22.9 percent, and the net about US$ 10.2 billion, while total
official transfers increased to US$ outflows recorded about US$ 4.2
93.5 million (from US$ 82.5 billion. Accordingly, net inflows of
million). FDI in Egypt registered about US$
6.0 billion. It is worth mentioning
US$ bn
Chart (10) : Remittances of Egyptians Working Abroad that net inflows for oil sector
(%)
8.0 3.5 investments increased by 1.6
7.0 3.0 percent, to post about US$ 3.4
6.0 2.5
5.0 billion.
2.0
4.0
1.5
3.0
2.0 1.0 The sectorial breakdown of total FDI
1.0 0.5
0.0 0.0
inflows as depicted in chart (12)
Q1 Q2 Q3 Q1 Q2 Q3 shows that the oil sector has the
2016/2017 2017/2018 biggest share (66.3 percent). As for
Workers' Remittances Remittances to GDP
the other sectors, the majority of FDI
went to the services sectors, with
11.8 percent distributed as follows:
Against this background, some of the the communication and information
external balance indicators changed
technology (3.9 percent), other
as shown in chart (11).
services sectors (2.9 percent), the
real estate sector (2.5 percent), the
Chart (11): External Balance Indicators
July/March financial sector (2.1 percent), and
%
250
tourism sector (0.4 percent). The
200
198.7 share of the manufacturing sector
150
146.8 was 10.2 percent, the construction
100 77.2
91.1 sector was 4.3 percent, the
50 36.1 40.2 agricultural sector was 0.1 percent,
0 and the remaining portion was
Current Receipts / Services Receipts / Merchandise Exports /
Current Payments Services Payments Merchandise Imports acquired by undistributed sectors.
2016/2017 2017/2018
Chart (12): Total FDI in Egypt by Economic Sector

July/March 2017/2018
Agriculture sector
Construction sector 0.1%
4.3% Manufacturing sector
10.2%
Undistributed sector
7.3% Real Estate sector
2.5%
Financial sector
2.1%
Tourism sector 0.4%
Services Sector
11.8% Communication sector
3.9%
Petroleum sector
66.3%
Other Services
2.9%
B- Portfolio investment in Egypt D- Short-term suppliers' credit

augmented to unfold a net inflow of realized net disbursements of about
about US$ 14.9 billion (against US$ 2.1 billion (against about US$
about US$ 7.8 billion). This was 2.3 billion).
largely ascribed to the rise in
foreigners' investments in the E- Other assets and liabilities
achieved a net outflow of about US$
Egyptian treasury bills, recording net
8.5 billion (against a net inflow of
purchases of about US$ 11.5 billion about US$ 3.1 billion). This came on
(against US$ 4.3 billion). In the back of the net change in the
addition, the Egyptian government liabilities of the CBE to the external
issued bonds abroad in an amount of world, to post a net external
US$ 3.3 billion in Jan./March 2018. repayment of about US$ 3.3 billion
in the reporting period (against a net
C- Medium - and long-term loans disbursement of about US$ 7.7
and facilities achieved net billion).
disbursements of about US$ 4.8
billion (against about US$ 7.3
billion).
Section II
International Investment Position (IIP)


At end of March 2018*
Egypt’s IIP at end of March 2018, Assets and Liabilities by Component:
recorded net external liabilities (assets
minus liabilities) of about US$ 144.7 1-Assets increased by 20.3 percent to
billion, up by 10.5 percent compared reach about US$ 79.8 billion at end
to end of June 2017. of March 2018, from about US$ 66.4
billion at end of June 2017.
Chart (1)
Chart (2)
US$ billion End of Breakdown of Assets by Component
100 57.5 66.4 75.3 73.7 79.8 Direct
investment
abroad
0 9.4%
-131.0 -133.5 -139.6 Assets Portfolio

-100 -127.5 -144.7 Reserve
March investment
assets assets
52.5% 2018 1.9%
-200
-185.0 -197.4
-208.8 -213.3 -224.5
-300 Other
March June Sept. Dec. March investments
36.2%
2017 2018
Assets Liabilities Net IIP The increase was mainly due to the
Source: Appendix I, table (2). following developments:
- Reserve assets increased by 36.8
Egypt's preliminary IIP data at end percent to about US$ 41.9 billion.
of March 2018, showed an increase
in both Egypt's total assets and - Other investment assets increased
liabilities compared to the position at by about 8.3 percent, to reach
end of June 2017, to record net about US$ 28.9 billion.
liabilities of about US$ 144.7 billion - Foreign direct investments
versus US$ 131.0 billion. increased by 2.7 percent to about
US$ 7.5 billion.
- However, portfolio investments
abroad decreased by 13.2 percent
to about US$ 1.5 billion.
* Released as of September 2009 according to

SDDS requirements.
2- Liabilities increased by 13.8 Indicators:

percent to about US$ 224.5
billion at end of March 2018, - Egypt’s negative net IIP to GDP
from about US$ 197.4 billion at at end of March 2018 increased
end of June 2017. to about 60.3 percent, from
about 55.8 percent at end of
Chart (3) June 2017.
Breakdown of Liabilities by Component
Chart (4)
Other
Egypt's net IIP to GDP
investments % End of
33.8% Direct 0
Liabilities investment
March 2018 in Egypt
-20
49.8% -40 -54.3 -55.8 -60.3
Portfolio -59.5 -60.8
-60
investment
liabilities -80
16.4%
March June Sept. Dec. March
2017 2018
The increase was mainly due to the

following developments: - Assets to liabilities increased to
- Portfolio investments in Egypt about 35.6 percent at end of
increased by 71.4 percent to March 2018, from about 33.6
about US$ 36.7 billion. percent at end of June 2017.
- Other investment liabilities Chart (5)

increased by 8.5 percent to Egypt's IIP Assets/Liabilities
% End of
about US$ 75.9 billion. 40
30
- FDI in Egypt increased by 5.6 20
31.1 33.6 36.1 34.5 35.6
percent to about US$ 111.9 10
billion.
0
March June Sept. Dec. March
2017 2018
Section III
External Liquidity
External Liquidity
A-Net International Reserves (NIR) During the Report’s preparation, NIR
The remarkable improvements in the reached US$ 44.3 billion at end of
banking system's financial position July 2018.
by foreign currency led to the steady
(US$ mn)
accumulation of foreign currency
reserves through the formal channels. June March
End of
2017 2018
During July/March 2017/2018, NIR Net International
remained on the rise, increasing by Reserves (1-2) 31305 42611
1- Gross Official Reserves 31307 42614
US$ 11.3 billion (against US$ 11.0
Gold 2602 2825
billion in the corresponding period a SDRs 770 749
year earlier) to reach US$ 42.6 Foreign Currencies 27904 39018
billion, thus covering 8.2 months of Loans to IMF 31 22
merchandise imports at end of March 2- Reserve Liabilities 2 3
2018. Reserves/Months of
Imports 6.6 8.2
Chart (1): NIR & Months of Imports Covered
US$ bn (Balance at End of the Month) Month

B- Net Foreign Assets of Banks
45.0 9.0
40.0 8.0
(NFA)
35.0 7.0
30.0 6.0 Banks' net foreign assets increased
25.0 5.0 by around US$ 1.0 billion during
20.0 4.0
15.0 3.0
July/March 2017/2018 (against a rise
10.0 2.0 of US$ 2.0 billion in the
5.0 1.0
0.0 0.0
corresponding period a year earlier).
June 2016 Mar. 2017 June 2017 Mar. 2018
Chart (2): Foreign Assets & Liabilities of
Banks
Foreign Currencies US$ bn (End of the Month)
Loans to IMF
30.0
Gold 25.0
Reserves/Months of Imports 20.0
15.0
10.0
The increase was a result of the rise 5.0

0.0
in foreign currencies by about US$ -5.0
11.1 billion and in gold by US$ 0.2 -10.0

June 2016 Mar. 2017 June 2017 Mar. 2018
billion.
Assets Liabilities
Net Foreign Assets

Foreign currency deposits with banks Chart (3): Developments in Deposits by Local and
increased by 2.4 percent during the LE bn
Foreign Currencies
(End of the Month) %
period concerned, reaching US$ 39.4 3500.0 35.0
billion at end of March 2018. 3000.0 30.0

2500.0 25.0
2000.0 20.0
Likewise, local currency deposits 1500.0 15.0

1000.0 10.0
increased by 23.7 percent. As such, 500.0 5.0
the ratio of foreign currency deposits 0.0

June 2016 Mar. 2017 June 2017 Mar. 2018
0.0
to total deposits made up 23.7 percent Foreign Currency Deposits

at end of March 2018. Local Currency Deposits
Growth Rate of Foreign Currency Deposits
Growth Rate of Local Currency Deposits
Section IV
External Debt
External Debt
External debt recorded US$ 88.2 By residual maturity1, medium- and
billion at end of March 2018, up by long-term external debt decreased to
11.6 percent (compared with about represent 72.2 percent of the total
US$ 79.0 billion at end of June debt. In comparison, they accounted
2017). This increase came as a result for 87.0 percent of the total by
of the rise in net disbursements of original maturity. Meanwhile, short-
loans and facilities by US$ 7.4 term debt showed an increase, as it
billion, alongside the depreciation of represented 27.8 percent, compared
most currencies of borrowing versus to 13.0 percent classified by original
the US dollar by US$ 1.7 billion. maturity.
A- Breakdown by Maturity External Debt by Residual Maturity (US$
By original maturity, external debt at end of March 2018 million)

reaffirmed its usual pattern of long- 1. Short-term debt by original maturity 11504.9
term external debt predominance at 2. Medium- & long-term debt maturing
end of March 2018. Long-term within one year 13001.1
external debt accounted for US$ 3. External debt by residual
62.7 billion or 71.1 percent of the maturity up to 1 year (1+2) 24506.0
total external debt, whereas medium- Percentage to total external debt 27.8%
term external debt reached US$ Percentage to NIR 57.5%
14.0 billion or 15.9 percent and
4. Medium- & long-term debt by
short-term external debt accounted
residual maturity 63657.9
for the smallest portion of US$ 11.5
Percentage to total external debt 72.2%
billion or 13.0 percent.
Chart (1)
External Debt Structure by
Original Maturity
End of March 2018
Short-
term
debt
Long-
13.0%
term
Medium debt
-term 71.1%
debt
15.9% 1
While the analytical presentation of external debt
by original maturity is the norm recommended in
the External Debt Statistics Guide, residual
maturity presentation still draws significant
attention. In other words, compilation of external
debt statistics based on original maturity helps in
understanding the nature of capital flows; while
the remaining maturity provides a profile of debt
service payments, especially those falling due in
the near term, and of potential liquidity risks
facing the economy. Short-term debt by residual
maturity comprises all components of short-term
debt with original maturity of up to one year, and
the amounts falling due –under medium- and long-
term debt by original maturity– within one year or
less.
B- Breakdown by Type Short-term debt decreased by about

Medium- and long-term external US$ 0.8 billion to about US$ 11.5
debt accounted for 87.0 percent of billion or 13.0 percent of total debt.
total debt, of which:
Chart (2)
 Rescheduled bilateral debt External Debt Structure
End of March 2018
reached about US$ 3.9 billion or Rescheduled
Suppliers' &
bilateral debt
4.4 percent of total debt. Private sector 4.4%
buyers' credit
8.9%
(Non
 Other bilateral* debt amounted guaranteed) Other bilateral
debt
0.5%
to about US$ 7.7 billion or 8.7 International &
8.7%
percent. regional Egyptian bonds
organizations and notes
 Buyers' & suppliers' credit 30.7% 13.8%
reached about US$ 7.9 billion or Long-term Short-term

deposits debt
8.9 percent of total debt. 20.0% 13.0%
 International and regional

organizations' debt reached about C- Breakdown by Currency
US$ 27.0 billion or 30.7 percent
of total debt. Measuring the currency composition
of Egypt's external debt is an
 Government bonds and notes important indicator that sheds light
reached about US$ 12.2 billion or on the external debt exposure,
13.8 percent of total debt at end arising from currency markets'
of March 2018. volatility.
These include: (i) US$ 1.0 billion
of sovereign notes issued in A breakdown of the currency com-
April 2010 and falling due in position of external debt indicates
2020 & 2040, (ii) US$ 11.2 that the US dollar is the main
billion of Eurobonds. borrowing currency, with a relative
importance of 65.6 percent of the
 Long-term deposits that have total. This upward biased share of
been placed at the CBE by some US dollar largely reflects the fact
Arab countries posted US$ 17.6 that there are other outstanding
billion (20.0 percent of total obligations in US dollar to creditors
debt). other than the USA (such as the
African Development Bank (AfDB)
 Non-guaranteed medium- and
and the International Bank for
long-term debt of the private
Reconstruction and Development
sector registered US$ 400.7
(IBRD).
million (about 0.5 percent of
total debt).
________________________

Including the Liquidity Support Facility (LSF)
from China Development Bank (CDB) to CBE .
Chart (4)
Other important currencies ac- External Debt by creditor
counted for 32.8 percent of the total End of March 2018
debt, as follows: the Euro was the France

2.3%
United
Kingdom
runner-up (13.9 percent), followed Arab countries
25.7%
1.3%
by the Special Drawing Rights* (10.2 USA

1.6%
percent, the Chinese yuan (3.2 International

& regional Japan
percent), the Kuwaiti dinar (2.8 organizations

30.7%
2.6%
China
percent), and the Japanese yen (2.7 5.9%
percent). Egyptian Germany

8.6%
bonds and
Other
notes countries
Chart (3) 13.8%
7.5%
External Debt Structure by currencies
End of March 2018
Kuwaiti Japanese
dinar yen
Other
currencies
E- Breakdown by Debtor
2.8% 2.7%
1.6%
Chinese
The structure of Egypt’s external
yuan debt by debtor reveals that:
3.2%
US dollar
- Central and local government
SDRs
10.2% 65.6% remains the main debtor, with a
Euro share of 49.6 percent of external
13.9%
debt at end of March 2018. Its
debt increased by US$ 8.9 billion
D- Breakdown by Creditor to amount to US$ 43.8 billion.
Distribution by creditor country - Banks' external debt increased by
indicates that 25.7 percent was owed about US$ 1.2 billion to US$ 5.3
to Arab countries (mainly Saudi billion.
Arabia, UAE, and Kuwait), and that
30.7 percent was owed to - Other sectors' debt increased by
international organizations** (mainly about US$ 2.0 billion to US$ 11.8
IBRD 10.1 percent, IMF 8.6 percent, billion.
ADF & AFDB 3.0 percent, and EIB - However, the monetary authority's
2.8 percent). Meanwhile, 16.4 external debt decreased by about
percent of Egypt's external debt with US$ 3.0 billion to US$ 27.3
a value of US$ 14.5 billion came billion at end of March 2018.
from five members of Paris Club
countries; namely Germany (8.6 Chart (5)
External Debt by Debtor
percent), Japan (2.6 percent), France % End of
(2.3 percent), USA (1.6 percent), and 100
UK (1.3 percent). In addition, 5.9

percent of the total debt was owed to 50
China with a value of US$ 5.1

billion. 0
March 2017 June 2017 March 2018
Other Sectors Banks
 Including Egypt’s allocation of SDRs by the IMF. Monetary Authority Central & Local Government
 International Monetary Fund (IMF) , International Bank for
Reconstruction and Development (IBRD), European
Investment Bank (EIB), African Development Fund (ADF),
and African Development Bank (AfDB).
F- External Debt Indicators*

The ratio of short-term external debt - Egypt's debt-service ratio*** re-
to net international reserves de- gistered 31.7 percent during
creased to 27.0 percent at end of July/March 2017/2018 (46.8
March 2018 (from 44.2 percent at percent for Emerging and
end of March 2017). In addition, its Developing Europe, and 42.2
ratio to total debt registered 13.0 percent for Latin America and the
percent (against 17.1 percent). Carribean).
As for the external debt in terms of Debt service reached US$ 10.9
international comparison, the debt is billion during July/March 2017/2018
within manageable limits. Based on (US$ 9.2 billion for principal
IMF classification**, comparing repayments and US$ 1.7 billion for
Egypt's key debt indicators with interest payments).
those of other regional country
groups shows that:
Chart (6)
- Egypt's debt stock to GDP External Debt Indicators
represented 36.8 percent at end %
80 End of March
of March 2018 (58.2 percent for 60
Emerging and Developing
40
Europe and 40.9 percent for Latin
20
America and the Carribean).
0
2016 2017 2018
- Egypt's short-term external debt Government External Debt / External Debt
to total external debt at end of External Debt /GDP
Short-term Debt / Net International Reserves
March 2018 represented 13.0 Short-term Debt / Total External Debt
percent (20.1 percent for
Emerging and Developing
Europe, and 13.0 percent for %
35
July/March
Latin America and the
Carribean). 25
__________________________________ 15
* For more indicators, refer to appendix I,
table No. 6.
** Source: World & Regional Economic Outlook 5
Reports, April 2018, and CBE database. 2015/2016 2016/2017 2017/2018
*** Debt-Service Ratio: The ratio of debt service
(interest and principal payments due) during a Debt Service/ Current Receipts (including transfers)
year, expressed as a percentage of exports Debt Service/ Exports of Goods and Services
(typically of goods and services) for that year.
This ratio is considered to be a key indicator of
a country’s debt burden.
Section V
Exchange Rate Developments

Exchange Rate Developments

On the 3rd November 2016, the CBE (ii) Market Rate:
took the decision of the liberalization
of the Egyptian pound exchange rate, At end of March 2018, according to
to be quoted according to the the foreign exchange market (buying
dynamics of supply and demand. price), each of the US dollar, Saudi
This decision comes in line with the riyal, and UAE dirham decreased by
economic reform program. 2.5 percent. Also, the Swiss Franc
1 fell by 2.0 percent, and the Kuwaiti
(i) Inter-bank Rate : dinar by 1.4 percent. On the other
hand, Sterling pound increased by 6.9
During July/March 2017/18, the percent, the Euro by 5.9 percent,
weighted average of the US dollar
Chinese Yuan by 5.4 percent, and the
in the Egyptian inter-bank market
Japanese yen (100) by 2.6 percent.
depreciated by 2.5 percent to record
EGP 17.6441 at end of March 2018,
Chart (1): Exchange Rate of USD & Euro against EGP
(against EGP 18.0911 at end of June EGP
2017). 22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
2016/2017 2017/2018
USD Interbank rate(average) USD market rate(buying price)
Euro market rate(buying price)
_________________________
1
The inter-bank foreign exchange market was
launched in Egypt in December 2004.
Section VI
Statistics
Appendix I
Table Page
I- Balance of Payments
BOP Current Account ………………………………………. 1 19
BOP Capital and Financial Account (contd.) ………………. 20
II- International Investment Position (IIP) 2 21
III- Coordinated Portfolio Investment Survey (CPIS) 3 22
IV- External Liquidity
NIR & NFA at Banks ………………………………………. 4 23
V- External Debt
External Debt by Type …………………………………........ 5 24
External Debt Indicators ……………………………………. 6 25
External Debt by Debtor ……………………………………. 7 26
VI- Exchange Rate Developments
Foreign Exchange Rates……………………………………….. 8 27

Central Bank of Egypt - External Position 19
Table (1) Balance of Payments
(US$ mn)
July /March
2016/2017* 2017/2018*
Trade Balance -28363.3 -28003.4
Exports** 15994.0 18810.9
Petroleum 4656.6 6014.1
Other Exports 11337.4 12796.8
Imports** -44357.3 -46814.3
Petroleum -8528.8 -9394.6
Other Imports -35828.5 -37419.7
Services Balance 3291.1 7838.8
Receipts 10319.3 15784.5
Transportation 5481.5 6384.5
of which: Suez Canal 3716.6 4158.2
Travel 2840.7 7250.6
Government receipts 191.3 433.3
Other 1805.8 1716.1
Payments 7028.2 7945.7
Transportation 931.5 1102.5
Travel 2189.7 1703.4
Government Expenditures 700.1 1227.5
Other 3206.9 3912.3
Income Balance -3318.7 -4703.9
Income receipts 305.3 624.7
Income payments 3624.0 5328.6
of which: Interest paid 888.6 1216.9
Transfers (Net) 15872.1 19548.4
Private Transfers (Net) 15789.6 19454.9
of which: Workers' Remittances 15891.3 19536.9
Official Transfers (Net) 82.5 93.5
Current Account Balance -12518.8 -5320.1
Table (1) Balance of Payments (contd.)
(US$ mn)
July /March
2016/2017* 2017/2018*
Capital & Financial Account 27076.4 19044.6
Capital Account -98.6 -118.3
Financial Account 27175.0 19162.9
Direct Investment Abroad -147.7 -200.0
Direct Investment in Egypt (Net) 6565.0 6019.2
Portfolio Investment Abroad (Net) 178.7 -25.1
Portfolio Investment in Egypt (Net) 7801.2 14924.7
of which: Bonds 3190.2 3191.4
Other Investment (Net) 12777.8 -1555.9
Net Borrowing 9669.9 6949.4
M&L-Term Loans (Net) 5166.5 4297.2
Drawings 7137.8 6045.9
Repayments -1971.3 -1748.7
MT-Suppliers' Credit (Net) 2167.2 532.6
Drawings 2247.5 683.8
Repayments -80.3 -151.2
ST-Suppliers' Credit (Net) 2336.2 2119.6
Other Assets -5635.4 -5200.2
Central Bank -1997.8 -59.8
Banks -3091.9 -857.3
Other -545.7 -4283.1
Other Liabilities 8743.3 -3305.1
Central Bank 7737.4 -3348.1
Banks 1005.9 43.0
Net Errors & Omissions -3572.9 -2756.8
Overall Balance 10984.7 10967.7
Change in CBE Reserve Assets ,Increase(-) -10984.7 -10967.7
* Preliminary.
** Include free zones exports and imports.
Table (2) International Investment Position (IIP)

(US$ mn)
*
End of June 2017 March 2018
Assets Liabilities Assets Liabilities
Total 66359.3 197385.5 79845.7 224572.2
1-Direct investment 7294.1 105929.5 7494.1 111891.5
2-Portfolio investments 1722.7 21407.7 1494.6 36692.7
Equity security 1285.4 2628.8 997.3 2880.1
Debt security 437.3 18778.9 497.3 33812.6
3-Other investments 26690.1 70048.3 28917.8 75988.0
Trade credits 0.0 3036.0 0.0 3783.3
General government 0.0 0.0 0.0 0.0
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 0.0 0.0 0.0
Other sectors 0.0 3036.0 0.0 3783.3
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 3036.0 0.0 3783.3
Loans 491.6 43404.2 371.6 49301.5
Monetary authorities 0.0 7688.0 0.0 5487.2
Use of Fund credit & loans from the Fund 0.0 0.0 0.0 0.0
Other long-term 0.0 2353.7 0.0 2247.2
Short-term 0.0 5334.3 0.0 3240.0
Long-term 0.0 25890.2 0.0 31565.8
Short-term 0.0 0.0 0.0 0.0
Banks 491.6 3123.8 371.6 4239.1
Long-term 147.6 3043.8 105.6 3704.6
Short-term 344.0 80.0 266.0 534.5
Other sectors 0.0 6702.2 0.0 8009.4
Long-term 0.0 6702.2 0.0 8009.4
Short-term 0.0 0.0 0.0 0.0
Currency and deposits 26198.5 22361.5 28546.2 21597.1
Long-term 0.0 18537.4 0.0 17650.0
Short-term 0.0 2852.3 0.0 2862.1
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 0.0 0.0 0.0
Banks 17107.5 971.8 18366.2 1085.0
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 971.8 0.0 1085.0
Other sectors 9091.0 0.0 10180.0 0.0
Long-term 0.0 0.0 0.0 0.0
Short-term 0.0 0.0 0.0 0.0
Other assets / Liabilities 0.0 1246.6 0.0 1306.1
Long-term 0.0 1246.6 0.0 1306.1
Short-term 0.0 0.0 0.0 0.0
Banks 0.0 0.0 0.0 0.0
Other sectors 0.0 0.0 0.0 0.0
4-Reserves assets 30652.4 0.0 41939.2 0.0
* Preliminary.
Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of March 2018
Breakdown of portfolio investment Assets by country of residence of the Issuers
(US$ mn)
Country of non-resident issuers Equities long-term debt securities short-term debt securities Total
Bahamas 9.0 0.0 0.0 9.0
Bahrain 9.6 0.0 0.0 9.6
Belgium 0.0 0.0 13.1 13.1
Canada 0.0 9.0 0.0 9.0
China, P.R. Mainland 1.0 0.0 51.3 52.3
Czech Republic 0.0 0.0 1.2 1.2
Ethiopia 0.0 0.0 7.6 7.6
France 276.6 21.9 1.9 300.4
Germany 35.8 0.0 0.7 36.5
Hong Kong 0.0 0.0 3.5 3.5
India 0.0 0.0 0.1 0.1
Indonesia 0.0 5.0 3.6 8.6
Iceland 0.0 0.0 0.5 0.5
Italy 26.3 0.0 2.1 28.4
Japan 6.3 0.0 0.0 6.3
Jordan 3.5 0.0 5.2 8.7
Kuwait 0.0 16.9 0.2 17.1
Lebanon 5.6 0.0 0.1 5.7
Luxembourg 0.7 0.0 0.0 0.7
Malaysia 16.0 8.4 0.0 24.4
Malta 0.0 0.0 3.9 3.9
Netherlands 1.4 0.0 0.1 1.5
Nigeria 12.0 0.0 0.0 12.0
Russian Federation 0.0 0.0 4.6 4.6
Saudi Arabia 293.5 51.2 28.5 373.2
Singapore 12.9 0.0 0.0 12.9
Spain 0.0 0.0 3.5 3.5
Syrian Arab Republic 1.2 0.0 0.0 1.2
Sudan 1.7 0.0 0.0 1.7
Sweden 0.0 3.1 0.0 3.1
Switzerland 5.7 0.0 0.0 5.7
Tunisia 1.6 0.0 0.9 2.5
United Arab Emirates 9.8 45.3 1.4 56.5
United Kingdom 5.6 45.3 3.3 54.2
United States 35.5 142.5 3.6 181.6
International Organizations 226.0 7.8 0.0 233.8
Total 997.3 356.4 140.9 1494.6

Table (4) Net International Reserves & Net Foreign Assets at Banks
Central Bank of Egypt - External Position

(US$ mn)
End of June 2015 March 2016 June 2016 March 2017 June 2017 March 2018
Net International Reserves (1-2) 20082 16561 17546 28526 31305 42611
1- Gross Official Reserves 20104 16586 17570 28545 31307 42614
Gold 2420 2533 2602 2621 2602 2825
SDRs 1168 1172 793 763 770 749
Foreign Currencies 16453 12829 14128 25125 27904 39018
Loans to IMF 63 52 47 36 31 22
2- Reserve Liabilities 22 25 24 19 2 3
Banks' Net Foreign Assets 3481 -2636 -4844 -2798 3171 4127
Assets 11450 10153 9286 12338 18746 19744
23
Liabilities 7969 12789 14130 15136 15575 15617
Table (5) External Debt by Type
(US$ mn)
End of March 2014 2015 2016 2017 2018 +
Total External Debt* 45288.9 39853.1 53444.9 73888.6 88163.9

1- Medium & Long term debt : 42514.4 36885.5 46608.8 61284.3 76659.0
Rescheduled bilateral debt ** 8439.5 6179.7 5182.5 4167.0 3870.8
ODA 5613.1 4613.1 4446.9 3940.6 3668.5
Non-ODA 2826.4 1566.6 735.6 226.4 202.3
Other bilateral debt 6175.2 5425.2 6509.9 6437.4 7657.3
Paris Club countries 3706.9 3030.2 3553.5 3571.1 4629.2
Other countries 2468.3 2395.0 2956.4++ 2866.3++ 3028.1++
International & regional organizations 12209.9 12051.0 13810.1 21174.5 27020.7
Suppliers' & buyers' credits 570.0 629.0 2666.8 4779.3 7883.6
Egyptian bonds and notes 6099.8 3575.6 3514.0 6683.2 12175.9
Long- term deposits 9000.0 9000.0 14900.0 17887.4 17650.0
Private sector debt (non-guaranteed) 20.0 25.0 25.5 155.5 400.7
2- Short-term debt 2774.5 2967.6 6836.1 12604.3 11504.9
Currency & deposits 1365.7 1238.7 1345.4 4374.8 3947.1
Other short-term facilities 1408.8 1728.9 5490.7 8229.5 7557.8
Source: Central Bank of Egypt.
+
Provisional
++
Liquidity Support Facility (LSF) has been moved to Other bilateral debt (other countries) instead of suppliers' & buyers' credit.
24
*
The difference from World Bank data is in short-term debt .
**
According to the agreement signed with Paris Club countries on May 25, 1991.
Table (6) External Debt Indicators

July/ March 2013/2014 2014/2015 2015/2016 2016/2017+ 2017/2018+
External Debt /GDP* (at current market prices) % 14.8 11.9 15.9 31.5 36.8
External Debt / Exports (G&S) (annually) % 103.4 88.4 147.7 210.1 194.3
Short-term Debt / External Debt % 6.1 7.4 12.8 17.1 13.0
Short-term Debt / Net International Reserves % 15.9 19.4 41.3 44.2 27.0
**
Debt Service (Principal & Interest) (US$ mn.) 2669.1 5193.6 4221.7 4986.8 10965.1
Debt Service / Exports (G&S) % 8.3 15.4 16.3 19.0 31.7
Debt Service / Current Receipts % 4.8 10.2 10.9 11.7 20.0
Interest / Exports (G&S) % 1.7 1.6 2.2 3.2 5.0
External Debt per Capita (US$) 497.9 425.8 549.3 705.0 841.2
25
+ Provisional
* The GDP for the year ended in each quarter is calculated according to the quarterly data provided by the Ministry of planning,
Monitoring and Adminstrative Reform. It is evaluated in US dollar according to the average exchange rate during the same period.
** Includes interest payments on US dollar-denominated bonds and notes holding by nonresidents
Table (7) External Debt by Debtor
(US$ mn)
* *
End of June 2017 % March 2018 % Change +/ (-) %
External Debt 79032.8 100.0 88163.9 100.0 9131.1 11.6

Total Medium- & Long-Term 66758.4 84.5 76659.0 87.0 9900.6 14.8
Total Short-Term 12274.4 15.5 11504.9 13.0 (769.5) (6.3)
Central & Local Government 34874.7 44.1 43741.7 49.6 8867.0 25.4
Medium- & Long-Term 34874.7 44.1 43741.7 49.6 8867.0 25.4
Bonds & Notes 8984.5 11.4 12175.9 13.8 3191.4 35.5
Loans 25890.2 32.7 31565.8 35.8 5675.6 21.9
Currency and Deposits 0.0 0.0 0.0 0.0 0.0 0.0
Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Short-Term 0.0 0.0 0.0 0.0 0.0 0.0
Money Market Instruments 0.0 0.0 0.0 0.0 0.0 0.0
Loans 0.0 0.0 0.0 0.0 0.0 0.0
Monetary Authority 30324.3 38.5 27305.4 31.0 (3018.9) (10.0)
Medium- & Long-Term 22137.7 28.1 21203.3 24.1 (934.4) (4.2)
Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0
Loans 2353.7 3.0 2247.2 2.5 (106.5) (4.5)
Currency and Deposits 18537.4 23.5 17650.0 20.0 (887.4) (4.8)
Short-Term 8186.6 10.4 6102.1 6.9 (2084.5) (25.5)
Loans 5334.3 6.8 3240.0 3.7 (2094.3) (39.3)
Banks 4095.6 5.1 5324.1 6.0 1228.5 30.0
Medium- & Long-Term Loans 3043.8 3.8 3704.6 4.2 660.8 21.7
Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0
Loans 3043.8 3.8 3704.6 4.2 660.8 21.7
Short-Term Loans 1051.8 1.3 1619.5 1.8 567.7 54.0
Loans 80.0 0.1 534.5 0.6 454.5 568.1
Other Sectors 9738.2 12.3 11792.7 13.4 2054.5 21.1
Medium- & Long-Term 6702.2 8.5 8009.4 9.1 1307.2 19.5
Loans from Direct Investors 0.0 0.0 0.0 0.0 0.0 0.0
Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0
Trade Credits 0.0 0.0 0.0 0.0 0.0 0.0
Loans 6702.2 8.5 8009.4 9.1 1307.2 19.5
Short-Term 3036.0 3.8 3783.3 4.3 747.3 24.6

Loans from Direct Investors 0.0 0.0 0.0 0.0 0.0 0.0
Trade Credits 3036.0 3.8 3783.3 4.3 747.3 24.6
Loans 0.0 0.0 0.0 0.0 0.0 0.0
* Provisional.
Table (8) Foreign Exchange Rates (In LE per foreign currency unit)
End of June 2017 March 2018
First: Interbank Rates *
Weighted average 18.0911 17.6441
Second : Market Rates Buy Sell Buy Sell
US Dollar 18.0400 18.1397 17.5950 17.6944
Euro 20.4411 20.5559 21.6559 21.7854
Pound Sterling 23.1417 23.2805 24.7280 24.8713
Swiss Franc 18.7487 18.8602 18.3779 18.4895
100 Japanese Yens 16.1000 16.1904 16.5165 16.6114
Saudi Riyal 4.8099 4.8366 4.6917 4.7185
Kuwaiti Dinar 59.4889 59.8374 58.6833 59.0523
UAE Dirham 4.9107 4.9392 4.7898 4.8180
Chinese Yuan 2.6521 2.6680 2.7965 2.8150
Source: CBE daily exchange rates.
27
* The interbank rates were launched on December 23, 2004.
Appendix II
Table Page
I- Outstanding External Debt
Outstanding Stock ……………………………………………………….. 1 31
Outstanding Stock by Creditor Country ………………………………….. 2 33
- Medium- and Long-Term Public & Publicly Guaranteed External
Debt By Creditor:
a. Rescheduled Debt…………………………………………………... 3 35
b. Non-Rescheduled Debt………………………………...................... 4 36
c. Multilateral Institutions…………………………………………….. 5 37
d. Bonds & Notes …………………………………....………………. 6 39
e. Deposits……………………………………………………………. 7 40
- Medium- and Long-Term Private Sector Non-Guaranteed External
Debt by Creditor Country. ……………………………………...……… 8 41
- Short-Term External Debt ……………………………………...……… 9 42
II- Outstanding External Debt By Currency…….………………………… 10 43
III- Disbursed and Undisbursed Amounts for Signed Loans & Deposits…. 11 44
IV- Projected Medium- and Long-Term Public and Publicly External
Debt Service………………………………………………………………. 12 45
a- Rescheduled Debt ………………………………………….…............... 13 47
b- Non-Rescheduled Debt………… ……………………………………... 14 48
c- Multilateral Institutions………………………………………................. 15 49
d- Bonds & Notes:
- Sovereign Notes……………………………………………………... 16 51
- Euro bonds…………………………………………………………... 17 52
e- Deposits
- Medium- and Long-Term Deposits for Kuwait..…………………..... 18 53
- Medium- and Long-Term Deposits for Libya..……………………... 19 54
- Medium- and Long-Term Deposits for Saudi Arabia……………….. 20 55
- Medium- and Long-Term Deposits for United Arab Emirates……… 21 56
V- Projected Short-Term Debt……………………………………………… 22 57
VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 23 58
Table ( 1 )
Outstanding Stock as at End of March
(US$ million)
Total Debt
2015 2016 2017 2018
1- Medium-and Long-Term Public
& Publicly Guaranteed Debt 36,860.56 46,583.28 61,128.79 76,258.30
A. Rescheduled Debt 6,179.68 5,182.45 4,166.99 3,870.80
(1)
B. Non Rescheduled Debt 6,054.28 9,176.72 11,216.72 15,540.93
(2)
C. Multilateral Institutions 12,050.97 13,810.12 21,174.46 27,020.68
D. Bonds &Notes 3,575.63 3,513.99 6,683.22 12,175.89
1-Guaranteed Notes 1,250.00 0.00 0.00 0.00
2-Sovereign Notes 825.63 798.82 978.22 977.78
3-Saudi Bond 500.00 500.00 500.00 0.00
4-Euro-Medium Term Notes ( E.M.T.N.) 1,000.00 1,000.00 0.00 0.00
(3)
5- Euro-bond 0.00 1,215.17 5,205.00 11,198.11
(4)
E. Deposits 9,000.00 14,900.00 17,887.40 17,650.00
2- Medium and Long-Term
Private Sector Non-Guaranteed 25.00 25.44 155.51 400.72
3- Short-Term Debt 2,967.58 6,836.15 12,604.26 11,504.88
(5)
Currency and Deposits (Non-Residents) 1,238.66 4,545.41 4,374.78 3,947.07
Trade Credits 1,717.92 1,526.24 2,781.83 3,783.35
Loans 11.00 764.50 3,447.65 674.46
Repo 0.00 0.00 2,000.00 3,100.00
Grand Total 39,853.14 53,444.87 73,888.56 88,163.90
Using end of period exchange rate.
(1) Includes US$ 7,878.33 million buyer credits and US$ 1,000 million representing China facility agreement and US$ 5.32 million Supplier credits.
(2) Includes US$ 6,248.29 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million,
Third Tranch amounted SDR 1,432.76 million) and US$ 1,306.05 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.
(3) Representing Euro-bond with nominal value US$ 12,500 million (non-residents' subscriptions amounted US$ 11,198.11 million) .
(4) Representing Saudi, United Arab Emirates, Kuwait & Libya deposits amounted to US$ 7500, 5900, 4000 and 250 million respectively .
(5) Includes US$ 2862.06 million representing Chinese Currency Swap Arrangement .
Figure 1-1
External Debt
90.0
80.0
70.0
60.0
50.0
( US$bn )
40.0
30.0
20.0
10.0
0.0
2015 2016 2017 2018
Figure 1-2
Outstanding Stock as at End of March 2018
Private Sector Non-

Guaranteed
0.45%
Short-Term Debt
13.05%
Rescheduled Debt
4.39%
Non Rescheduled Debt

17.63% Multilateral Institutions
30.65%
Deposits
20.02% Bonds & Notes
13.81%
32
Table ( 2 )
(1)
(US$ million)
Total Debt
2015 2016 2017 2018
Creditor Countries
Germany 2,726.64 3,378.03 4,665.23 7,338.35
Japan 2,231.77 2,258.29 2,226.02 2,306.46
China 332.29 1,951.17 1,926.52 2,165.62
France 1,526.64 1,227.24 1,085.28 1,760.73
United States 2,026.01 1,761.16 1,490.28 1,207.34
Italy 350.57 347.47 511.99 997.43
Kuwait 915.89 929.37 933.26 995.92
Saudi Arabia 106.03 121.55 439.54 747.94
United Kingdom 62.68 34.00 265.34 263.92
Spain 313.11 245.88 192.29 262.15
Bahrain 0.00 253.51 242.33 260.81
Belgium 20.20 12.43 47.20 102.68
Denmark 150.20 132.71 102.65 101.74
Austria 115.95 67.89 66.00 72.69
The Netherlands 63.69 64.88 57.46 60.33
Canada 76.56 52.87 37.89 36.00
Qatar 0.00 48.14 34.67 25.88
Switzerland 127.60 62.41 22.96 18.78
Finland 0.00 1.91 2.95 3.01
Norway 2.60 1.67 1.07 0.83
Sweden 7.41 2.83 0.07 0.06
Turkey 1,000.00 800.00 400.00 0.00
Australia 37.29 12.98 0.00 0.00
Multilateral Institutions (2) 12,050.97 13,810.12 21,174.46 27,020.68

Deposits , Bonds and Notes
Deposits 9,000.00 14,900.00 17,887.40 17,650.00
Saudi Arabia 3,000.00 4,900.00 6,700.00 7,500.00
United Arab Emirates 2,000.00 4,000.00 5,937.40 5,900.00
Kuwait 2,000.00 4,000.00 4,000.00 4,000.00
Libya 2,000.00 2,000.00 1,250.00 250.00
Guaranteed Notes 1,250.00 0.00 0.00 0.00
Sovereign Notes 825.63 798.82 978.22 977.78
Saudi Bond 500.00 500.00 500.00 0.00
Euro-Medium Term Notes ( E.M.T.N.) 1000.00 1000.00 0.00 0.00
Euro-bond 0.00 1,215.17 5,205.00 11,198.11
Medium and Long-Term Private Sector Non-Guaranteed 25.00 25.44 155.51 400.72
Short-Term Debt 2,967.58 6,836.15 12,604.26 11,504.88
African Export - Import Bank 0.00 3,200.00 3,200.00 0.00
Currency Swap Agreement (China) 0.00 0.00 2,612.09 2,862.06
REPO Transactions 0.00 0.00 2,000.00 3,100.00
Arab Trade Financing Program 0.00 0.00 29.62 139.99
Others 2,967.58 3,636.15 4,762.55 5,402.83
Grand Total 39,853.14 53,444.87 73,888.56 88,163.90

(1) Using end of period exchange rate.
(2) Includes US$ 6,248.29 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million,
Third Tranch amounted SDR 1,432.76 million) and US$ 1,306.05 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.
Figure 2

Outstanding Stock as at End of March 2018
Deposits
20.02%
Multilateral Institutions
30.65%
Bonds &Notes
13.81%
Japan
2.62%
Short-Term Debt
Germany 13.05%
8.32%
Others
China France 7.07%
2.46% 2.00%
34
Table ( 3 )
Medium and Long-Term
Public & Publicly Guaranteed External Debt By Creditor Country
Rescheduled Debt
(US$ million)(1)
Total Debt
Country
2015 2016 2017 2018
Germany 1,395.52 1,422.44 1,254.41 1,304.32

Japan 1,424.17 1,337.25 1,196.24 1,122.32
United States 1,658.28 1,423.11 1,181.90 928.64
France 835.34 471.13 224.92 221.07
The Netherlands 63.69 64.88 57.46 60.33
Spain 188.89 107.40 61.09 54.92
Denmark 68.94 62.35 51.24 53.28
Italy 119.06 70.16 41.64 36.66
Canada 70.39 47.02 32.42 30.67
Austria 111.87 64.08 30.58 28.53
United Kingdom 62.67 33.99 15.34 13.92
Switzerland 115.79 50.86 13.66 10.99
Belgium 17.80 10.31 4.95 4.26
Norway 2.60 1.67 1.07 0.83
Sweden 7.38 2.82 0.07 0.06
Australia 37.29 12.98 0.00 0.00
Grand Total 6,179.68 5,182.45 4,166.99 3,870.80

Figure 3
Public & Publicly Guaranteed External Debt
Rescheduled Debt
8.0
6.0
( US$bn )
4.0
2.0
0.0
2015 2016 2017 2018
Table ( 4 )
Public & Publicly Guaranteed External Debt By Creditor Country
Non-Rescheduled Debt
(US$ million)(1)
Total Debt
Country
2015 2016 2017 2018
Germany 1,331.12 1,955.59 3,410.82 6,034.03

China 332.29 1,951.17 1,926.52 2,165.62
France 691.30 756.11 860.37 1,539.66
Japan 807.60 921.04 1,029.78 1,184.14
Kuwait 915.89 929.37 933.26 995.92
Italy 231.51 277.31 470.34 960.77
Saudi Arabia 106.03 121.55 439.54 747.94
United States 367.73 338.05 308.38 278.70
Bahrain 0.00 253.51 242.33 260.81
United Kingdom 0.01 0.00 250.00 250.00
Spain 124.22 138.48 131.20 207.23
Belgium 2.40 2.12 42.25 98.42
Denmark 81.26 70.36 51.40 48.46
Austria 4.08 3.82 35.43 44.16
Qatar 0.00 48.14 34.67 25.88
Switzerland 11.81 11.55 9.30 7.79
Canada 6.17 5.85 5.47 5.33
Finland 0.00 1.91 2.95 3.01
Turkey 1,000.00 800.00 400.00 0.00
Sweden 0.03 0.01 0.00 0.00
Grand Total 6,054.28 9,176.72 11,216.72 15,540.93
Figure 4
20.0
15.0
( US$bn )
10.0
5.0
0.0
2015 2016 2017 2018
Table ( 5 )
(US$ million)(1)
Total Debt
Creditor
2015 2016 2017 2018
IBRD 4,108.05 4,949.50 7,332.05 8,885.42

IMF {2} 1,239.41 1,265.76 3,900.93 7,554.35
African Development Bank 1,513.48 2,041.02 2,519.03 2,445.23
European Investment Bank 1,672.02 1,645.31 2,254.19 2,426.03
Arab Fund for Economic and Social Development 1,493.66 1,461.44 1,424.01 1,492.91
African Export - Import Bank 0.00 67.39 560.67 960.36
Arab Monetary Fund 168.89 536.31 932.66 747.25
IDA 1,001.68 920.75 792.18 715.32
Islamic Development Bank 289.01 328.32 459.15 568.61
OPEC 193.04 206.48 230.96 291.69
European Bank For Reconstruction and Development 0.00 14.17 130.99 222.72
International Islamic Trade Finance Corporation 0.00 0.00 200.00 200.00
African Development Fund 176.21 175.73 165.94 168.99
International Fund for Agricultural Development 95.91 109.43 116.26 155.39
Arab Petroleum Investments Corporation (APICORP) 0.00 0.00 100.00 75.00
Clean Technology Fund 9.73 45.88 55.44 56.41
Green fund 0.00 0.00 0.00 30.00
ICD-IDB 0.00 0.00 0.00 25.00
Arab Trade Financing Program 89.88 42.63 0.00 0.00
Grand Total 12,050.97 13,810.12 21,174.46 27,020.68

(2) Includes SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.
Figure 5-1
30.0
25.0
( US$bn )
20.0
15.0
10.0
5.0
0.0
2015 2016 2017 2018
Figure 5 - 2

African Development Bank AMF

9.05% 2.77%
IMF
27.96%
IBRD
32.88%
I.D.A
2.65%
European Investment Bank

Islamic Development Bank 8.98%
2.10%
Others Arab Fund for Economic and

African Export - Import Bank
4.53% Social Development
3.55%
5.53%
38
Table ( 6 )
Bonds & Notes
(US$ million)
Total Debt
2015 2016 2017 2018
Euro-bond 0.00 1,215.17 5,205.00 11,198.11
Sovereign Notes 825.63 798.82 978.22 977.78
Saudi Bond 500.00 500.00 500.00 0.00
Euro-Medium Term Notes ( E.M.T.N.) 1,000.00 1,000.00 0.00 0.00
Guaranteed Notes 1,250.00 0.00 0.00 0.00
Grand Total 3,575.63 3,513.99 6,683.22 12,175.89
Figure 6
Bonds & Notes

14.0
12.0
10.0
( US$bn )
8.0
6.0
4.0
2.0
0.0
2015 2016 2017 2018
Table ( 7 )
Deposits
(US$ million)
Total Debt
Country
2015 2016 2017 2018
Saudi Arabia 3,000.00 4,900.00 6,700.00 7,500.00
United Arab Emirates 2,000.00 4,000.00 5,937.40 5,900.00
Kuwait 2,000.00 4,000.00 4,000.00 4,000.00
Libya 2,000.00 2,000.00 1,250.00 250.00
Grand Total 9,000.00 14,900.00 17,887.40 17,650.00
Figure 7

Deposits
20
15
( US$bn )
10
0
2015 2016 2017 2018
Table ( 8 )
Private Sector Non-Guaranteed External Debt By Creditor Country
(US$ million)(1)
Total Debt
Country
2015 2016 2017 2018
Multilateral Institutions 25.00 25.44 124.96 279.91
Kuwait 0.00 0.00 0.00 55.00
Germany 0.00 0.00 15.55 31.11
France 0.00 0.00 0.00 19.70
Bahrain 0.00 0.00 15.00 15.00

Grand Total 25.00 25.44 155.51 400.72
Figure 8

Private Sector Non-Guaranteed External Debt
450.0
400.0
350.0
300.0
( US$mn )
250.0
200.0
150.0
100.0
50.0
0.0
2015 2016 2017 2018
Table ( 9 )
Short-Term Debt
(US$ million)(1)
Total Debt
2015 2016 2017 2018
(2)
Currency and Deposits (Non-Residents) 1,238.66 4,545.41 4,374.78 3,947.07
Trade Credits 1,717.92 1,526.24 2,781.83 3,783.35
Repo 0.00 0.00 2,000.00 3,100.00
Loans 11.00 764.50 3,447.65 674.46
Grand Total 2,967.58 6,836.15 12,604.26 11,504.88

(2) Includes US$ 2,862.06 million representing Chinese Currency Swap Arrangement .
Figure 9
Short-Term Debt
14
12
10
( US$bn )
8
6
4
2
0
2015 2016 2017 2018
Table ( 10 )
(US$ million) (*)
Total Debt
Currency
2015 2016 2017 2018
US Dollar 25,430.88 38,274.32 52,065.99 57,809.69
EURO 6,138.69 6,679.90 8,023.23 12,231.00
Special Drawing Rights 2,243.72 2,587.90 5,522.97 8,972.38
Chinese Yuan 0.00 0.00 2,612.09 2,862.06
Kuwaiti Dinar 2,409.55 2,390.81 2,357.27 2,488.83
Japanese Yen 2,358.35 2,395.92 2,326.23 2,401.16
Saudi Riyal 108.24 128.60 441.36 749.67
Egyptian Pound 557.81 557.64 227.04 345.55
Swiss Franc 297.51 215.12 164.36 156.68
Danish Kroner 63.31 62.60 51.58 53.63
Canadian Dollar 62.82 46.81 36.27 34.23
U.A.E. Dirham 41.72 38.30 31.07 33.64
British Pound Sterling 104.92 50.08 26.84 23.32
Norwegian Kroner 2.49 2.21 1.97 2.00
Swedish Kroner 6.89 5.55 0.29 0.06
Australian Dollar 26.24 9.11 0.00 0.00

Total 39,853.14 53,444.87 73,888.56 88,163.90
(*) Using end of period exchange rate .

Table ( 11 )
Disbursed and Undisbursed Amounts for Signed Loans and Deposits
from 1/04/2015 to 31/03/2018
(US$ million)(1)
Signed Amount Disbursed Undisbursed
1- Medium and Long-Term Public
& Publicly Guaranteed Debt 42,689.88 35,174.31 7,436.17
A. Non-Rescheduled Debt 14,584.41 9,853.64 4,730.77
B. Multilateral Institutions 17,105.47 14,320.67 2,705.40
C. Deposits 11,000.00 11,000.00 0.00
2- Medium and Long-Term Private 878.12 458.12 420.00

Sector Non-Guaranteed Debt
Grand Total 43,568.00 35,632.43 7,856.17

Figure 11
Medium and Long-Term Disbursed and Undisbursed Amounts

for Signed Loans and Deposits
from 1/4/2015 to 31/3/2018
18,000.0
16,000.0
14,000.0
( US$mn )
12,000.0
10,000.0
8,000.0
6,000.0
4,000.0
2,000.0
0.0
Non-Rescheduled Debt Multilateral Institutions Deposits Private Sector Non-
Guaranteed Debt
Signed Amount Disbursed Undisbursed

Table ( 12 )
Projected Medium and Long-Term Public & Publicly Guaranteed
External Debt Service
as of April 1, 2018
(US$ million)(1)
Period Principal Interest Total Period Principal Interest Total
2018/H1 3183.69 390.30 3,573.99 2036/H2 184.31 215.40 399.72
2018/H2 6122.71 1131.48 7,254.19 2037/H1 171.79 213.30 385.09
2019/H1 4201.32 1087.62 5,288.95 2037/H2 167.18 211.59 378.77
2019/H2 5549.29 993.50 6,542.79 2038/H1 144.15 209.68 353.83
2020/H1 4671.51 930.85 5,602.36 2038/H2 114.88 208.29 323.18
2020/H2 1847.73 865.86 2,713.58 2039/H1 99.46 206.92 306.38
2021/H1 2846.74 831.94 3,678.67 2039/H2 97.49 205.95 303.44
2021/H2 2840.55 798.66 3,639.21 2040/H1 467.88 204.84 672.72
2022/H1 4124.67 755.90 4,880.57 2040/H2 93.33 191.03 284.36
2022/H2 2816.76 657.81 3,474.57 2041/H1 89.41 189.81 279.22
2023/H1 3106.15 625.26 3,731.41 2041/H2 88.98 188.92 277.89
2023/H2 2994.42 574.72 3,569.14 2042/H1 83.62 187.77 271.39
2024/H1 1880.13 529.85 2,409.98 2042/H2 77.43 186.91 264.33
2024/H2 1765.03 513.07 2,278.10 2043/H1 74.51 185.84 260.35
2025/H1 2697.53 491.97 3,189.50 2043/H2 73.15 185.05 258.20
2025/H2 1703.74 450.12 2,153.86 2044/H1 70.10 184.10 254.20
2026/H1 1687.89 450.32 2,138.21 2044/H2 69.89 183.27 253.17
2026/H2 1671.01 419.72 2,090.73 2045/H1 69.59 182.24 251.82
2027/H1 2919.84 402.98 3,322.82 2045/H2 69.59 181.46 251.05
2027/H2 1185.00 330.08 1,515.08 2046/H1 68.73 180.45 249.18
2028/H1 1954.51 318.75 2,273.27 2046/H2 66.24 179.68 245.92
2028/H2 775.61 274.98 1,050.59 2047/H1 2565.00 178.68 2,743.68
2029/H1 720.03 266.60 986.63 2047/H2 64.89 71.67 136.56
2029/H2 674.29 260.45 934.73 2048/H1 1564.23 70.72 1,634.95
2030/H1 486.74 253.76 740.51 2048/H2 62.94 10.65 73.59
2030/H2 378.00 249.57 627.57 2049/H1 54.74 9.67 64.41
2031/H1 341.68 245.91 587.58 2049/H2 54.74 9.00 63.74
2031/H2 333.72 242.73 576.45 2050/H1 54.45 8.11 62.56
2032/H1 327.68 239.62 567.30 2050/H2 52.19 7.43 59.63
2032/H2 319.54 236.44 555.98 2051/H1 36.49 6.58 43.06
2033/H1 289.93 232.90 522.84 2051/H2 34.59 6.15 40.74
2033/H2 278.90 230.20 509.10 2052/H1 19.89 0.61 20.50
2034/H1 274.61 227.39 502.00 2052/H2 17.59 0.29 17.89
2034/H2 262.65 224.85 487.50 2053/H1 0.58 0.01 0.59
2035/H1 252.06 222.21 474.28 2053/H2 0.58 0.00 0.58
2035/H2 242.40 219.82 462.21 2054/H1 0.58 0.00 0.58
2036/H1 199.01 217.36 416.37
(2) (3)
Grand Total 74,952.25 21,857.59 96,809.84
(1) The exchange rate of March 31, 2018 .
(2) Excludes US$ 1306.05 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MN.
(3) Includes US$ 336.96 million representing forecast interest of SDR allocation.
Figure 12
Medium and Long-Term Public and Publicly Guaranteed External Debt

US$ mn Service as of April 1, 2018
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Principal Interest Total
46
Table ( 13 )
External Debt Service as of April 1, 2018
Rescheduled Debt
(US$ million)(1)
2018/H1 2.89 2.96 5.85 2022/H2 163.38 18.06 181.44
2018/H2 306.21 47.17 353.38 2023/H1 165.90 16.27 182.16
2019/H1 308.17 43.73 351.90 2023/H2 168.45 14.21 182.66
2019/H2 312.04 39.50 351.55 2024/H1 170.82 12.34 183.16
2020/H1 314.11 35.94 350.04 2024/H2 168.47 10.27 178.74
2020/H2 318.07 31.79 349.86 2025/H1 170.96 8.28 179.24
2021/H1 320.44 27.97 348.41 2025/H2 173.68 6.17 179.84
2021/H2 294.70 23.76 318.46 2026/H1 176.24 4.11 180.35
2022/H1 160.90 20.08 180.98 2026/H2 175.38 1.95 177.33
Grand Total 3,870.80 364.56 4,235.36

Table ( 14 )
(US$ million)(1)
2018/H1 563.31 62.48 625.79 2036/H2 36.75 1.52 38.27
2018/H2 611.97 184.66 796.64 2037/H1 34.29 1.38 35.67
2019/H1 624.34 168.56 792.89 2037/H2 31.89 1.24 33.14
2019/H2 775.39 165.81 941.20 2038/H1 29.86 1.12 30.98
2020/H1 702.42 145.09 847.51 2038/H2 25.11 1.00 26.11
2020/H2 943.42 140.61 1084.03 2039/H1 21.57 0.91 22.48
2021/H1 682.62 117.39 800.01 2039/H2 20.93 0.84 21.77
2021/H2 724.94 112.98 837.92 2040/H1 19.82 0.76 20.59
2022/H1 644.29 95.34 739.63 2040/H2 19.37 0.69 20.06
2022/H2 669.15 90.95 760.10 2041/H1 18.01 0.62 18.63
2023/H1 665.55 76.59 742.14 2041/H2 17.58 0.55 18.13
2023/H2 742.10 71.50 813.60 2042/H1 15.50 0.49 16.00
2024/H1 639.00 56.14 695.14 2042/H2 13.46 0.44 13.89
2024/H2 541.26 51.67 592.93 2043/H1 13.37 0.39 13.75
2025/H1 517.78 42.97 560.76 2043/H2 12.50 0.34 12.84
2025/H2 499.27 41.34 540.61 2044/H1 9.95 0.29 10.24
2026/H1 471.64 33.80 505.44 2044/H2 9.74 0.26 10.00
2026/H2 479.59 32.38 511.97 2045/H1 9.43 0.23 9.66
2027/H1 469.09 26.28 495.36 2045/H2 9.43 0.19 9.62
2027/H2 466.58 24.24 490.82 2046/H1 8.58 0.15 8.73
2028/H1 416.52 18.93 435.44 2046/H2 6.09 0.13 6.21
2028/H2 413.51 16.75 430.25 2047/H1 4.85 0.10 4.95
2029/H1 390.02 12.64 402.66 2047/H2 4.73 0.09 4.82
2029/H2 362.05 10.15 372.20 2048/H1 4.33 0.07 4.40
2030/H1 198.21 7.06 205.27 2048/H2 4.16 0.05 4.21
2030/H2 119.16 5.97 125.13 2049/H1 1.90 0.04 1.95
2031/H1 96.76 5.27 102.03 2049/H2 1.88 0.03 1.92
2031/H2 90.85 4.83 95.68 2050/H1 1.59 0.03 1.62
2032/H1 89.93 4.41 94.33 2050/H2 1.57 0.02 1.59
2032/H2 85.49 3.99 89.48 2051/H1 0.58 0.02 0.60
2033/H1 69.85 3.36 73.21 2051/H2 0.58 0.01 0.59
2033/H2 67.30 3.07 70.37 2052/H1 0.58 0.01 0.59
2034/H1 65.82 2.79 68.61 2052/H2 0.58 0.01 0.59
2034/H2 63.14 2.52 65.66 2053/H1 0.58 0.01 0.59
2035/H1 61.87 2.24 64.11 2053/H2 0.58 0.00 0.58
2035/H2 54.20 1.98 56.18 2054/H1 0.58 0.00 0.58
2036/H1 50.27 1.74 52.00
Grand Total 15,540.93 1,862.49 17,403.42
Table ( 15 )
(US$ million)(1)
2018/H1 935.49 129.93 1065.41 2035/H2 188.20 39.52 227.72
2018/H2 1104.53 272.17 1376.70 2036/H1 148.74 37.31 186.05
2019/H1 835.81 254.03 1089.84 2036/H2 147.67 35.56 183.23
2019/H2 1361.86 241.86 1603.72 2037/H1 137.60 33.61 171.21
2020/H1 614.34 227.35 841.68 2037/H2 135.29 32.03 167.32
2020/H2 586.23 219.12 805.35 2038/H1 114.30 30.24 144.54
2021/H1 843.68 212.34 1056.02 2038/H2 89.78 28.98 118.75
2021/H2 820.91 202.17 1023.08 2039/H1 77.98 27.70 105.68
2022/H1 1103.50 195.82 1299.32 2039/H2 76.56 26.80 103.36
2022/H2 1084.22 184.19 1268.42 2040/H1 75.94 25.76 101.70
2023/H1 1103.71 173.71 1277.41 2040/H2 73.96 24.82 98.78
2023/H2 1083.87 163.26 1247.13 2041/H1 71.40 23.67 95.07
2024/H1 1070.31 153.21 1223.52 2041/H2 71.40 22.84 94.24
2024/H2 1055.29 142.98 1198.27 2042/H1 68.13 21.76 89.89
2025/H1 1037.07 132.56 1169.63 2042/H2 63.97 20.95 84.92
2025/H2 1030.80 123.00 1153.80 2043/H1 61.14 19.93 81.07
2026/H1 1040.02 132.80 1172.81 2043/H2 60.65 19.19 79.84
2026/H2 1016.05 105.78 1121.83 2044/H1 60.15 18.28 78.43
2027/H1 747.84 97.10 844.94 2044/H2 60.15 17.49 77.64
2027/H2 718.42 90.09 808.51 2045/H1 60.15 16.49 76.64
2028/H1 401.49 84.08 485.57 2045/H2 60.15 15.75 75.90
2028/H2 362.10 79.92 442.03 2046/H1 60.15 14.77 74.92
2029/H1 330.01 75.65 405.66 2046/H2 60.15 14.03 74.18
2029/H2 312.24 71.98 384.22 2047/H1 60.15 13.05 73.21
2030/H1 288.54 68.39 356.92 2047/H2 60.16 12.31 72.47
2030/H2 258.84 65.28 324.13 2048/H1 59.88 11.39 71.27
2031/H1 244.91 62.32 307.24 2048/H2 58.79 10.60 69.39
2031/H2 242.87 59.59 302.46 2049/H1 52.86 9.63 62.49
2032/H1 237.75 56.90 294.65 2049/H2 52.86 8.97 61.82
2032/H2 234.05 54.13 288.18 2050/H1 52.86 8.08 60.94
2033/H1 220.08 51.23 271.32 2050/H2 50.61 7.41 58.02
2033/H2 211.61 48.81 260.42 2051/H1 35.91 6.56 42.47
2034/H1 208.79 46.28 255.07 2051/H2 33.91 6.14 40.04
2034/H2 199.52 44.01 243.53 2052/H1 19.21 0.60 19.80
2035/H1 190.19 41.66 231.85 2052/H2 16.91 0.28 17.19
(2) (3)
Grand Total 25,714.63 5,026.17 30,740.80
(2) Excludes US$ 1,306.05 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.
(3) Includes US$ 336.96 million representing forecast interest of SDR allocation.
Figure 15
Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service
as of April 1, 2018
US$ mn
3000
2500
2000
1500
1000
500
0
2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051
Principal Interest Total
50
Table ( 16 )
Projected Sovereign Notes (*)
Debt Service as of April 1, 2018
(US$ million)
2018/H1 0.00 30.33 30.33 2029/H2 0.00 12.79 12.79
2018/H2 0.00 30.21 30.21 2030/H1 0.00 12.79 12.79
2019/H1 0.00 30.21 30.21 2030/H2 0.00 12.79 12.79
2019/H2 0.00 30.21 30.21 2031/H1 0.00 12.79 12.79
2020/H1 605.66 30.21 635.86 2031/H2 0.00 12.79 12.79
2020/H2 0.00 12.79 12.79 2032/H1 0.00 12.79 12.79
2021/H1 0.00 12.79 12.79 2032/H2 0.00 12.79 12.79
2021/H2 0.00 12.79 12.79 2033/H1 0.00 12.79 12.79
2022/H1 0.00 12.79 12.79 2033/H2 0.00 12.79 12.79
2022/H2 0.00 12.79 12.79 2034/H1 0.00 12.79 12.79
2023/H1 0.00 12.79 12.79 2034/H2 0.00 12.79 12.79
2023/H2 0.00 12.79 12.79 2035/H1 0.00 12.79 12.79
2024/H1 0.00 12.79 12.79 2035/H2 0.00 12.79 12.79
2024/H2 0.00 12.79 12.79 2036/H1 0.00 12.79 12.79
2025/H1 0.00 12.79 12.79 2036/H2 0.00 12.79 12.79
2025/H2 0.00 12.79 12.79 2037/H1 0.00 12.79 12.79
2026/H1 0.00 12.79 12.79 2037/H2 0.00 12.79 12.79
2026/H2 0.00 12.79 12.79 2038/H1 0.00 12.79 12.79
2027/H1 0.00 12.79 12.79 2038/H2 0.00 12.79 12.79
2027/H2 0.00 12.79 12.79 2039/H1 0.00 12.79 12.79
2028/H1 0.00 12.79 12.79 2039/H2 0.00 12.79 12.79
2028/H2 0.00 12.79 12.79 2040/H1 372.12 12.79 384.91
2029/H1 0.00 12.79 12.79
Grand Total 977.78 662.82 1,640.60

(*) Consists of Two Notes
The Sovereign Note Nominal Value Amounted US$ 1000 MM , Interest Rate is Fixed 5.75 % issued on 29/4/2010 and due on 29/4/2020 .
The Sovereign Note Nominal Value Amounted US$ 500 MM , Interest Rate is Fixed 6.875 % issued on 30/4/2010 and due on 30/4/2040 .
Table ( 17 )
(*)
Projected Euro-Bond
(US$ million)
Period Principal Interest Total
2018/H1 0.00 30.99 30.99
2018/H2 0.00 397.12 397.12
2019/H1 0.00 395.88 395.88
2019/H2 0.00 395.88 395.88
2020/H1 0.00 395.88 395.88
2020/H2 0.00 395.88 395.88
2021/H1 0.00 395.88 395.88
2021/H2 0.00 395.88 395.88
2022/H1 2,215.98 395.88 2,611.86
2022/H2 0.00 328.02 328.02
2023/H1 1,171.00 328.02 1,499.02
2023/H2 0.00 295.36 295.36
2024/H1 0.00 295.36 295.36
2024/H2 0.00 295.36 295.36
2025/H1 971.72 295.36 1,267.08
2025/H2 0.00 266.82 266.82
2026/H1 0.00 266.82 266.82
2026/H2 0.00 266.82 266.82
2027/H1 1,702.91 266.82 1,969.73
2027/H2 0.00 202.96 202.96
2028/H1 1,136.50 202.96 1,339.46
2028/H2 0.00 165.52 165.52
2029/H1 0.00 165.52 165.52
2029/H2 0.00 165.52 165.52
2030/H1 0.00 165.52 165.52
2030/H2 0.00 165.52 165.52
2031/H1 0.00 165.52 165.52
2031/H2 0.00 165.52 165.52
2032/H1 0.00 165.52 165.52
2032/H2 0.00 165.52 165.52
2033/H1 0.00 165.52 165.52
2033/H2 0.00 165.52 165.52
2034/H1 0.00 165.52 165.52
2034/H2 0.00 165.52 165.52
2035/H1 0.00 165.52 165.52
2035/H2 0.00 165.52 165.52
2036/H1 0.00 165.52 165.52
2036/H2 0.00 165.52 165.52
2037/H1 0.00 165.52 165.52
2037/H2 0.00 165.52 165.52
2038/H1 0.00 165.52 165.52
2038/H2 0.00 165.52 165.52
2039/H1 0.00 165.52 165.52
2039/H2 0.00 165.52 165.52
2040/H1 0.00 165.52 165.52
2040/H2 0.00 165.52 165.52
2041/H1 0.00 165.52 165.52
2041/H2 0.00 165.52 165.52
2042/H1 0.00 165.52 165.52
2042/H2 0.00 165.52 165.52
2043/H1 0.00 165.52 165.52
2043/H2 0.00 165.52 165.52
2044/H1 0.00 165.52 165.52
2044/H2 0.00 165.52 165.52
2045/H1 0.00 165.52 165.52
2045/H2 0.00 165.52 165.52
2046/H1 0.00 165.52 165.52
2046/H2 0.00 165.52 165.52
2047/H1 2,500.00 165.52 2,665.52
2047/H2 0.00 59.27 59.27
2048/H1 1,500.00 59.27 1,559.27
Grand Total 11,198.11 12,918.36 24,116.47
(*) Euro Bond Nominal Value Amounted US$ 12,500 MM, detailed as:
US$ 1500 MM issued on 11/6/2015 and due on 11/6/2025 with Fixed Interest Rate 5.875%
US$ 2500 MM (US$ 1750 MM issued on 31/1/2017 and US$ 750 MM issued on 31/5/2017) due on 31/1/2022 with Fixed Interest Rate 6.125%
Table ( 18 )
Projected Medium and Long-Term Deposits for Kuwait
as of April 1, 2018
(US$ million)
2018/H1 666.00 25.09 691.09
2018/H2 2,000.00 52.29 2,052.29
2019/H1 667.00 16.86 683.86
2019/H2 0.00 8.48 8.48
2020/H1 667.00 8.48 675.48
(*)
Grand Total 4,000.00 111.19 4,111.19
(*) Consists of Two Deposits :

The First Deposit Amounted US$ 2000 MM , Interest Rate is Libor 12 months deposited on 24/9/2013 and
due on 21/9/2018 Interest Paid on annual basis .
The Second Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 21/4/2015 and due on 23/4/2018, 22/4/2019
and 22/4/2020 (Three installments) Interest Paid on Semi-annual basis.
Table ( 19 )
Projected Medium Term Deposit for Libya
as of April 1, 2018
(US$ million)
2018/H1 250.00 0.00 250.00
(*)
Grand Total 250.00 0.00 250.00
(*) Amounted US$ 2000 MM, no Interest Rate, deposited on 12/4/2013 and due from 11/7/2016 up to 11/4/2018
Quarterly (Each quarter amount: US$ 250 MM).

Table ( 20 )
Projected Medium and Long-Term Deposits for Saudi Arabia
as of April 1, 2018
(US$ million)
2018/H1 766.00 61.49 827.49
2018/H2 2,100.00 89.63 2,189.63
2019/H1 766.00 87.45 853.45
2019/H2 3,100.00 33.58 3,133.58
2020/H1 768.00 9.40 777.40
(*)
Grand Total 7,500.00 281.55 7,781.55
(*) Consists of Five Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding is US$ 500 MM) , Interest Rate is Libor 3 months deposited on 9/5/2012
and due from 13/11/2015 up to 9/5/2020 (Equal 10 semiannual installments, USD 100 MM).
The Second Deposit Amounted US$ 2000 MM , no Interest Rate deposited on 19/7/2013 and due on 19/7/2018.
The Third Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 23/4/2018, 22/4/2019
The Fourth Deposit Amounted US$ 3000 MM , Interest Rate is Fixed 4.50 % (2000 MM deposited on 23/9/2016 and 1000 MM deposited
on 16/5/2017) and due on 1/7/2019 Interest Paid on Quarterly-annual basis.
Table ( 21 )
Projected Medium and Long-Term Deposits for United Arab Emirates
as of April 1, 2018
(US$ million)
2018/H1 0.00 47.03 47.03
2018/H2 0.00 58.22 58.22
2019/H1 1,000.00 90.92 1,090.92
2019/H2 0.00 78.19 78.19
2020/H1 1,000.00 78.51 1,078.51
2020/H2 0.00 65.66 65.66
2021/H1 1,000.00 65.57 1,065.57
2021/H2 1,000.00 51.08 1,051.08
2022/H1 0.00 35.99 35.99
2022/H2 900.00 23.80 923.80
2023/H1 0.00 17.89 17.89
2023/H2 1,000.00 17.60 1,017.60
(*)
Grand Total 5,900.00 630.45 6,530.45
(*) Consists of Four Deposits :

The First Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 3.00 % deposited on 17/7/2013 and due on 15/7/2021, Interest Paid on Semi-annual basis
The Second Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 3.50 % deposited on 17/7/2013 and due on 17/7/2023, Interest Paid on Semi-annual basis
The Third Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 3.00 % for US$ 666.67 million deposited on 22/4/2015 and due on 20/4/2021,
and Interest Rate is Fixed 2.50 % for US$ 1333.33 MM deposited on 22/4/2015 and due on 22/4/2019 and 22/4/2020 (Two installments) Interest Paid on Semi-annual basis.
The Fourth Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 2.50 % deposited on 31/5/2016 and due on 30/5/2019, 30/5/2020
The Fifth Deposit Amounted US$ 1000 MM (Outstanding is US$ 900 MM) , Interest Rate is Fixed 4.00 % deposited on 31/8/2016
and due from 16/3/2017 up to 31/8/2022 Interest Paid on monthly basis.
Table ( 22 )
Projected Short-Term Debt
(US$ million)(1)
Apr-18 2,012.57 6.07 2,018.64
May-18 836.67 43.33 880.00
Jun-18 705.31 4.60 709.91
Jul-18 338.99 1.24 340.23
Aug-18 509.86 47.08 556.94
Sep-18 445.75 14.43 460.18
Oct-18 295.24 1.58 296.82
Nov-18 3,168.93 43.99 3,212.92
Dec-18 3,018.81 0.00 3,018.81
Jan-19 30.00 0.15 30.15
Feb-19 26.55 0.26 26.81
Mar-19 116.20 1.15 117.35
Grand Total 11,504.88 163.88 11,668.76

Table ( 23 )
Exchange Rates of the Currencies of External Debt Versus US Dollar
as at End of March
Country Currency 2015 2016 2017 2018
United States USD 1.00 1.00 1.00 1.00
Switzerland CHF 0.97 0.96 1.00 0.96
Denmark DKK 6.96 6.54 6.93 6.05
Egypt EGP 7.52 8.77 18.08 17.58
Sweden SEK 8.66 8.10 8.91 8.35
Japan JPY 119.99 112.34 111.16 106.52
India INR 62.59 66.33 64.93 65.22
United Kingdom GBP 0.68 0.70 0.80 0.71
Canada CAD 1.28 1.29 1.33 1.29
Australia AUD 1.32 1.30 1.30 1.30
Norway NOK 8.12 8.28 8.54 7.86
Euro EURO 0.93 0.88 0.93 0.81
Special Drawing Rights SDR 0.72 0.71 0.74 0.69
Kuwait KWD 0.30 0.30 0.30 0.30
United Arab Emirates AED 3.67 3.67 3.67 3.67
Saudi Arabia SAR 3.75 3.75 3.75 3.75
Chinese Yuan CNY 6.20 6.46 6.89 6.29

Appendix III
Box Page
I- Egypt's Subscription to SDDS and Data Quality Dimensions……………… 1 61
II- Egypt's Data Quality Dimensions…………………………………………... 2 62
III- Doing Business in Egypt…………………………………………………… 3 63
IV- Tourism Sector Performance …...…. …………..…………………………… 4 64
- Glossary……………………………………………………………………. 65
Box. (1): Egypt's Subscription to SDDS and Data Quality Dimensions:
In 1996, the International Monetary Fund (IMF) introduced the Special Data Dissemination
Standard (SDDS). The SDDS is intended to guide countries that have, or seek to have, access
to international capital markets in their provision of economic and financial statistics.
Subscription to SDDS is voluntary and it requires subscribers to observe the standard and
provide information on data and dissemination practices (the metadata) to the IMF for re-
dissemination. The standard identifies 4 dimensions of data dissemination: coverage,
periodicity, and timeliness; access by the public; the integrity of the disseminated data; and
the quality of the data themselves. In particular, the data dimension lists 18 data categories,
providing coverage for 4 sectors (real, financial, fiscal and external) of the economy and
prescribes minimum timeliness and frequency standards, summarized in the table below.
On January 31, 2005, Egypt became the 59th subscriber to the International Monetary Fund's
Special Data Dissemination Standard (SDDS). The report of the External Position contains
external sector data that cover external debt, balance of payments, international reserves,
merchandise trade, international investment position (IIP) and exchange rates. Such data are
published in compliance with the requirement under the Special Data Dissemination
Standard (SDDS) of the IMF. The Central Bank of Egypt compiles these statistics and
disseminates them through press releases, its website, and at the same time, on the IMF's
Dissemination Standards Bulletin Board (DSBB). Also, these data are included in the CBE's
main publications: quarterly Economic Review, Annual Report and Monthly Statistical
Bulletin. As the title indicates, the most comprehensive and complete databases are those
available from national sources, supplying high quality, timely and accurate data to
international financial community to support investment activity.
SDDS Data Categories and Related Periodicity & Timeliness Standards
SDDS Data Category Periodicity Minimum Timeliness

Real Sector
National accounts Quarterly 1 Quarter
Production indices Monthly 6 weeks
Employment, unemployment, wage/earnings Quarterly 1 Quarter
Consumer price index Monthly 1 Month
Fiscal Sector
General Government operations Annual 2 quarters
Central Government operations Monthly 1 Month
Central Government debt Quarterly 1 Quarter
Financial Sector
Analytical accounts of the banking sector Monthly 1 Month
Analytical accounts of the Central Bank Monthly 2 weeks
Interest rates and stock market Daily * No timeliness standard set
External Sector
Balance of payments Quarterly 1 Quarter
International reserves Monthly 1 week
Merchandise trade Monthly 8 weeks
International Investment Position (IIP) Quarterly 1 quarter
External debt Quarterly 1 Quarter
Exchange rates Daily *No timeliness standard set
Source: IMF's Statistics Department.
http://dsbb.imf.org/Pages/SDDS/CtyCtgList.aspx?ctycode=EGY
Box. (2):Egypt's Data Quality Dimensions*:

According to international rating agencies, having efficient, effective and reliable economic data,
especially in developing countries, is becoming increasingly crucial to assign an appropriate
sovereign credit rating. Thus, a lack of data in this area will automatically translate into a perception
of high risk. Therefore, highlighting the dimensions of Egypt's data quality by showing the results of
World Bank index (BBSC 2017) will be an appropriate way to show how reliable the Egyptian
official data are.
th
Egypt ranked 25 on World Bank's Bulletin Board on Statistical Capacity index on 146 developing
st
countries and 1 on the MENA and African regions, with an overall statistical capacity index of 83.3
points, compared to 87.8 in 2016.
Statistical Capacity Indicator 2017

(on a scale of 0-100)
Indicator Egypt All Countries
Overall 83.3 68.8
Methodology 70 57.1
Source Data 90 65.8
Periodicity & timeliness 90 83.4
A country's statistical capacity means its ability to extract and publish reliable and timely statistical
data, easily accessible by the public. The statistical capacity index, issued annually by the World
Bank, consists of three sub-indicators which include: methodology, data sources, and its periodicity
and timeliness. The latter measures the degree of information and data dissemination concerning
changes in government policy, and how easily that information can be accessed by the public. It is
worth mentioning that, aiming to improve the statistical capacity of 146 developing countries, the
World Bank provides information on various aspects of national statistical systems through the
BBSC indicator at its website.
As can be seen from the table and its chart, Egypt’s score outpaced the average score of all countries,
either on the level of the overall index, or on the level of its three sub-indicators.
_______________________________________
* Source: bbsc.Worldbank.org, accessed in November, 2017.
Box. (3): Doing Business in Egypt:

One of the most important indices and reports that is closely related to investment climate and
investor’s decisions is Doing Business. The Report has been designed and issued by the World Bank
Group on an annual basis since 2003. It provides objective measures of business regulations for
firms in 190 economies worldwide. The 2018 ranking on the ease of doing business is built upon
indicator sets that measure and benchmark regulations affecting 10 areas in a business’s life cycle.
Doing Business encompasses 2 types of data. The first is “Legal scoring indicators” that provides a
measure of legal provisions in the laws and regulations. The other type is “Time and motion
indicators”, which measures the efficiency and complexity in achieving a regulatory goal by
recording the procedures, time and cost to complete a transaction according to all relevant
regulations. By comparing business regulation environments across nations (the ease of doing
business ranking) and over time (the distance to frontier score), Doing Business encourages countries
to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves
as a resource for policymakers and other interested parties.
Topic Rankings 2018 Rank 2017 Rank Change in Rank

Overall index 128 122 -6
Distance to frontier score* 56.22 56.12 0.1
Starting a Business 103 39 -64
Dealing with Construction Permits 66 64 -2
Getting Electricity 89 88 -1
Registering Property 119 109 -10
Getting Credit 90 82 -8
Protecting Investors 81 114 +33
Paying Taxes 167 162 -5
Trading Across Borders 170 168 -2
Enforcing Contracts 160 162 +2
Resolving Insolvency 115 109 -6
* The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics.
During 2016/2017, Egypt made starting a business easier by merging procedures at the one-stop
shop and strengthened minority investor protections by increasing shareholder rights and role in
major corporate decisions and by clarifying ownership and control structures.
Area of Reform DB Year Reform Actions
It was made easier by reducing the paid-in minimum capital requirement by more
2009
than 80%, abolishing bar association fees, and automating tax registration.
2010 The minimum capital required to start a business was removed.
Starting a Business 2011 Egypt reduced the cost to start a business.
Egypt made starting a business easier by merging procedures at the one-stop shop
2017 by introducing a follow-up unit in charge of liaising with the tax and labor authority
on behalf of the company.
A new building code was introduced in 2008 aimed at reducing the procedures and
Dealing with 2009 time required to deal with construction permits by establishing a single window for
Construction processing construction-related approvals.
Permits Construction permits were made easier by issuing executive articles for the 2008
2010
construction law and eliminating most pre-approvals for construction permits.
Enforcing Contracts 2010 Contract enforcement was expedited with the creation of commercial courts.
Thanks to new regulations issued by the Central Bank, borrowers have the right to
2009
inspect their data in the private credit bureau.
Getting Credit
Access to credit information has expanded with the addition of retailers to the
2010
database of the private credit bureau.
Registering Simplified administrative procedures for registering property and new time limits have
Property 2009 reduced the time to transfer property in Cairo from 193 days to 72.
Alexandria port continued to upgrade its facilities and speed customs clearance,
2009
Trading Across reducing the time to export by 1 day and the time to import by 3 days.
Borders Egypt made trading easier by introducing an electronic system for submitting export
2011
and import documents.
New listing rules for the Cairo Stock Exchange strengthened protections for minority
2009 shareholders: now an independent body must assess transactions between
interested parties before they are approved.
Additional requirements have been introduced to strengthen minority investor
2015 protections; An approval of related-party transactions and greater requirements for
Protecting Minority disclosure of such transactions to the Egyptian Exchange.
Investors
2016 by barring subsidiaries from acquiring shares issued by their parent company.
by increasing shareholder rights and role in major corporate decisions and by
2017
clarifying ownership and control structures.
2018 by increasing shareholder rights and role in major corporate decisions.
upgrading port facilities at Alexandria and speeding up customs clearance, while
2009 greater competition in the banking sector led to a reduction in the time to open a letter
Trading Across
of credit.
Borders
Egypt made trading easier by introducing an electronic system for submitting export
2011
and import documents.
Source: www.doingbusiness.org, accessed in November 2017.
Box. (4):Tourism Sector Performance:

On Y-over-Y comparison, the tourism sector experienced an increase in activities during Q2 of
2017/2018, as it witnessed a sharp increase in all tourism indicators: tourism receipts, the number of
tourist arrivals, and the number of tourist nights compared to the same period last year. (Lines 1, 2,
and 5 in the table below).
Ministry of Tourism figures show that a total of around 2,398 thousand tourists came from all over
the world and spent 23,876 thousand nights in Q2 of 2017/2018, with an increase of 53.97 percent
and 138.50 percent, respectively, compared with the same period of the previous year. The 53.97
percent increase in tourist arrivals resulted from more visitors coming from European countries (76.5
percent of total increase). Moreover, other regions have contributed to the total increase in tourist
arrivals as follows: Middle East region (9.5 percent), African countries (6.3 percent), Asia & the
Pacific region (4.8 percent), and the Americas (3.0 percent).
The average expenditure per night scaled up to US$ 95.6/night in Q2 of 2017/2018 from US$ 82.5/
night in the corresponding quarter a year earlier (line 7 in the following table). This increase was
mainly attributed to the pickup in the number of tourist arrivals and the huge increase in the number
of tourist nights.
Spurred by the increase in the number of tourist nights (53.97 percent), combined with the increasing
effect of the average expenditure per night (15.89 percent), travel receipts' data in the balance of
payments recorded an increase of US$ 1457 million or 176.4 percent to US$ 2282.5 million in the
second quarter of 2017/18.
During Q2 of 2017/2018, data show that visitors stayed longer on average with10.4 nights per
person compared to 6.4 nights per person in the same period of the previous year (line 6). Moreover,
African tourists headed the list in terms of the length of stay per visitor, with an average of 17.1
nights/visitor. The Middle East countries and the Americas followed with 13.2 and 12.7 nights per
visitor, respectively, then the European countries with 9 nights/visitor, and Asia & the Pacific region
with 8.8 nights/visitor.
2015/16 2016/17 2017/18
Indicators of Tourism Activity 2015/16 2016/17
Q2 Q2 Q1 Q2
1. Tourism Receipts (USD mn) 3,767.5 4,380.0 981.1 825.8 2,697.0 2,282.5
2. Stay-over Visitors (x 1.000) 6,874.0 6,623.0 1,908.1 1,557.5 2,334.0 2,398.2
3. Market Shares (% of Tourist Arrivals) 100.0 100.0 100.0 100.0 100.0 100.0
a. European Countries 62.8 51.2 68.1 54.4 54.5 62.2
b. Middle East Countries 20.7 26.9 17.3 24.2 28.1 19.0
c. African Countries 6.6 8.4 5.4 7.3 7.6 7.0
d. The Americas 4.1 4.7 3.7 4.7 4.0 4.1
e. Asia & the Pacific 5.5 8.5 5.2 9.0 5.5 7.5
f. Other Countries 0.3 0.3 0.3 0.3 0.2 0.2
4. Market Shares (% of Tourist Nights) 100.0 100.0 100.0 100.0 100.0 100.0
a. European Countries 65.2 49.9 71.0 54.3 46.3 54.8
b. Middle East Countries 21.5 29.6 17.6 28.6 33.6 24.0
c. African Countries 5.4 8.5 4.2 5.6 9.7 9.9
d. The Americas 3.8 5.5 3.5 4.8 6.0 4.8
e. Asia & the Pacific 4.0 6.4 3.6 6.6 4.2 6.3
f. Other Countries 0.1 0.1 0.1 0.1 0.2 0.3
5. Visitor Nights (x 1.000) 51,779 50,897 14,535 10,010 28,209 23,876
6. Average Nights Spent (per Visitor) 7.5 7.7 7.6 6.4 12.1 10.4
7. Receipts per Visitor Nights
72.8 86.1 67.5 82.5 95.6 95.6
(USD/night)
8. Contribution to Current Receipts % 7.2 7.8 7.9 6.1 15.2 12.3
Sources: CBE, MOT, and CAPMAS.
Glossary
Balance of Payments: a statistical from future restructuring (subordi-
statement that summarizes, for a nation strategy). In exceptional cases,
specific period of time, the economic arrears on post-cutoff-date debt can
transactions of an economy with the be deferred over short periods of time
rest of the world. in restructuring agreements.
Bilateral Debt: Loans extended by a Debt Instruments: Existing debt
bilateral creditor. instruments typically arise out of
contractual relationships under which
Bilateral Rescheduling Agree- an institutional unit (the debtor) has
ments: Rescheduling agreements an unconditional liability to another
reached bilaterally between the institutional unit (the creditor) to
debtor and creditor countries. These repay principal with or without
are legally the equivalent of new loan interest, or to pay interest without
agreements. After a Paris Club principal. These instruments include
rescheduling, such agreements are debt securities, loans, trade credit,
required to put the debt restructuring and currency and deposits. Debt
set forth in the multinational Agreed instruments may also be created by
Minute into effect. the force of law—in particular,
Buyer’s Credit: A financial ar- obligations to pay taxes or to make
rangement in which a bank or other compulsory payments— or
financial institution, or an export through rights and obligations that
credit agency in the exporting result in a debtor accepting an
country, extends a loan directly to a obligation to make future payment(s)
foreign buyer or to a bank in the to a creditor.
importing country to pay for the Debt Service: Refers to payments in
purchase of goods and services from respect of both principal and interest.
the exporting country (also known as Actual debt service is the set of
financial credit). This term does not payments actually made to satisfy a
refer to credit extended directly from debt obligation, including principal,
the buyer to the seller (for example, interest, and any late payment fees.
through advance payment for goods Scheduled debt service is the set of
and services). payments, including principal and
Capital Account: a BOP account interest, which is required to be made
that covers capital transfers and the through the life of the debt.
acquisition or disposal of non- Debt Sustainability Analysis: A
produced non-financial items, such as study of a country’s medium- to
patents.
long-term debt situation. A country’s
Current Account: a BOP account eligibility for support under the HIPC
that covers all transactions in goods, Initiative is determined on the basis
services, income, and current of such an analysis, jointly under-
transfers between residents and non- taken by the staffs of the IMF, the
residents. World Bank, and the country
Cutoff Date: The date (established at concerned.
the time of a country’s first Paris External Debt: Gross external debt,
Club debt reorganization / restruc- at any given time, is the outstanding
turing) before which loans must have amount of those actual current, and
been contracted in order for their not contingent, liabilities that require
debt service to be eligible for payment(s) of interest and/or prin-
restructuring. New loans extended cipal by the debtor at some point(s)
after the cutoff date are protected
in the future and that are owed to element of at least 25 percent (using
non-residents by residents of an a fixed 10 percent rate of discount).
economy. By convention, ODA flows comprise
contributions of donor government
Financial Account: a BOP account agencies, at all levels, to developing
that covers transactions between countries (“bilateral ODA”) and to
residents and non-residents in multilateral institutions. ODA
direct, portfolio, other investment, receipts comprise disbursements by
financial derivatives, and reserve bilateral donors and multilateral
assets. institutions. Lending by export credit
agencies - with the pure purpose of
Gross Domestic Product (GDP): export promotion - is excluded.
the value of an economy's total
output of goods and services, less Original Maturity: the period of
intermediate consumption, plus net time from when the financial
taxes on products and imports. It can
be broken down by output, ex- asset/liability was created to its final
penditure, or income components. maturity date.
The main expenditure aggregates are
final consumption of household and Paris Club: An informal group of
government, gross fixed capital creditor governments that has met
formation, changes in inventories and regularly in Paris since 1956 to
imports and exports of goods and reschedule bilateral debts; the French
services. treasury provides the secretariat.
International Investment Position Creditors meet with a debtor country
(IIP): The IIP is the stock of external to reschedule its debts as part of the
financial assets and liabilities on a international support provided to a
specified reference date, usually the country that is experiencing debt
end of the quarter or year. The servicing difficulties and is pursuing
change in position between two end- an adjustment program supported by
periods reflects financial trans- the IMF. The Paris Club does not
actions, valuation changes, and other have a fixed membership, and its
adjustments occurring during the meetings are open to all official
period. creditors that accept its practices and
Long-Term External Debt: Ex- procedures. The core creditors are
ternal debt that has a maturity of mainly OECD member countries, but
more than one year. Maturity can be other creditors attend as relevant for a
defined either on an original or debtor country. Russia became a
remaining basis. member in September 1997.
Multilateral Creditors: These cre- Remaining (Residual) Maturity:

ditors are multilateral institutions The period of time until debt
such as the IMF and the World Bank, payments fall due. In the External
as well as other multilateral Debt Guide, it is recommended that
development banks. short-term remaining maturity of
outstanding external debt be mea-
Official Development Assistance sured by adding the value of
(ODA): Flows of official financing
administered with the promotion of outstanding short-term external debt
the economic development and (original maturity) to the value of
welfare of developing countries as outstanding long-term external debt
the main objective, and which are (original maturity) due to be paid in
concessional in character with a grant one year or less.

Egypt - External Position Quarterly Report Volume No61 2017-2018

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Egypt - External Position Quarterly Report Volume No61 2017-2018

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Central Bank of Egypt

External Position of the Egyptian Economy

Volume No. (61)

Enthused by the CBE keenness to enhance its disclosure,

Section I: Balance of Payments (BOP)

Section II: International Investment Position (IIP) 7-8

Section III: External Liquidity

Section IV: External Debt

Section V: Exchange Rate Developments 15

Section VI: Statistics

Table of Contents (Cont.)

F- Exchange Rates of the Currencies of

Balance of Payments (BOP)

E gypt's transactions with the

account deficit was mainly 20.0

ments: the services surplus surged -10.0

US$ 7.8 billion (against about US$ -40.0

- As for imports, Egypt's trade

Chart (7) : Services Balance

Hereunder is the geographical distri- 2016/2017

 Government services receipts to and the expenses of Egyptian

1.4:Unrequited Current Transfers (Net) 2- Capital and Financial Account

Chart (12): Total FDI in Egypt by Economic Sector

B- Portfolio investment in Egypt D- Short-term suppliers' credit

International Investment Position (IIP)

International Investment Position (IIP)

-131.0 -133.5 -139.6 Assets Portfolio

* Released as of September 2009 according to

2- Liabilities increased by 13.8 Indicators:

The increase was mainly due to the

- Other investment liabilities Chart (5)

US$ bn (Balance at End of the Month) Month

The increase was a result of the rise 5.0

11.1 billion and in gold by US$ 0.2 -10.0

Net Foreign Assets

billion at end of March 2018. 3000.0 30.0

Likewise, local currency deposits 1500.0 15.0

the ratio of foreign currency deposits 0.0

to total deposits made up 23.7 percent Foreign Currency Deposits

A- Breakdown by Maturity External Debt by Residual Maturity (US$

By original maturity, external debt at end of March 2018 million)

B- Breakdown by Type Short-term debt decreased by about

reached about US$ 7.9 billion or Long-term Short-term

 International and regional

debt, as follows: the Euro was the France

by the Special Drawing Rights* (10.2 USA

percent, the Chinese yuan (3.2 International

percent), the Kuwaiti dinar (2.8 organizations

percent). Egyptian Germany

UK (1.3 percent). In addition, 5.9

China with a value of US$ 5.1

F- External Debt Indicators*

Exchange Rate Developments

Exchange Rate Developments

USD Interbank rate(average) USD market rate(buying price)

Euro market rate(buying price)

BOP Current Account ………………………………………. 1 19

BOP Capital and Financial Account (contd.) ………………. 20

II- International Investment Position (IIP) 2 21

III- Coordinated Portfolio Investment Survey (CPIS) 3 22

IV- External Liquidity

NIR & NFA at Banks ………………………………………. 4 23

External Debt by Type …………………………………........ 5 24