July/December 2017/18 · Tourism revenues to about US$ 5.0 billion (against about US$ 1.6 billion), driven by the increase in the number of tourist nights to 52.1 million nights (against

Central Bank of Egypt

External Position of the Egyptian Economy

July/December 2017/18

Volume No. (60)

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 downloadable from CBE 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

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- 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 31-47

B- Disbursed and Undisbursed Amounts for

Signed Loans & Deposits 48

C- Projected Medium- and Long-Term Public

and Publicly Guaranteed External Debt

Service

49-70

D- Projected Short-Term Debt 71

E- Exchange Rates of the Currencies of

External Debt versus US Dollar

72

Appendix III

Box. (1): Egypt's Subscription to SDDS and

Data Quality Dimensions

75

Box. (2): Egypt's Data Quality Dimensions 76

Box. (3): Doing Business in Egypt 77

Box. (4): Tourism Sector Performance 78

Glossary 79


Overview

Aiming to place Egypt's external position on a more sustainable footing and encourage foreign investors back to the country, the CBE decided on 3 November 2016 to unpeg the Egyptian pound, allowing its value to float. Accordingly, bid and ask exchange rates would be determined by forces of demand and supply. By floating the pound, the Central Bank would eventually be able to fully dismantle FX restrictions, reducing disruptions to activity. Such a courageous move aims to quash the currency parallel market and attract the much-needed foreign capital.

This Decision helped replenish international reserves through the official market.

Egypt's transactions with the external world recorded an overall BOP surplus of about US$ 5.6 billion during the first half of FY 2017/2018 (against about US$ 7.0 billion in the corresponding period). The current account deficit narrowed by 64.0 percent to about US$ 3.4 billion (from about US$ 9.4 billion). The capital and financial account recorded a net inflow of about US$ 10.4 billion (against about US$ 18.7 billion). The decline in the current ac-count deficit was mainly traceable to the following developments: the services surplus surged, recording about US$ 5.3 billion, net unrequited current transfers scaled up by 29.5 percent to about US$ 13.1 billion, the trade deficit narrowed by 1.4 percent to about US$ 18.7 billion, and the income balance ran a deficit of about US$ 3.0 billion. The capital and financial account revealed the following develop-ments: the net inflows of FDI in Egypt registered about US$ 3.8 billion, portfolio investment in Egypt accelerated, registering a net

inflow of US$ 8.0 billion, and other assets and liabilities achieved a net outflow of about US$ 5.7 billion. Egypt’s International Investment Position (IIP) at end of December 2017 recorded net external liabilities (assets minus liabilities) of about US$ 139.6 billion, up by 6.6 percent compared to end of June 2017. Net International Reserves (NIR) increased by US$ 5.7 billion to reach US$ 37.0 billion, thus covering 7.2 months of merchandise imports at end of December 2017. The increase was a result of the rise of foreign currencies by about US$ 5.6 billion and of gold by US$ 0.1 billion. During the Report’s preparation, NIR reached US$ 44.0 billion at end of April 2018. Banks’ net foreign assets increased by around US$ 0.03 billion during July/ December 2017/2018. Foreign currency deposits with banks decreased by 0.2 percent during the period concerned, reaching US$ 38.4 billion at end of December 2017. As a percentage of total deposits, they made up 24.3 percent. Total external debt increased by about 4.9 percent to about US$ 82.9 billion at end of December 2017, from US$ 79.0 billion at end of June 2017. The external debt remains within manageable limits, and its position continues to have a favorable struc-ture, as 86.6 percent of the debt are medium- and long-term. The weighted average of the inter-bank foreign exchange market rate revealed that the Egyptian pound interbank rate depreciated by 2.0 percent during July/Dec. 2017/2018, as the EGP reached 17.7277 per US dollar at end of December 2017, against EGP 18.0911 per US dollar at end of June 2017.

Section I

Balance of Payments (BOP)

Central Bank of Egypt – External Position 1

BOP Performance

gypt's transactions with the external world recorded an

overall BOP surplus of about US$ 5.6 billion during the first half of the fiscal year 2017/2018 (against about US$ 7.0 billion in the corresponding period). The current account deficit narrowed by 64.0 percent to about US$ 3.4 billion (from about US$ 9.4 billion). The capital and financial account recorded a net inflow of about US$ 10.4 billion (against about US$ 18.7 billion). Chart (1) shows the developments in Egypt’s BOP main components, on quarterly basis.

1- Current Account The decline in the current account deficit was mainly traceable to the following develo-pments: the services surplus surged, recording about US$ 5.3 billion (against about US$ 1.8 billion), net unrequited current transfers scaled up by 29.5 percent to about US$ 13.1 billion (versus about US$ 10.1 billion), the trade deficit narrowed by 1.4 percent to about US$ 18.7 billion (from about US$ 19.0 billion), and the income balance ran a deficit of about US$ 3.0 billion.

1.1: Trade on Goods Trade volume increased by 7.4 percent, to reach US$ 42.9 billion (18.7 percent of GDP) during July/December 2017/18. The trade deficit decreased by US$ 268.5 million, to US$ 18.7 billion (8.2 percent of GDP) from US$ 19.0 billion, due to the following developments: Merchandise exports increased by 15.4 percent to US$ 12.1 billion, due to the increase in both oil exports by 29.9 percent, to reach US$ 3.8 billion (31.6 percent of total exports) and in non-oil exports by 9.7 percent to reach US$ 8.2 billion (68.4 percent of total exports). As a result, the exports/imports ratio mounted to 39.1 percent, from 35.5 percent.

Merchandise imports increased by 4.5 percent to US$ 30.8 billion, reflecting the increase in both oil imports by 12.2 percent to US$ 6.0 billion (19.4 percent of total imports), and in non-oil imports by 2.9 percent to US$ 24.8 billion (80.6 percent of total imports).

The following charts illustrate the distribution of commodity exports by

degree of processing and imports by degree of use during July/December 2017/18.

E

-35.0

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

2015/2016 2016/2017 2017/2018

عنوان المحور

Chart (2): Oil & Non-oil Exports and Imports July/December

oil exports non-oil exports oil imports

non-oil imports Trade balance

US $ bnUS$ bnUS$ bn

-6.0-4.0-2.00.02.04.06.08.0

10.012.0

Q1 Q2 Q1 Q2

2016/2017 2017/2018

US$ bnChart (1) : Egypt's BOP Main Components

Capital & Financial Account Current Account Overall Balance


Hereunder is the geographical distri-bution of merchandise exports and imports:

- Egypt's main trade partners in terms of exports were UAE, Italy, USA, UK, Turkey, Saudi Arabia, Germany, India, Switzerland, and Spain. These countries combined accounted for some 57.5 percent of total exports.

- As for imports, Egypt's trade

partners were China, UAE, Saudi Arabia, Russia, Germany, USA, UK, France, Switzerland, Brazil, Italy and Turkey. These countries combined, accounted for some 53.8 percent of total imports.

- As for imports, Egypt's trade partners were China, UAE, Saudi Arabia, Russia, Germany, USA, UK, France, Switzerland, Brazil, Italy, and Turkey. These coun-tries combined accounted for some 53.8 percent of total imports.

1.2: Services Balance Services surplus surged, recording US$ 5.3 billion (against US$ 1.8 billion), as the increase in services receipts outpaced the rise in services payments, as follows:

1.2.1: Services receipts increased by 62.5 percent, to some US$ 10.7 billion (against about US$ 6.6 billion), driven by the increase in the following items: Tourism revenues to about US$

5.0 billion (against about US$ 1.6 billion), driven by the increase in the number of tourist nights to 52.1 million nights (against 19.2 million nights). This was con-current with the increase in the average tourist spending per night from US$ 82.5 to US$ 95.6.

Transportation receipts by 18.8

percent to about US$ 4.4 billion (against some US$ 3.7 billion), due to the increase in the receipts of Egyptian navigation and airline companies. Another contributing factor, the increase in Suez Canal dues by 10.1 percent to about US$ 2.8 billion (against some US$ 2.5 billion), which increased, in turn, as a result of the increase in net tonnage by 9.4 percent, and the increase of SDR against the US dollar by 2.1 percent.

EU26.9%

Other EU Countries

6.4%

Russian Federation &

C.I.S7.8%

USA4.4%

Arab Countries

20.4%

Asian Countries

(Non-Arab)19.6%

African Countries

(Non-Arab)1.5%

Australia& Other

Countries13.0%

Chart (6) : Imports by Geographical DistributionJuly/December 2017/2018

Chart (3): Proceeds of Merchandise Exports US$ 12.1 bn

Fuel, mineral oils &

products 32.5%

Raw materials

7.0 %

Semi-finished goods 16.9%

Finished goods 43.6%

Chart (4): Payments for Merchandise Imports

US$ 30.8 bn, of which

Fuel, mineral oils &

products 20.2%

Raw materials

9.5%

Inter-mediate goods 31.7%

Invest-ment goods

14.7%

Con-sumer goods 21.0%

EU34.3%

Other EU Countries

8.4%Russian Federation

&C.I.S0.8%

USA8.2%

Arab Countries

24.5%

Asian Countries

(Non-Arab)9.3%

African Countries

(Non-Arab)2.9%

Australia& Other

Countries11.6%

Chart (5) : Exports by Geographical Distribution July/December 2017/2018

-4.0-3.0-2.0-1.00.01.02.03.04.05.06.07.0

Q1 Q2 Q1 Q2

2016/2017 2017/2018

US$ bn

Chart (7) : Services Balance

Services Receipts Services Payments Services Balance


Government services receipts to US$ 269.7 million (against US$ 123.4 million), due to the increase in the Arab League expenses & the international organizations located in Egypt, and the expenses of the foreign embassies in Egypt.

On the other hand, Other services receipts decreased

by 7.7 percent to US$ 1.1 billion (against US$ 1.2 billion), due to the fall in the fees of communi-cation services, cultural & recreational services, legal and consultation fees.

1.2.2: Services payments rose by 12.0 percent, to about US$ 5.4 billion (against about US$ 4.9 billion), driven by the increase in the following items: Government services payments to

US$ 989.1 million (against US$ 374.8 million), reflecting the increase in expenses of other government payments, salaries of governmental employees abroad, and expenses of Egyptian embassies abroad.

Transportation payments by 22.9 percent, to US$ 733.9 million (against US$ 597.3 million), due to the rise in the amounts transferred by foreign airline and navigation companies.

Other services payments by 19.3 percent, to about US$ 2.6 billion (against about US$ 2.1 billion), driven by the increase in the amounts transferred abroad by communication services, computer services, and subscription to magazines & newspapers.

On the other hand, Travel payments fell by 33.3

percent to about US$ 1.2 billion (against about US$ 1.7 billion), due to the decline of e-card payments, pilgrimage (Hajj & Umrah) expenses, expenses of tourism and medical care, payments of travel agencies &hotels, and expenses of training and educational mission abroad.

1.3: Income Balance Investment income balance ran a deficit of about US$ 3.0 billion in July/Dec. 2017/18 (against some US$ 2.3 billion), as an outcome of the rise of investment income payments to register about US$ 3.5 billion (against some US$ 2.4 billion), 59.0 percent of which were profit transfers by (oil and non-oil) foreign com-panies operating in Egypt. Add to this the increase of investment income receipts to register US$ 412.7 million (against US$ 176.0 million).

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Q1 Q2 Q1 Q2

2016/2017 2017/2018

US$ bn

Chart (8): Services Balances

Other Services Balance Government Services Balance

Tourism Services Balance Transportation Services Balance

Services Balance

-2.0

-1.5

-1.0

-0.5

0.0

0.5

Q1 Q2 Q1 Q2

2016/2017 2017/2018

US$ bnChart (9): Income Balance

Income Receipts Income Payments Income Balance


1.4:Unrequited current transfers (Net) Net unrequited current transfers scaled up by 29.5 percent to US$ 13.1 billion (from US$ 10.1 billion), mainly due to the increase in net private transfers from US$ 10.0 billion to US$ 13.0 billion, supported by the increase in workers’ remit-tances by 29.3 percent. On the other hand, the net official transfers declined to US$ 68.3 million (from US$ 72.9 million). Against this background, some of the external balance indicators changed as shown in chart (11).

2- Capital and Financial Account The capital and financial account recorded a net inflow of about US$ 10.4 billion in July/Dec. 2017/18 (against some US$ 18.7 billion), as an outcome of:

A- Total FDI inflows registered about US$ 6.6 billion (against US$ 7.4 billion), while total outflows recorded about US$ 2.8 billion (against about US$ 3.1 billion). Accordingly, net inflows of FDI in Egypt decreased to about US$ 3.8 billion (against about US$ 4.3 billion). It is worth mentioning that net inflows for oil sector investments increased by 16.7 percent, to post about US$ 2.1 billion (against about US$ 1.8 billion).

The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share of 64.6 percent. As for the other sectors, the majority of FDI went to the services sectors, with 11.4 percent distributed as follows: the financial sector (2.8 percent), the real estate sector (2.5 percent), the communication and information technology (2.2 percent), tourism sector (0.3 percent), and other services sectors (3.6 percent). The share of the manufacturing sector was 10.4 percent, the construction sector was 5.7 percent, the agricultural sector was 0.1 percent, and the remaining portion was acquired by undistributed sectors.

0

0.5

1

1.5

2

2.5

3

3.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Q1 Q2 Q1 Q2

2016/2017 2017/2018

US$ bn

Chart (10) : Remittances of Egyptians Working Abroad

Workers' Remittances Remittances to GDP

(%)

74.4

136.2

35.5

91.5

197.7

39.1

0

50

100

150

200

250

Current Receipts / CurrentPayments

Services Receipts /Services Payments

Merchandise Exports /Merchandise Imports

%

Chart (11): External Balance Indicators July/Dec.

2016/2017

2017/2018


B- Portfolio investment in Egypt

augmented to unfold a net inflow of about US$ 8.0 billion (against US$ 212.9 million). This was largely ascribed to the rise in foreigners' investments in the Egyptian Treasury bills, record-ing net purchases of about US$ 8.1 billion (against US$ 686.7 million).

C- Medium - and long-term loans

and facilities achieved net disbursements of about US$ 3.5 billion (against about US$ 5.0 billion).

D- Short-term suppliers' credit realized net drawings of about US$ 1.1 billion (against about US$ 2.0 billion).

E- Other assets and liabilities achieved a net outflow of about US$ 5.7 billion (against a net inflow of about US$ 7.1 billion). This came on the back of the decline in the net change in the liabilities of the CBE to the external world, to post a net external repayment of about US$ 3.1 billion in the reporting period (against a net disbursement of about US$ 8.1 billion).

Petroleum sector64.6%

Construction sector5.7%

Agriculture sector0.1%

Manufacturing sector10.4%

Undistributed sector7.8%

Real Estate sector2.5%

Financial sector2.8%

Tourism sector0.3%

Communication sector2.2%

Other Services sector3.6%

Services sector11.4%

Chart (12): Total FDI in Egypt by Economic SectorJuly/Dec. 2017/2018

Section II

International Investment Position (IIP)


International Investment Position (IIP) At end of December 2017*

Egypt’s IIP at end of December

2017, recorded net external liabilities

(assets minus liabilities) of about

US$ 139.6 billion, up by 6.6 percent

compared to end of June 2017. As

such, Egypt’s foreign assets

represented about 34.5 percent of its

foreign liabilities against about 33.6

percent at end of June 2017.

Source: Appendix I, table (2).

Egypt's preliminary IIP data at end

of December 2017, showed an

increase in both Egypt's total assets

and liabilities compared to the

position at end of June 2017, to

record net liabilities of about US$

139.6 billion versus US$ 131.0

billion.

Assets and Liabilities by Component:

Assets increased by 11.0 percent to reach about US$ 73.7 billion at end of December 2017, from about US$ 66.4 billion at end of June 2017.

The increase was mainly due to the

following developments: - Reserve assets increased by 18.6

percent to about US$ 36.3 billion. - Other investment assets increased

by about 6.2 percent, to reach

about US$ 28.4 billion. - Foreign direct investments

increased by 1.8 percent to about

US$ 7.4 billion. - Portfolio investments abroad

decreased by 9.6 percent to about

US$ 1.6 billion.

* Released as of September 2009 according to SDDS requirements.

-172.7 -185.0-197.4 -208.8 -213.3

49.0 57.5 66.4 75.3 73.7

-123.7 -127.5 -131.0 -133.5 -139.6

-250

-200

-150

-100

-50

0

50

100

Dec. March June Sept. Dec.

2016 2017

US$ billion

Chart (1)International Investment Position (IIP)

End of

Assets Liabilities Net IIP

Direct investment

abroad 10.1%

Portfolio investment

2.1%

Other investment

38.5%

Reserve assets49.3%

Chart (2)Breakdown of Assets by Component

AssetsDec 2017


2- Liabilities increased by 8.1

percent to about US$ 213.3

billion at end of December 2017,

from about US$ 197.4 billion at

end of June 2017.

The increase was mainly due to the

following developments:

- Portfolio investments in Egypt

increased by 38.7 percent to

about US$ 29.7 billion.

- Other investment liabilities

increased by 5.6 percent to

about US$ 74.0 billion.

- FDI in Egypt increased by 3.5

percent to about US$ 109.6

billion.

Indicators:

- Egypt’s negative net IIP to GDP

at end of September 2017 in-

creased to about 59.6 percent,

versus about 55.8 percent at end

of June 2017.

- Assets to liabilities increased to

about 34.5 percent at end of

December 2017, from about

33.6 percent at end of June

2017.

Direct investment

in Egypt51.4%

Portfol io

investment 13.9%

Other

investment

34.7%

Chart (3) Breakdown of Liabilities by Component

LiabilitiesDec 2017 -52.7 -54.3

-55.8 -59.5 -60.8

-80

-60

-40

-20

0


2016 2017

%

Chart (4)Egypt's net IIP to GDP End of

28.4 31.1 33.6 36.1 34.5

0

10

20

30

40


2016 2017

%Chart (5)

Egypt's IIP Assets/Liabilities

End of

Section III

External Liquidity


External Liquidity A-Net International Reserves (NIR) The remarkable improvements in the

banking system's financial position

by foreign currency led to the steady

accumulation of foreign currency

reserves through the formal channels. During July/December 2017/2018,

NIR remained on the rise, increasing

by US$ 5.7 billion (against US$ 6.7

billion in the corresponding period a

year earlier) to reach US$ 37.0

billion, thus covering 7.2 months of

merchandise imports at end of

December 2017. The increase was a result of the rise in foreign currencies by about US$ 5.6 billion and in gold by US$ 0.1 billion.

During the Report’s preparation, NIR

reached US$ 44.0 billion at end of

April 2018.

(US$ mn)

B- Net Foreign Assets of Banks (NFA)

Banks' net foreign assets increased by around US$ 0.03 billion during July/December 2017/2018 (against a decline of US$ 1.5 billion in the corresponding period a year earlier).

End of June

2017

Dec.

2017

Net International

Reserves (1-2) 31305 37020

1- Gross Official Reserves 31307 37021

Gold 2602 2673

SDRs 770 749

Foreign Currencies 27904 33575

Loans to IMF 31 24

2- Reserve Liabilities 2 1

Reserves/Months of

Imports 6.6 7.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

June 2016 Dec. 2016 June 2017 Dec. 2017

(US$ bn)

Chart (2): Foreign Assets & Liabilities of Banks

Assets Liabilities

(End of the Month)

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

June 2016 Dec. 2016 June 2017 Dec. 2017

(Month)(US$ bn)

Chart (1): NIR & Months of Imports Cov ered

Foreign Currencies

Loans to IMF

Gold

Reserves/Months of Imports

(Balance at End of the Month)


Foreign currency deposits with banks

decreased by 0.2 percent during the

period concerned, reaching US$ 38.4

billion at end of December 2017. On the contrary, local currency

deposits increased by 17.2 percent.

As such, the ratio of foreign currency

deposits to total deposits made up

24.3 percent at end of December

2017.

-5

0

5

10

15

20

25

30

-500

0

500

1000

1500

2000

2500

3000

June 2016 Dec. 2016 June 2017 Dec. 2017

Chart (3): Developments in Deposits by Local and Foreign Currencies

Foreign Currency Deposits

Local Currency Deposits

Growth Rate of Foreign CurrencyDepositsGrowth Rate of Local CurrencyDeposits

( End of the Month) (%)(LE bn)

Section IV

External Debt


External Debt External debt increased by US$ 3.9

billion (4.9 percent), to post about

US$ 82.9 billion at end of December

2017 (compared with about US$ 79.0

billion at end of June 2017). This

increase came as a result of the rise in

net disbursements of loans and

facilities by US$ 2.9 billion,

alongside the depreciation of most

currencies of borrowing versus the

US dollar by US$ 1.0 billion.

A- Breakdown by Maturity

By original maturity, external debt

reaffirmed its usual pattern of long-

term external debt predominance at

end of Dec. 2017. Long-term

external debt accounted for US$

56.6 billion or 68.3 percent of the

total, whereas medium-term

external debt reached US$ 15.2

billion or 18.3 percent and short-

term external debt accounted for the

smallest portion of US$ 11.1 billion

or 13.4 percent.

Long-term debt

68.3%Medium-term debt

18.3%

Short-term debt

13.4%

chart (1)External Debt Structure by Original Maturity

End of Dec. 2017

By residual maturity1, medium- and

long-term external debt decreased, as

it represented 71.4 percent of the

total debt. In comparison, they ac-

counted for 86.6 percent of the total

by original maturity. Meanwhile,

short-term debt showed an increase,

as it represented 28.6 percent,

compared to 13.4 percent classified

by original maturity.

External Debt by Residual Maturity

at end of Dec. 2017

(US$

million)

1. Short-term debt by original maturity 11128.4

2. Medium- & long-term debt maturing

within one year 12588.7

3. External debt by residual

maturity up to 1 year (1+2) 23717.1

Percentage to total external debt 28.6%

Percentage to NIR 64.1%

4. Medium- & long-term debt by

residual maturity 59167.4

Percentage to total external debt 71.4%

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.

Central Bank of Egypt – External Position 12 B- Breakdown by Type

Medium- and long-term external debt accounted for 86.6 percent of total debt, of which: Rescheduled bilateral debt

reached about US$ 4.1 billion or 4.9 percent of total debt.

Other bilateral* debt amounted to about US$ 7.0 billion or 8.4 percent.

Buyers' & Suppliers' credit reached about US$ 7.5 billion or 9.1 percent of total debt.

International and regional organizations' debt reached about US$ 26.0 billion or 31.4 percent of total debt.

Government bonds and notes reached about US$ 8.9 billion or 10.7 percent of total debt at end of Dec. 2017.

These include: (i) US$ 1.0 billion of sovereign notes issued in April 2010 and falling due in 2020 & 2040, (ii) US$ 1.2 billion of the Global Medium-Term Notes (GMTN) issued in 2015 and falling due in June 2025; and (iii) US$ 6.7 billion of the Global Medium-Term Notes programme issued in 2017 and falling due in 2022, 2027 & 2047.

Long-term deposits that have

been placed at the CBE by some Arab countries posted US$ 17.9 billion (21.6 percent of total debt).

________________________ Including the Liquidity Support Facility (LSF) from China Development Bank (CDB) to CBE .

Non-guaranteed medium- and

long-term debt of the private sector registered US$ 406.5 million (about 0.5 percent of total debt).

Short-term debt decreased by about US$ 1.1 billion to about US$ 11.1 billion or 13.4 percent of total debt.

C- Breakdown by Currency

Measuring the currency composition of Egypt's external debt is an important indicator that sheds light on the external debt exposure, arising from currency markets' volatility. A breakdown of the currency com-position of external debt indicates that the US dollar is the main borrowing currency, with a relative importance of 64.9 percent of the total. This upward biased share of US dollar largely reflects the fact that there are other outstanding obligations in US dollar to creditors other than the USA (such as the African Development Bank (AFDB) and the International Bank for Reconstruction and Development (IBRD).

Private sector (Non

guaranteed)

0.5%

Rescheduled bilateral

debt 4.9%

Suppliers' & buyers'

credits 9.1%

Other bilateral

debt8.4%

Egyptian bonds and

notes 10.7%Short -term debt 13.4%

Long-term deposits 21.6%

International & regional

organizations 31.4%

Chart (2)External Debt Structure

End of Dec. 2017


Other important currencies ac-counted for 33.6 percent of the total debt, as follows: the Euro is the runner-up (13.9 percent), followed by the Special Drawing Rights* (10.7 percent, the Chinese Yuan (3.3 percent), the Kuwaiti dinar (3.0 percent) and the Japanese yen (2.7 percent).

D- Breakdown by Creditor

Distribution by creditor country indicates that 27.0 percent was owed to Arab countries (mainly Saudi Arabia, UAE, and Kuwait), and that 31.4 percent was owed to international organizations** (mainly IBRD 9.3 percent & IMF 8.9 percent, ADF & AFDB 3.2 percent and EIB 2.9 percent). Meanwhile, 22.4 percent of Egypt's external debt with a value of US$ 18.5 billion came from China (6.0 percent) and five members of Paris Club countries; namely Germany (8.5 percent), Japan (2.6 percent), France (2.3 percent), USA (1.8 percent) and UK (1.2 percent). Including Egypt’s allocation of SDRs by the IMF. International Monetary Fund (IMF) , International Bank for

Reconstruction and Development (IBRD), European Investment Bank (EIB), African Development Fund (ADF), and African Development Bank (AfDB).

E- Breakdown by Debtor

The structure of Egypt’s external debt by debtor reveals that: - Central and local government

remains the main debtor, with a share of 46.7 percent of external debt at end of Dec. 2017. Its debt increased by US$ 3.8 billion to amount to US$ 38.7 billion.

- Banks' external debt increased by about US$ 2.0 billion to US$ 6.1 billion.

- Other sectors' debt increased by about US$ 0.9 billion to US$ 10.7 billion.

- However, the monetary authority's external debt decreased by about US$ 2.9 billion to US$ 27.4 billion at end of Dec. 2017.

0%

20%

40%

60%

80%

100%

Dec.2016 June 2017 Dec.2017

Chart (5)External Debt by Debtor

End of

Other Sectors Banks

Monetary Authority Central & Local Government

US dollar 64.9%

Euro13.9%

SDRs10.7%

Chinese Yuan

3.3%

Kuwaiti dinar

3.0%

Japanese yen

2.7%

Other currencies

1.5%

Chart (3) External Debt Structure by Currencies

End of Dec. 2017

France2.3%

United Kingdom

1.2%

USA1.8%

Japan2.6%

China6.0%

Germany8.5%Other

countries

8.5%

Egyptian bonds and

notes

10.7%

International

& regional organizations

31.4%

Arab countries

27.0%

Chart (4)External Debt by Creditor

End of Dec. 2017


F- External Debt Indicators*

The ratio of short-term external debt to net international reserves decreased to 30.1 percent at end of Dec. 2017 (from 49.2 percent at end of Dec. 2016). In addition, its ratio to total debt registered 13.4 percent (against 17.7 percent). As for the external debt in terms of international comparison, the debt is within manageable limits. Based on IMF classification**, comparing Egypt's key debt indicators with those of other regional country groups shows that: - Egypt's debt stock to GDP

represented 36.1 percent at end of Dec. 2017 (61.9 percent for Emerging and Developing Europe and 42.2 percent for Middle East and North Africa).

- Egypt's short-term external debt

to total external debt at end of Dec. 2017 represented 13.4 percent (20.7 percent for Emerging and Developing Europe, and 28.2 percent for Middle East and North Africa).

- Egypt's debt-service ratio*** re-

gistered 37.7 percent during July/Dec. 2017/2018 (51.4 percent for Emerging and Developing Europe, and 30.9 percent for Middle East and North Africa).

__________________________________ * For more indicators, refer to appendix I,

table No. 6. ** Source: World & Regional Economic Outlook

Reports, Oct. 2017, and CBE database. *** Debt-Service Ratio: The ratio of debt service

(interest and principal payments due) during a year, expressed as a percentage of exports (typically of goods and services) for that year. This ratio is considered to be a key indicator of a country’s debt burden.

Debt service reached US$ 8.6 billion during July/Dec. 2017/2018 (US$ 7.5 billion for principal repayments and US$ 1.1 billion for interest payments).

0

10

20

30

40

2014/2015 2015/2016 2016/2017

% during July / Dec.

Debt Service / Current Receipts (including transfers)

Debt Service / Exports of Goods and Services

0

20

40

60

80

2015 2016 2017

%

Chart (6)External Debt Indicators

End of Dec.

Government External Debt / External Debt

External Debt /GDP

Short-term Debt / Net Int ernational Reserves

Short-term Debt / Total External Debt

Section V

Exchange Rate Developments


Exchange Rate Developments

On the 3rd November 2016, the CBE took the decision of the liberalization of the Egyptian pound exchange rate, to be quoted according to the dynamics of supply and demand. This decision comes in line with the economic reform program.

(i) Inter-bank Rate1:

During July/Dec. 2017/18, the exchange rates of most of foreign currencies depreciated against the Egyptian pound. The weighted average of the US dollar in the Egyptian inter-bank market depreciated by 2.0 percent to record EGP 17.7277 at end of Dec. 2017, (against EGP 18.0911 at end of June 2017). _________________________ 1 The inter-bank foreign exchange market was

launched in Egypt in December 2004.

(ii) Market Rate: At end of Dec. 2017, according to the foreign exchange market (buying price), most of the foreign currencies decreased against the Egyptian pound. To illustrate, the Swiss Franc decreased by 3.2 percent, Japanese yen (100) by 2.6 percent, US dollar, UAE dirham, and Saudi riyal by 2.0 percent each, and Kuwaiti dinar by 1.6 percent. On the other hand, the Euro increased by 3.8 percent, Sterling pound by 3.2 percent, and Chinese yuan by 2.5 percent.

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 …………………………………….

External Debt by Debtor …………………………………….

6

7

25

26

VI- Exchange Rate Developments

Foreign Exchange Rates……………………………………….. 8 27

(US$ mn)

2016/2017* 2017/2018*

Trade Balance -19016.3 -18747.8

Exports** 10446.5 12055.1

Petroleum 2935.3 3811.6

Other Exports 7511.2 8243.5

Imports** -29462.8 -30802.9

Petroleum -5336.2 -5984.6

Other Imports -24126.6 -24818.3

Services Balance 1758.2 5310.0

Receipts 6611.2 10746.4

Transportation 3666.4 4355.0

of which: Suez Canal 2514.6 2768.5

Travel 1584.0 4979.2

Government receipts 123.4 269.7

Other 1237.4 1142.5

Payments 4853.0 5436.4

Transportation 597.3 733.9

Travel 1741.4 1161.2

Government Expenditures 374.8 989.1

Other 2139.5 2552.2

Income Balance -2264.3 -3039.6

Income receipts 176.0 412.7

Income payments 2440.3 3452.3

of which: Interest paid 565.3 817.3

Transfers (Net) 10108.1 13087.8

Private Transfers (Net) 10035.2 13019.5

of which: Workers' Remittances 10110.9 13072.5

Official Transfers (Net) 72.9 68.3

Current Account Balance -9414.3 -3389.6

Central Bank of Egypt - External Position 19

July /December

Table (1) Balance of Payments

(US$ mn)

2016/2017* 2017/2018*

Capital & Financial Account 18717.5 10427.5

Capital Account -39.0 -81.3

Financial Account 18756.5 10508.8

Direct Investment Abroad -108.0 -131.9

Direct Investment in Egypt (Net) 4287.0 3762.9

Portfolio Investment Abroad (Net) 134.7 24.6

Portfolio Investment in Egypt (Net) 212.9 8019.2

of which: Bonds -805.5 -103.1

Other Investment (Net) 14229.9 -1166.0

Net Borrowing 7083.4 4546.8

M&L-Term Loans (Net) 3846.6 3058.8

Drawings 5266.8 4166.5

Repayments -1420.2 -1107.7

MT-Suppliers' Credit (Net) 1193.9 410.6

Drawings 1248.4 508.7

Repayments -54.5 -98.1

ST-Suppliers' Credit (Net) 2042.9 1077.4

Other Assets -2373.3 -3272.5

Central Bank -2001.9 -26.9

Banks 17.5 -625.6

Other -388.9 -2620.0

Other Liabilities 9519.8 -2440.3

Central Bank 8057.5 -3112.9

Banks 1462.3 672.6

Net Errors & Omissions -2284.4 -1445.3

Overall Balance 7018.8 5592.6

Change in CBE Reserve Assets ,Increase(-) -7018.8 -5592.6

* Preliminary.

** Include free zones exports and imports.


July /December

Table (1) Balance of Payments (contd.)


End of

Assets Liabilities Assets Liabilities

Total 66359.3 197385.5 73691.1 213349.2

1-Direct investment 7294.1 105929.5 7426.0 109660.1

2-Portfolio investments 1722.7 21407.7 1556.5 29686.1

Equity security 1285.4 2628.8 1073.6 2687.5

Debt security 437.3 18778.9 482.9 26998.6

3-Other investments 26690.1 70048.3 28356.0 74003.0

Trade credits 0.0 3036.0 0.0 2952.2

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 2952.2

Long-term 0.0 0.0 0.0 0.0

Short-term 0.0 3036.0 0.0 2952.2

Loans 491.6 43404.2 386.0 47946.4

Monetary authorities 0.0 7688.0 0.0 5451.5

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 2272.5

Short-term 0.0 5334.3 0.0 3179.0


Long-term 0.0 25890.2 0.0 29828.6

Short-term 0.0 0.0 0.0 0.0

Banks 491.6 3123.8 386.0 4942.0

Long-term 147.6 3043.8 111.8 3863.6

Short-term 344.0 80.0 274.2 1078.4

Other sectors 0.0 6702.2 0.0 7724.3

Long-term 0.0 6702.2 0.0 7724.3

Short-term 0.0 0.0 0.0 0.0

Currency and deposits 26198.5 22361.5 27970.0 21824.9


Long-term 0.0 18537.4 0.0 17906.1

Short-term 0.0 2852.3 0.0 2766.2


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 18016.0 1152.6

Long-term 0.0 0.0 0.0 0.0

Short-term 0.0 971.8 0.0 1152.6

Other sectors 9091.0 0.0 9954.0 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 1279.5


Long-term 0.0 1246.6 0.0 1279.5

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 36352.6 0.0

* Preliminary.

(US$ mn)

June 2017 December 2017*

Table (2) International Investment Position (IIP)

22

Country of non-resident issuers Equities long-term debt securities short-term debt securities Total

Bahamas 12.8 0.0 0.0 12.8

Bahrain 11.9 0.0 0.0 11.9

Belgium 0.0 0.0 8.2 8.2

Canada 0.0 9.0 0.0 9.0

China, P.R. Mainland 1.0 0.0 50.7 51.7

Cyprus 3.2 0.0 0.0 3.2

Czech Republic 0.0 0.0 1.4 1.4

Ethiopia 0.0 0.0 0.1 0.1

France 282.9 21.9 1.5 306.3

Germany 62.1 0.0 0.0 62.1

Guernsey 3.1 0.0 0.0 3.1

Holand 1.8 0.0 0.2 2.0

Hong Kong 0.0 0.0 3.5 3.5

Indonesia 0.0 0.0 10.2 10.2

Italy 25.5 0.0 0.4 25.9

Japan 9.3 0.0 0.0 9.3

Jordan 2.4 0.0 0.0 2.4

Kuwait 0.0 14.9 0.1 15.0

Lebanon 5.6 0.0 7.5 13.1

Luxembourg 0.7 0.0 0.0 0.7

Malaysia 16.0 8.6 0.0 24.6

Malta 0.0 0.0 4.5 4.5

Nigeria 12.0 0.0 0.0 12.0

Saudi Arabia 318.1 51.1 29.3 398.5

Singapore 8.6 0.0 0.0 8.6

Spain 0.0 0.0 1.5 1.5

Syrian Arab Republic 1.3 0.0 0.0 1.3

Sudan 1.7 0.0 0.0 1.7

Sweden 0.0 3.1 0.0 3.1

Switzerland 5.8 0.0 0.0 5.8

Tunisia 1.6 0.0 0.9 2.5

Turkey 0.0 0.0 3.4 3.4

United Arab Emirates 9.8 45.7 0.6 56.1

United Kingdom 3.5 46.0 5.6 55.1

United States 37.4 145.1 0.0 182.5

International Organizations 235.5 7.9 0.0 243.4

Total 1073.6 353.3 129.6 1556.5

Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of December 2017

(US$ mn)

Breakdown of portfolio investment Assets by country of residence of the Issuers

Central Bank of Egypt - External Position

End of June 2015 Dec. 2015 June 2016 Dec. 2016 June 2017 Dec. 2017

Net International Reserves (1-2) 20082 16445 17546 24265 31305 37020

1- Gross Official Reserves 20104 16468 17570 24287 31307 37021

Gold 2420 2211 2602 2346 2602 2673

SDRs 1168 1161 793 753 770 749

Foreign Currencies 16453 13041 14128 21150 27904 33575

Loans to IMF 63 55 47 38 31 24

2- Reserve Liabilities 22 23 24 22 2 1

Banks' Net Foreign Assets 3481 -462 -4844 -6364 3171 3202

Assets 11450 9868 9286 9228 18746 19449

Liabilities 7969 10330 14130 15592 15575 16247

Table (4) Net International Reserves & Net Foreign Assets at Banks23

(US$ mn)

Cen

tral Ban

k of E

gypt - E

xternal P

osition

(US$ mn)

End of December 2013 2014 2015 2016 2017 +

Total External Debt* 45752.2 41324.1 47792.3 67322.6 82884.5

1- Medium & Long term debt : 42935.9 38003.3 43368.1 55377.3 71756.1

Rescheduled bilateral debt ** 9021.0 7123.1 5611.0 4330.2 4059.4

ODA 5756.1 4991.1 4460.8 4088.3 3837.0

Non-ODA 3264.9 2132.0 1150.2 241.9 222.4

Other bilateral debt 6084.3 5670.1 5277.8 5973.1 6956.7

Paris Club countries 3655.8 3253.9 2625.7 3423.9 4105.1

Other countries 2428.5 2416.2 2652.1 2549.2++ 2851.6++

International & regional organizations 12125.6 12117.3 12908.7 19481.1 26036.9

Suppliers' & buyers' credits 577.1 486.5 1137.5 4548.9 7509.0

Egyptian bonds and notes 6115.6 3584.9 3510.6 2687.4 8881.5

Long- term deposits 9000.0 9000.0 14900.0 18200.0 17906.1

Private sector debt (non-guaranteed) 12.3 21.4 22.5 156.6 406.5

2- Short-term debt 2816.3 3320.8 4424.2 11945.3 11128.4

Deposits 1400.8 1112.9 1286.8 4420.4 3918.8

Other short-term facilities 1415.5 2207.9 3137.4 7524.9 7209.6Source: Central Bank of Egypt.

+ Provisional

++ Liquidity Support Facility (LSF) has been moved to Other bilateral debt (other countries) instead of suppliers' & buyers' credit.* The difference from World Bank data is in short-term debt .** According to the agreement signed with Paris Club countries on May 25, 1991.

Cen

tral Ban

k of E

gypt - E

xternal P

osition 2

4

Table (5) External Debt by Type

July / December 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018+

External Debt /GDP* (at current market prices) % 15.0 12.4 14.2 28.7 36.1

External Debt / Exports (G&S) (annually) % 102.3 87.6 127.2 200.2 191.3

Short-term Debt / External Debt % 6.2 8.1 9.3 17.7 13.4

Short-term Debt / Net International Reserves % 16.5 21.7 26.9 49.2 30.1

Debt Service / Exports (G&S) % 7.7 16.7 17.3 21.9 37.7

Debt Service / Current Receipts % 4.5 11.2 11.8 13.6 23.7

Interest / Exports (G&S) % 1.7 1.5 2.4 3.3 4.8

External Debt per Capita (US$) 503.0 441.5 491.2 691.9 790.8

+ 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.

Table (6) External Debt IndicatorsC

entral B

ank

of Egyp

t - Extern

al Position

25

26

(US$ mn)

End of June 2017 % December 2017* % Change +/ (-) %

External Debt 79032.8 100.0 82884.5 100.0 3851.7 4.9

Total Medium- & Long-Term 66758.4 84.5 71756.1 86.6 4997.7 7.5

Total Short-Term 12274.4 15.5 11128.4 13.4 (1146.0) (9.3)

Central & Local Government 34874.7 44.1 38710.1 46.7 3835.4 11.0

Medium- & Long-Term 34874.7 44.1 38710.1 46.7 3835.4 11.0

Bonds & Notes 8984.5 11.4 8881.5 10.7 (103.0) (1.1)

Loans 25890.2 32.7 29828.6 36.0 3938.4 15.2

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 27403.3 33.0 (2921.0) (9.6)

Medium- & Long-Term 22137.7 28.1 21458.1 25.9 (679.6) (3.1)

Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0

Loans 2353.7 3.0 2272.5 2.7 (81.2) (3.4)

Currency and Deposits 18537.4 23.5 17906.1 21.6 (631.3) (3.4)


Short-Term 8186.6 10.4 5945.2 7.1 (2241.4) (27.4)


Loans 5334.3 6.8 3179.0 3.8 (2155.3) (40.4)

Currency and Deposits 2852.3 3.6 2766.2 3.3 (86.1) 0.0


Banks 4095.6 5.1 6094.6 7.4 1999.0 48.8

Medium- & Long-Term Loans 3043.8 3.8 3863.6 4.7 819.8 26.9

Bonds & Notes 0.0 0.0 0.0 0.0 0.0 0.0

Loans 3043.8 3.8 3863.6 4.7 819.8 26.9



Short-Term Loans 1051.8 1.3 2231.0 2.7 1179.2 112.1


Loans 80.0 0.1 1078.4 1.3 998.4 1248.0



Other Sectors 9738.2 12.3 10676.5 12.9 938.3 9.6

Medium- & Long-Term 6702.2 8.5 7724.3 9.3 1022.1 15.3

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 7724.3 9.3 1022.1 15.3



Short-Term 3036.0 3.8 2952.2 3.6 (83.8) (2.8)

Loans from Direct Investors 0.0 0.0 0.0 0.0 0.0 0.0


Trade Credits 3036.0 3.8 2952.2 3.6 (83.8) (2.8)

Loans 0.0 0.0 0.0 0.0 0.0 0.0



* Provisional.

Table (7) External Debt by Debtor


First: Interbank Rates *

Weighted average

Second : Market Rates Buy Sell Buy Sell

US Dollar 18.0400 18.1397 17.6808 17.7808

Euro 20.4411 20.5559 21.2099 21.3370

Pound Sterling 23.1417 23.2805 23.8903 24.0344

Swiss Franc 18.7487 18.8602 18.1454 18.2499

100 Japanese Yens 16.1000 16.1904 15.6884 15.7813

Saudi Riyal 4.8099 4.8366 4.7145 4.7414

Kuwaiti Dinar 59.4889 59.8374 58.5264 58.8964

UAE Dirham 4.9107 4.9392 4.8137 4.8415

Chinese Yuan 2.6521 2.6680 2.7172 2.7329

Source: CBE daily exchange rates.

* The interbank rates were launched on December 23, 2004.

Cen

tral Ban

k of E

gypt - E

xternal P

osition

2

7

Table (8) Foreign Exchange Rates (In LE per foreign currency unit)

End of June 2017 December 2017

17.727718.0911


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. Paris Club Debt …………………………………………………… 3 35

(1) Rescheduled Debt……………………………………………… 4 36

(2) Non-Rescheduled Debt…………………………………........... 5 37

b. Suppliers' Credit………………………………………………........ 6 39

c. Non- Paris Club Debt…………………………………………........ 7 40

d. Multilateral Institutions…………………………………………… 8 41

e. Bonds & Notes …………………………………....…………… 9 43

f. Deposits…………………………………………………………. 10 44

- Medium- and Long-Term Private Sector Non-Guaranteed External

Debt by Creditor Country. ……………………………………...………

11

45

- Short-Term External Debt ……………………………………...……… 12 46 II- Outstanding External Debt By Currency…….………………………… 13 47

III- Disbursed and Undisbursed Amounts for Signed Loans & Deposits… 14 48

IV- Projected Medium- and Long-Term External Debt Service

1- External Debt Service Public and Publicly Guaranteed………………. 15 49

a- Paris Club Debt…………...……………………………………......... 16 51

(1) Rescheduled Debt ………………………………………….…... 17 53

(2) Non-Rescheduled Debt………… ……………………………….. 18 54

b- Suppliers' Credit………………………………………………............ 19 55

c- Non- Paris Club Debt ……………………………………………....... 20 56

d- Multilateral Institutions………………………………………............. 21 57

2- Sovereign Notes ……………………………………….......................... 22 59

3- Global Medium Term Notes (GMTN)....………………………..……... 23 60

4- Global Medium Term Notes Programme...………………………..…… 24 61

5- Global Medium Term Notes Programme...………………………..……. 25 62


7- Global Medium Term Notes Programme...………………………..…… 27 64



10- Medium- and Long-Term Deposits for Kuwait..……………………... 30 67

11- Medium- and Long-Term Deposits for Libya..……………………….. 31 68

12- Medium- and Long-Term Deposits for Saudi Arabia…………………. 32 69

13- Medium- and Long-Term Deposits for United Arab Emirates………... 33 70

V- Projected Short-Term Debt……………………………………………… 34 71

VI- Exchange Rates of the Currencies of External Debt Versus US Dollar... 35 72


2014 2015 2016 2017

1- Medium-and Long-Term Public

& Publicly Guaranteed Debt 37,981.92 43,345.64 55,220.72 71,349.56 (1)

A. Paris Club Debt 10,855.43 9,368.50 10,534.29 13,874.36

1-Rescheduled Debt 7,123.12 5,611.09 4,330.19 4,059.34

2-Non Rescheduled Debt 3,732.31 3,757.41 6,204.10 9,815.02

B- Supplier's Credit 8.13 5.71 5.51 5.51

C. Non-Paris Club Debt 2,416.14 2,652.12 4,312.36 4,645.20

D. Multilateral Institutions 12,117.34 12,908.68 19,481.13 26,036.92 (2)

E. Bonds &Notes 3,584.88 3,510.63 2,687.43 8,881.48

1-Guaranteed Notes 1,250.00 0.00 0.00 0.00

2-Sovereign Notes 834.88 785.83 950.43 972.79

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

5-Global Medium Term Notes ( G.M.T.N.) 0.00 1,224.80 1,237.00 1,177.40 (3)

6- Global Medium Term Notes Programme 0.00 0.00 0.00 6,731.29 (4)

F. Deposits 9,000.00 14,900.00 18,200.00 17,906.09 (5)

2- Medium and Long-Term

Private Sector Non-Guaranteed 21.36 22.50 156.62 406.50

3- Short-Term Debt 3,320.83 4,424.19 11,945.25 11,128.44

Currency and Deposits (Non-Residents) 1,112.92 2,486.84 4,420.38 3,918.84 (6)

Trade Credits 2,207.91 1,286.47 1,824.33 2,952.21

Loans 0.00 650.88 5,700.54 4,257.39 (7)

Grand Total 41,324.11 47,792.33 67,322.59 82,884.50

Using end of period exchange rate.

(1) Includes US$ 7,503.44 million buyer credits and US$ 1,000 million representing China facility agreement .

(2) Includes US$ 6,121.33 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$ 1,279.51 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.

(3) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1,177.40 million ).

(4) Representing Global Medium Term Notes Programme with nominal value US$ 7,000 million (non-residents' subscriptions amounted US$ 6,713.29 million) .

(5) Representing Saudi, Libya, United Arab Emirates & Kuwait deposits amounted to US$ 7500, 500 ,5906.09 and 4000 million respectively .

(7) Includes Repo Transaction amounted US$ 3,100 million

Figure 1-1

(6) Includes US$ 2766.25 million representing Chinese Currency Swap Arrangement .

(US$ million)

Table ( 1 )

Outstanding Stock as at End of December

Total Debt

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2014 2015 2016 2017

( U

S$b

n )

External Debt Outstanding Stock as at End of December

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Figure 1-2

Paris Club Debt16.74%

Multilateral Institutions31.41%

Bonds & Notes 10.72%

Deposits21.60%

Non-Paris Club Debt 5.60%

Supplier's Credit0.01%

Short-Term Debt13.43%

Private Sector Non-Guaranteed

0.49%

Outstanding Stock as at End of December 2017


2014 2015 2016 2017

Creditor Countries

Germany 3,091.58 2,806.91 4,580.29 6,808.07

Japan 2,323.71 2,164.87 2,154.81 2,153.05

China 330.32 321.82 1,923.18 2,100.26

France 1,905.69 1,346.46 1,080.34 1,726.41

United States 2,140.58 1,881.76 1,610.88 1,340.01

Kuwait 939.69 909.54 927.00 989.37

Italy 206.70 367.16 401.04 936.86

United Arab emirates 40.32 517.55 648.69 681.50

Saudi Arabia 105.81 103.21 132.02 581.78

United Kingdom 79.68 49.29 186.45 265.04

Bahrain 0.00 0.00 243.82 264.06

Spain 370.34 268.47 192.68 251.56

Denmark 172.84 133.03 103.10 102.58

Belgium 26.61 15.65 47.22 99.07

Austria 156.49 91.74 59.31 75.25

The Netherlands 73.41 63.37 55.94 58.76

Canada 94.33 60.85 38.79 38.44

Qatar 0.00 0.00 37.65 28.24

Switzerland 156.26 92.66 24.82 20.82

Finland 0.00 0.00 2.87 2.93

Norway 3.06 2.13 1.18 0.95

Sweden 10.68 5.23 0.08 0.07

Australia 51.60 24.63 0.00 0.00

Turkey 1,000.00 800.00 400.00 0.00

Multilateral Institutions (2)12,117.34 12,908.68 19,481.13 26,036.92

Deposits , Bonds and Notes

Deposits 9,000.00 14,900.00 18,200.00 17,906.09

Saudi Arabia 3,000.00 4,900.00 6,700.00 7,500.00

United Arab Emirates 2,000.00 4,000.00 6,000.00 5,906.09

Kuwait 2,000.00 4,000.00 4,000.00 4,000.00

Libya 2,000.00 2,000.00 1,500.00 500.00

Guaranteed Notes 1,250.00 0.00 0.00 0.00

Sovereign Notes 834.88 785.83 950.43 972.79

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

Global Medium Term Notes ( G.M.T.N.) 0.00 1,224.80 1,237.00 1,177.40

Global Medium Term Notes Programme 0.00 0.00 0.00 6,731.29

Medium and Long-Term Private Sector Non-Guaranteed 21.36 22.50 156.62 406.50

Short-Term Debt 3,320.83 4,424.19 11,945.25 11,128.44

African Export - Import Bank 0.00 0.00 3,200.00 0.00

Currency Swap Agreement (China) 0.00 0.00 2,588.10 2,766.25

REPO Transactions 0.00 0.00 2,000.00 3,100.00

Arab Trade Financing Program 0.00 0.00 59.49 79.00

Others 3,320.83 4,424.19 4,097.66 5,183.19

Grand Total 41,324.11 47,792.33 67,322.59 82,884.50

(1) Using end of period exchange rate.

(2) Includes US$ 6,121.33 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$ 1,279.51 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.

Total Debt

(US$ million)(1)

Table ( 2 )


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34

Figure 2

Multilateral Institutions31.41%

Short-Term Debt13.43%

Others 7.42%France

2.08%

China2.53%

Germany8.21%

Japan2.60%

Bonds &Notes10.72%

Deposits21.60%

Outstanding Stock as at End of December 2017


2014 2015 2016 2017

Germany 3,091.58 2,806.91 4,580.30 6,808.07

Japan 2,322.36 2,164.87 2,154.80 2,153.05

France 1,905.69 1,346.45 1,080.34 1,726.41

United States 2,140.58 1,881.76 1,610.88 1,340.01

Italy 206.62 367.12 401.04 936.86

United Kingdom 79.68 49.29 186.45 265.04

Spain 370.34 268.47 192.68 251.56

Denmark 172.84 133.03 103.10 102.58

Belgium 26.61 15.65 47.22 99.07

Austria 156.49 91.74 59.30 75.25

The Netherlands 73.41 63.37 55.94 58.76

Canada 87.63 55.18 33.28 32.93

Switzerland 156.26 92.67 24.82 20.82

Finland 0.00 0.00 2.87 2.93

Norway 3.06 2.13 1.19 0.95

Sweden 10.68 5.23 0.08 0.07

Australia 51.60 24.63 0.00 0.00

Grand Total 10,855.43 9,368.50 10,534.29 13,874.36

(1) This table sums up tables 4 and 5.


Country

Table ( 3 ) (1)

Medium and Long-Term

Public & Publicly Guaranteed External Debt By Creditor CountryParis Club Debt


Total Debt

(US$ million)(2)

0.0

5.0

10.0

15.0

2014 2015 2016 2017

( U

S$b

n )

Medium and Long-TermPublic & Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of December

Figure 3


2014 2015 2016 2017

Germany 1,608.01 1,388.90 1,276.96 1,336.45

Japan 1,515.67 1,334.16 1,197.31 1,120.64

United States 1,772.85 1,543.71 1,302.50 1,061.30

France 1,142.70 652.53 233.96 233.48

The Netherlands 73.41 63.37 55.94 58.76

Spain 228.66 148.83 64.12 58.09

Denmark 82.93 64.80 52.16 54.60

Italy 143.51 95.02 44.08 39.23

Canada 87.63 55.18 33.28 32.93

Austria 154.26 87.84 32.42 31.02

United Kingdom 79.66 49.28 16.45 15.04

Switzerland 144.63 81.87 14.73 12.40

Belgium 23.90 13.63 5.01 4.38

Norway 3.06 2.13 1.19 0.95

Sweden 10.64 5.21 0.08 0.07

Australia 51.60 24.63 0.00 0.00

Grand Total 7,123.12 5,611.09 4,330.19 4,059.34


(US$ million)(1)

CountryTotal Debt

Table ( 4 )


Public & Publicly Guaranteed External Debt By Creditor Country

Paris Club Debt

Rescheduled Debt


0.0

2.0

4.0

6.0

8.0

2014 2015 2016 2017

( U

S$b

n )


Paris Club DebtRescheduled Debt


Figure 4


2014 2015 2016 2017

Germany 1,483.57 1,418.01 3,303.34 5,471.62

France 762.99 693.92 846.38 1,492.93

Japan 806.69 830.71 957.49 1,032.41

Italy 63.11 272.10 356.96 897.63

United States 367.73 338.05 308.38 278.71

United Kingdom 0.02 0.01 170.00 250.00

Spain 141.68 119.64 128.56 193.47

Belgium 2.71 2.02 42.21 94.69

Denmark 89.91 68.23 50.94 47.98

Austria 2.23 3.90 26.88 44.23

Switzerland 11.63 10.80 10.09 8.42

Finland 0.00 0.00 2.87 2.93

Sweden 0.04 0.02 0.00 0.00

Grand Total 3,732.31 3,757.41 6,204.10 9,815.02


Total DebtCountry

Table ( 5 )

Medium and Long-TermPublic & Publicly Guaranteed External Debt By Creditor Country

Paris Club Debt

Non-Rescheduled Debt


(US$ million)(1)

0.01.02.03.04.05.06.07.08.09.010.0

2014 2015 2016 2017

( U

S$b

n )


Paris Club Debt Non-Rescheduled Debt


Figure 5-1

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Rescheduled Debt29.26%

Non Rescheduled Debt70.74%

Medium and Long-TermPublic and Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of December 2017

Figure 5-2


2014 2015 2016 2017

Canada 6.70 5.67 5.51 5.51

Italy 0.08 0.04 0.00 0.00

Japan 1.35 0.00 0.00 0.00

Grand Total 8.13 5.71 5.51 5.51


(US$ million)(1)

CountryTotal Debt

Table ( 6 )

Supplier's Credit




0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2014 2015 2016 2017

( U

S$m

n )

Medium and Long-TermPublic &Publicly Guaranteed External Debt

Supplier's CreditOutstanding Stock as at End of December

Figure 6


2014 2015 2016 2017

China 330.32 321.82 1,923.18 2,100.26

{(2)

Kuwait 939.69 909.54 927.00 989.37

United Arab Emirates 40.32 517.55 648.69 681.50

Saudi Arabia 105.81 103.21 132.02 581.78

Bahrain 0.00 0.00 243.82 264.06

Qatar 0.00 0.00 37.65 28.24

Turkey 1,000.00 800.00 400.00 0.00

Grand Total 2,416.14 2,652.12 4,312.36 4,645.20


(2) Includes US$ 1000 million representing China facility agreement .

Country

Table ( 7 )



Non-Paris Club Debt


Total Debt

(US$ million)(1)

0.0

1.0

2.0

3.0

4.0

5.0

2014 2015 2016 2017

( U

S$b

n )


Non-Paris Club DebtOutstanding Stock as at End of December

Figure 7


2014 2015 2016 2017

IBRD 3,865.02 4,672.12 6,310.50 7,709.80

IMF (2) 1,301.69 1,245.01 3,856.21 7,400.84

African Development Bank 1,582.80 1,557.08 2,032.78 2,490.23

European Investment Bank 1,811.57 1,625.97 2,164.83 2,431.40

Arab Fund for Economic and Social Development 1,528.23 1,483.10 1,441.62 1,508.64

African Export - Import Bank 0.00 0.00 565.88 1,203.01

Arab Monetary Fund 177.38 539.64 933.72 784.96

IDA 1,058.24 936.01 814.01 735.77

Islamic Development Bank 219.81 320.21 397.92 567.48

OPEC 193.74 208.62 223.55 282.57

European Bank For Reconstruction and Development 0.00 0.00 113.34 221.94

International Islamic Trade Finance Corporation 0.00 0.00 200.00 200.00

African Development Fund 185.94 171.81 164.18 166.84

International Fund for Agricultural Development 98.89 97.25 107.44 122.58

Arab Petroleum Investments Corporation (APICORP) 0.00 0.00 100.00 100.00

Clean Technology Fund 7.05 34.29 55.15 55.86

Green Fund 0.00 0.00 0.00 30.00

Islamic Corporation for Development 0.00 0.00 0.00 25.00

Arab Trade Financing Program 86.98 17.57 0.00 0.00

Grand Total 12,117.34 12,908.68 19,481.13 26,036.92


(2) Includes SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.

CreditorTotal Debt

Table ( 8 )


Public & Publicly Guaranteed External Debt

Multilateral Institutions


(US$ million)(1)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2014 2015 2016 2017

( U

S$b

n )


Multilateral InstitutionsOutstanding Stock as at End of December

Figure 8-1

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42

Figure 8 - 2

I.D.A2.83%

European Investment Bank9.34%

Arab Fund for Economic and Social Development

5.79%

Others4.64%

African Export - Import Bank4.62%

Islamic Development Bank2.18%

IBRD29.61%

African Development Bank9.56%

AMF3.01%

IMF28.42%


Multilateral InstitutionsOutstanding Stock as at End of December


2014 2015 2016 2017

Global Medium Term Notes Programme 0.00 0.00 0.00 6,731.29

Global Medium Term Notes ( G.M.T.N.) 0.00 1,224.80 1,237.00 1,177.40

Sovereign Notes 834.88 785.83 950.43 972.79

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 3,584.88 3,510.63 2,687.43 8,881.48

Figure 9

(US$ million)

Total Debt

Table ( 9)Bonds & Notes


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2014 2015 2016 2017

( U

S$b

n )

Bonds & NotesOutstanding Stock as at End of December


2014 2015 2016 2017

Saudi Arabia 3,000.00 4,900.00 6,700.00 7,500.00

United Arab Emirates 2,000.00 4,000.00 6,000.00 5,906.09

Kuwait 2,000.00 4,000.00 4,000.00 4,000.00

Libya 2,000.00 2,000.00 1,500.00 500.00

Grand Total 9,000.00 14,900.00 18,200.00 17,906.09

Figure 10

(US$ million)

CountryTotal Debt

Table ( 10 )

Deposits



0

5

10

15

20

2014 2015 2016 2017

( U

S$b

n )

Medium and Long-Term Deposits



2014 2015 2016 2017

Multilateral Institutions 21.36 22.50 104.96 284.58

Kuwait 0.00 0.00 0.00 55.00

Germany 0.00 0.00 16.66 32.22

France 0.00 0.00 0.00 19.70

Bahrain 0.00 0.00 15.00 15.00

Luxembourg 0.00 0.00 20.00 0.00

Grand Total 21.36 22.50 156.62 406.50


CountryTotal Debt

Table ( 11 )


Private Sector Non-Guaranteed External Debt By Creditor Country


(US$ million)(1)

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2014 2015 2016 2017

( U

S$m

n )

Medium and Long-TermPrivate Sector Non-Guaranteed External Debt


Figure 11


2014 2015 2016 2017

Short-Term Debt

Loans 0.00 650.88 5,700.54 4,257.39 (2)

Currency and Deposits (Non-Residents) 1,112.92 2,486.84 4,420.38 3,918.84 (3)

Trade Credits 2,207.91 1,286.47 1,824.33 2,952.21

Grand Total 3,320.83 4,424.19 11,945.25 11,128.44


(2) Includes Repo Transaction amounted US$ 3,100 million .

(3) Includes US$ 2,766.25 million representing Chinese Currency Swap Arrangement .

Short-Term Debt

Table ( 12 )


Total Debt

(US$ million)(1)

0

2

4

6

8

10

12

14

2014 2015 2016 2017

( U

S$b

n )

Short-Term DebtOutstanding Stock as at End of December

Figure 12


(US$ million) (*)

2014 2015 2016 2017

US Dollar 25,714.17 33,292.77 46,231.90 53,770.98

EURO 7,027.91 6,136.38 7,694.46 11,521.90

Special Drawing Rights 2,365.41 2,573.43 5,489.24 8,842.80

Chinese Yuan 0.00 0.00 2,588.10 2,766.25

Kuwaiti Dinar 2,467.92 2,392.64 2,368.62 2,498.01

Japanese Yen 2,463.36 2,286.62 2,252.99 2,243.73

Saudi Riyal 152.15 105.20 134.16 583.47

Egyptian Pound 485.42 524.90 239.39 347.57

Swiss Franc 305.22 237.59 170.54 158.24

Danish Kroner 75.85 63.01 54.08 54.94

Canadian Dollar 77.09 50.88 36.94 36.67

U.A.E. Dirham 40.47 38.14 31.07 33.66

British Pound Sterling 99.41 66.25 28.82 24.21

Norwegian Kroner 2.84 2.18 1.99 1.98

Swedish Kroner 10.00 5.33 0.29 0.09

Australian Dollar 36.89 17.01 0.00 0.00

Total 41,324.11 47,792.33 67,322.59 82,884.50

(*) Using end of period exchange rate .

Currency

Total Debt


Table ( 13 )



Signed Amount Disbursed Undisbursed

1- Medium and Long-Term Public

& Publicly Guaranteed Debt 40,975.52 33,276.58 7,635.58

A. Paris Club (Non-Rescheduled Debt) 8,104.99 5,635.27 2,469.72

B. Non-Paris Club Debt 5,559.86 3,261.77 2,298.09

C. Multilateral Institutions 16,310.67 13,379.54 2,867.77

D. Deposits 11,000.00 11,000.00 0.00

2- Medium and Long-Term Private 867.58 447.58 420.00 Sector Non-Guaranteed Debt

Grand Total 41,843.10 33,724.16 8,055.58


Table ( 14 )

Disbursed and Undisbursed Amounts for Signed Loans and Deposit

from 1/1/2015 to 31/12/2017

(US$ million)(1)

Figure 12

0.0

2,000.0

4,000.0

6,000.0

8,000.0

10,000.0

12,000.0

14,000.0

16,000.0

18,000.0

Paris Club (Non-Rescheduled Debt)

Non-Paris Club Debt MultilateralInstitutions

Deposits Private Sector Non-Guaranteed Debt

Signed Amount Disbursed Undisbursed

Medium and Long-Term Disbursed and Undisbursed Amountsfor Signed Loans and Depositsfrom 1/1/2015 to 31/12/2017

( U

S$m

n )

49

Period Principal Interest Total Period Total 2018/H1 4255.61 894.00 5,149.62 2036/H2 160.34 142.41 302.752018/H2 6125.81 1043.39 7,169.20 2037/H1 147.63 140.90 288.532019/H1 4201.72 925.44 5,127.16 2037/H2 143.57 139.48 283.042019/H2 5542.29 830.89 6,373.18 2038/H1 121.06 138.15 259.212020/H1 4652.73 769.99 5,422.72 2038/H2 91.92 137.04 228.962020/H2 1842.23 705.99 2,548.22 2039/H1 78.19 136.25 214.432021/H1 2813.36 674.58 3,487.94 2039/H2 77.00 135.54 212.532021/H2 2807.38 641.95 3,449.32 2040/H1 456.81 134.91 591.722022/H1 4189.62 600.45 4,790.07 2040/H2 74.93 121.11 196.042022/H2 2760.75 499.99 3,260.74 2041/H1 69.40 120.39 189.802023/H1 1847.03 469.20 2,316.23 2041/H2 67.74 119.78 187.522023/H2 2891.39 452.77 3,344.16 2042/H1 56.59 119.15 175.742024/H1 1788.51 410.15 2,198.66 2042/H2 54.81 118.63 173.452024/H2 1666.72 394.85 2,061.56 2043/H1 54.57 118.09 172.662025/H1 2793.16 375.39 3,168.55 2043/H2 53.40 117.59 170.992025/H2 1585.22 328.93 1,914.14 2044/H1 50.50 117.08 167.582026/H1 1593.09 330.59 1,923.68 2044/H2 50.29 116.58 166.872026/H2 1570.93 301.56 1,872.48 2045/H1 50.00 116.02 166.022027/H1 3031.07 286.45 3,317.52 2045/H2 49.93 115.55 165.482027/H2 1106.03 206.87 1,312.90 2046/H1 49.12 115.00 164.122028/H1 756.50 196.97 953.47 2046/H2 46.81 114.55 161.352028/H2 714.66 191.24 905.90 2047/H1 2545.60 114.55 2,660.152029/H1 600.66 184.02 784.68 2047/H2 44.18 7.31 51.492029/H2 571.03 179.02 750.04 2048/H1 38.10 6.81 44.912030/H1 408.96 173.84 582.80 2048/H2 37.60 6.43 44.032030/H2 353.20 170.41 523.61 2049/H1 35.40 5.96 41.362031/H1 306.27 167.48 473.75 2049/H2 35.40 5.62 41.022031/H2 302.38 164.64 467.03 2050/H1 35.20 5.15 40.352032/H1 296.37 162.16 458.54 2050/H2 32.93 4.84 37.772032/H2 286.50 159.38 445.88 2051/H1 17.27 4.39 21.662033/H1 258.49 156.84 415.33 2051/H2 15.27 4.25 19.522033/H2 248.66 154.41 403.07 2052/H1 0.57 0.01 0.582034/H1 240.91 152.22 393.13 2052/H2 0.57 0.01 0.572034/H2 221.75 149.94 371.69 2053/H1 0.57 0.01 0.572035/H1 215.60 147.97 363.56 2053/H2 0.57 0.00 0.572035/H2 212.42 145.89 358.32 2054/H1 0.57 0.00 0.572036/H1 166.71 143.99 310.70

Grand Total 70,070.05 (2) 16,743.36 (3) 86,813.41

(1) The exchange rate of December 31, 2017 .

(2) Excludes US$ 1279.51 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MN.

(3) Includes US$ 273.38 million representing forecast interest of SDR allocation.

Table ( 15 )Projected Medium and Long-Term Public & Publicly Guaranteed

External Debt Service

Interest

(US$ million)(1)as of January 1, 2018

Principal


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Figure 15

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Principal Interest Total

Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of January 1, 2018US$ mn

51

Period Principal Interest Total Period Principal Interest Total

2018/H1 463.04 123.15 586.20 2036/H2 32.52 1.37 33.902018/H2 551.70 127.58 679.27 2037/H1 30.08 1.25 31.342019/H1 636.61 111.44 748.05 2037/H2 28.41 1.15 29.552019/H2 790.55 112.58 903.13 2038/H1 26.29 1.05 27.342020/H1 701.78 95.82 797.61 2038/H2 23.82 0.95 24.772020/H2 894.86 95.28 990.15 2039/H1 20.26 0.87 21.132021/H1 684.06 79.08 763.13 2039/H2 19.78 0.80 20.582021/H2 741.43 77.93 819.36 2040/H1 19.08 0.73 19.812022/H1 510.63 63.07 573.71 2040/H2 18.65 0.66 19.312022/H2 532.71 63.35 596.06 2041/H1 17.34 0.59 17.932023/H1 515.85 53.79 569.64 2041/H2 16.82 0.53 17.352023/H2 539.83 53.39 593.22 2042/H1 14.71 0.47 15.172024/H1 515.10 44.71 559.81 2042/H2 12.93 0.42 13.342024/H2 527.73 43.72 571.45 2043/H1 12.67 0.37 13.042025/H1 506.52 35.60 542.12 2043/H2 11.98 0.33 12.312025/H2 530.10 34.09 564.19 2044/H1 9.57 0.28 9.852026/H1 518.08 26.63 544.71 2044/H2 9.36 0.25 9.612026/H2 537.44 24.41 561.85 2045/H1 9.07 0.21 9.282027/H1 347.13 17.73 364.85 2045/H2 9.00 0.18 9.182027/H2 368.19 16.91 385.10 2046/H1 8.19 0.15 8.342028/H1 334.61 12.80 347.41 2046/H2 5.88 0.12 6.002028/H2 349.46 11.42 360.88 2047/H1 4.66 0.10 4.762029/H1 274.74 8.08 282.83 2047/H2 4.44 0.08 4.522029/H2 259.70 6.68 266.38 2048/H1 4.11 0.07 4.172030/H1 124.13 4.65 128.78 2048/H2 3.94 0.05 3.992030/H2 101.16 4.27 105.43 2049/H1 1.75 0.04 1.792031/H1 76.99 3.74 80.73 2049/H2 1.75 0.03 1.782031/H2 74.76 3.49 78.24 2050/H1 1.53 0.03 1.562032/H1 73.85 3.24 77.09 2050/H2 1.53 0.02 1.552032/H2 70.95 2.99 73.94 2051/H1 0.57 0.02 0.582033/H1 58.66 2.76 61.42 2051/H2 0.57 0.01 0.582033/H2 56.72 2.53 59.25 2052/H1 0.57 0.01 0.582034/H1 51.84 2.30 54.14 2052/H2 0.57 0.01 0.572034/H2 44.71 2.09 46.79 2053/H1 0.57 0.01 0.572035/H1 43.93 1.89 45.82 2053/H2 0.57 0.00 0.572035/H2 42.71 1.71 44.42 2054/H1 0.57 0.00 0.572036/H1 38.06 1.52 39.58

Grand Total 13,874.36 1,389.60 15,263.96(1) The exchange rate of December 31, 2017 .

(US$ million)(1)

as of January 1, 2018

Paris Club Debt

External Debt Service

Projected Medium and Long-Term Public & Publicly Guaranteed

Table ( 16 )


Figure 16 Cen

tral B

an

k o

f Egyp

t - Extern

al P

ositio

n52

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053


Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of January 1, 2018

Paris Club Debt

US$ mn

53


2018/H1 296.40 50.07 346.48 2022/H2 157.51 17.37 174.88

2018/H2 300.07 45.91 345.98 2023/H1 159.94 15.65 175.59

2019/H1 301.96 42.52 344.49 2023/H2 162.41 13.67 176.08

2019/H2 305.72 38.38 344.10 2024/H1 164.70 11.87 176.57

2020/H1 307.71 34.88 342.59 2024/H2 162.41 9.88 172.28

2020/H2 311.56 30.81 342.37 2025/H1 164.81 7.97 172.78

2021/H1 313.85 27.05 340.90 2025/H2 167.44 5.93 173.37

2021/H2 288.80 22.93 311.73 2026/H1 169.92 3.95 173.88

2022/H1 155.11 19.32 174.43 2026/H2 169.02 1.88 170.90

Grand Total 4,059.34 400.05 4,459.38


(US$ million)(1)

Table ( 17 )


External Debt Service as of January 1, 2018

Paris Club Debt

Rescheduled Debt


54

Period Principal Interest Total Period Principal Interest Total2018/H1 166.64 73.08 239.72 2036/H2 32.52 1.37 33.902018/H2 251.63 81.66 333.29 2037/H1 30.08 1.25 31.342019/H1 334.64 68.92 403.56 2037/H2 28.41 1.15 29.552019/H2 484.83 74.20 559.03 2038/H1 26.29 1.05 27.342020/H1 394.07 60.95 455.02 2038/H2 23.82 0.95 24.772020/H2 583.31 64.48 647.78 2039/H1 20.26 0.87 21.132021/H1 370.21 52.02 422.23 2039/H2 19.78 0.80 20.582021/H2 452.63 55.00 507.63 2040/H1 19.08 0.73 19.812022/H1 355.52 43.76 399.28 2040/H2 18.65 0.66 19.312022/H2 375.20 45.98 421.18 2041/H1 17.34 0.59 17.932023/H1 355.92 38.14 394.05 2041/H2 16.82 0.53 17.352023/H2 377.43 39.72 417.14 2042/H1 14.71 0.47 15.172024/H1 350.39 32.84 383.24 2042/H2 12.93 0.42 13.342024/H2 365.33 33.84 399.17 2043/H1 12.67 0.37 13.042025/H1 341.71 27.64 369.34 2043/H2 11.98 0.33 12.312025/H2 362.66 28.16 390.82 2044/H1 9.57 0.28 9.852026/H1 348.16 22.67 370.83 2044/H2 9.36 0.25 9.612026/H2 368.41 22.53 390.94 2045/H1 9.07 0.21 9.282027/H1 347.13 17.73 364.85 2045/H2 9.00 0.18 9.182027/H2 368.19 16.91 385.10 2046/H1 8.19 0.15 8.342028/H1 334.61 12.80 347.41 2046/H2 5.88 0.12 6.002028/H2 349.46 11.42 360.88 2047/H1 4.66 0.10 4.762029/H1 274.74 8.08 282.83 2047/H2 4.44 0.08 4.522029/H2 259.70 6.68 266.38 2048/H1 4.11 0.07 4.172030/H1 124.13 4.65 128.78 2048/H2 3.94 0.05 3.992030/H2 101.16 4.27 105.43 2049/H1 1.75 0.04 1.792031/H1 76.99 3.74 80.73 2049/H2 1.75 0.03 1.782031/H2 74.76 3.49 78.24 2050/H1 1.53 0.03 1.562032/H1 73.85 3.24 77.09 2050/H2 1.53 0.02 1.552032/H2 70.95 2.99 73.94 2051/H1 0.57 0.02 0.582033/H1 58.66 2.76 61.42 2051/H2 0.57 0.01 0.582033/H2 56.72 2.53 59.25 2052/H1 0.57 0.01 0.582034/H1 51.84 2.30 54.14 2052/H2 0.57 0.01 0.572034/H2 44.71 2.09 46.79 2053/H1 0.57 0.01 0.572035/H1 43.93 1.89 45.82 2053/H2 0.57 0.00 0.572035/H2 42.71 1.71 44.42 2054/H1 0.57 0.00 0.572036/H1 38.06 1.52 39.58

Grand Total 9,815.02 989.55 10,804.58(1) The exchange rate of December 31, 2017 .

(US$ million)(1)

Table ( 18 )


Paris Club Debt

Non-Rescheduled Debt



55


2018/H1 0.14 0.00 0.14 2029/H1 0.14 0.00 0.14

2018/H2 0.14 0.00 0.14 2029/H2 0.14 0.00 0.14

2019/H1 0.14 0.00 0.14 2030/H1 0.14 0.00 0.14

2019/H2 0.14 0.00 0.14 2030/H2 0.14 0.00 0.14

2020/H1 0.14 0.00 0.14 2031/H1 0.14 0.00 0.14

2020/H2 0.14 0.00 0.14 2031/H2 0.14 0.00 0.14

2021/H1 0.14 0.00 0.14 2032/H1 0.14 0.00 0.14

2021/H2 0.14 0.00 0.14 2032/H2 0.14 0.00 0.14

2022/H1 0.14 0.00 0.14 2033/H1 0.14 0.00 0.14

2022/H2 0.14 0.00 0.14 2033/H2 0.14 0.00 0.14

2023/H1 0.14 0.00 0.14 2034/H1 0.14 0.00 0.14

2023/H2 0.14 0.00 0.14 2034/H2 0.14 0.00 0.14

2024/H1 0.14 0.00 0.14 2035/H1 0.14 0.00 0.14

2024/H2 0.14 0.00 0.14 2035/H2 0.14 0.00 0.14

2025/H1 0.14 0.00 0.14 2036/H1 0.14 0.00 0.14

2025/H2 0.14 0.00 0.14 2036/H2 0.14 0.00 0.14

2026/H1 0.14 0.00 0.14 2037/H1 0.14 0.00 0.14

2026/H2 0.14 0.00 0.14 2037/H2 0.04 0.00 0.04

2027/H1 0.14 0.00 0.14 2038/H1 0.04 0.00 0.04

2027/H2 0.14 0.00 0.14 2038/H2 0.04 0.00 0.04

2028/H1 0.14 0.00 0.14 2039/H1 0.04 0.00 0.04

2028/H2 0.14 0.00 0.14

Grand Total 5.51 0.00 5.51(1) The exchange rate of December 31, 2017 .

Supplier's Credit


(US$ million)(1)

Table ( 19 )

Projected Medium and Long-Term Public & Publicly GuaranteedExternal Debt Service


56


2018/H1 487.94 91.42 579.36 2028/H2 36.23 2.27 38.50

2018/H2 340.58 86.31 426.89 2029/H1 29.07 1.80 30.87

2019/H1 266.27 80.17 346.44 2029/H2 25.53 1.42 26.95

2019/H2 264.54 73.13 337.67 2030/H1 17.80 1.09 18.88

2020/H1 282.23 67.08 349.31 2030/H2 10.21 0.84 11.05

2020/H2 365.50 60.14 425.64 2031/H1 8.28 0.72 9.00

2021/H1 296.22 51.20 347.42 2031/H2 8.38 0.62 9.00

2021/H2 256.00 44.31 300.31 2032/H1 8.38 0.52 8.90

2022/H1 274.79 38.87 313.66 2032/H2 6.89 0.42 7.31

2022/H2 255.51 32.72 288.23 2033/H1 4.54 0.34 4.88

2023/H1 270.00 27.24 297.24 2033/H2 3.81 0.30 4.11

2023/H2 312.77 21.39 334.17 2034/H1 3.81 0.26 4.07

2024/H1 240.51 14.14 254.66 2034/H2 3.81 0.22 4.03

2024/H2 120.62 9.50 130.12 2035/H1 3.81 0.18 3.99

2025/H1 113.47 7.60 121.07 2035/H2 3.81 0.15 3.95

2025/H2 63.45 6.23 69.69 2036/H1 2.15 0.11 2.26

2026/H1 63.15 5.21 68.36 2036/H2 2.15 0.09 2.24

2026/H2 45.59 4.56 50.14 2037/H1 2.15 0.07 2.22

2027/H1 58.81 3.96 62.77 2037/H2 2.15 0.04 2.20

2027/H2 42.69 3.37 46.06 2038/H1 2.15 0.02 2.17

2028/H1 39.48 2.81 42.29

Grand Total 4,645.20 742.84 5,388.03


(US$ million)(1)

Non-Paris Club Debt



Table ( 20 )



Period Principal Interest Total Period Total2018/H1 1372.50 254.42 1626.92 2035/H1 194.26

2018/H2 1133.39 247.64 1381.03 2035/H2 190.46

2019/H1 865.71 225.53 1091.24 2036/H1 149.38

2019/H2 1387.07 212.37 1599.43 2036/H2 147.12

2020/H1 641.91 197.14 839.06 2037/H1 135.49

2020/H2 581.73 188.10 769.83 2037/H2 131.90

2021/H1 832.95 181.94 1014.88 2038/H1 110.31

2021/H2 809.82 171.83 981.64 2038/H2 84.81

2022/H1 1086.19 165.73 1251.92 2039/H1 73.91

2022/H2 1066.31 154.39 1220.70 2039/H2 72.61

2023/H1 1061.04 144.60 1205.64 2040/H1 71.47

2023/H2 1038.65 134.70 1173.34 2040/H2 70.47

2024/H1 1032.76 125.61 1158.37 2041/H1 65.62

2024/H2 1018.23 115.94 1134.17 2041/H2 63.93

2025/H1 995.64 106.49 1102.13 2042/H1 54.32

2025/H2 991.53 97.50 1089.02 2042/H2 53.86

2026/H1 1011.73 107.65 1119.38 2043/H1 53.36

2026/H2 987.77 81.48 1069.25 2043/H2 52.44

2027/H1 711.58 73.66 785.23 2044/H1 51.49

2027/H2 695.01 67.25 762.26 2044/H2 51.01

2028/H1 382.28 62.01 444.29 2045/H1 50.49

2028/H2 328.83 58.19 387.02 2045/H2 50.05

2029/H1 296.70 54.80 351.49 2046/H1 49.54

2029/H2 285.65 51.56 337.21 2046/H2 49.11

2030/H1 266.90 48.75 315.65 2047/H1 48.58

2030/H2 241.68 45.95 287.63 2047/H2 46.97

2031/H1 220.86 43.66 264.53 2048/H1 40.73

2031/H2 219.11 41.19 260.30 2048/H2 40.03

2032/H1 214.01 39.06 253.06 2049/H1 39.57

2032/H2 208.53 36.61 245.14 2049/H2 39.24

2033/H1 195.16 34.39 229.54 2050/H1 38.78

2033/H2 188.00 32.23 220.23 2050/H2 36.20

2034/H1 185.13 30.30 215.43 2051/H1 21.06

2034/H2 173.10 28.28 201.38 2051/H2 18.93

Grand Total 24,757.41 (2) 4,078.40 (3) 28,835.81(1) The exchange rate of December 31, 2017 .

(2) Excludes US$ 1,279.51 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.

(3) Includes US$ 273.38 million representing forecast interest of SDR allocation.

26.54

14.83

15.39

17.73

18.93

20.23

21.60125.53

126.37

115.26

112.97

23.01

24.69

(US$ million)(1)

Multilateral Institutions



Table ( 21 )

Principal Interest

92.59

68.07

56.64

56.27

16.74

16.03

167.73

165.77

52.06

50.93

57.88

57.22

41.89

41.42

41.89

41.89

16.70

14.70

40.93

40.93

40.93

40.93

40.93

40.93

33.65

33.65

11.97

11.47

14.20

13.56

33.65

31.40

40.93

39.74

33.98

33.65

13.00

12.43

9.12

8.61

7.23

6.75

11.02

10.55

10.08

9.56

8.18

7.65

4.23

6.38

5.92

5.59

5.13

4.80

4.36

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

58

Figure 21

0

500

1000

1500

2000

2500

3000

3500

2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051


Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service Multilateral Institutions


US$ mn

59


2018/H1 0.00 30.18 30.18 2029/H2 0.00 13.10 13.10

2018/H2 0.00 30.11 30.11 2030/H1 0.00 13.10 13.10

2019/H1 0.00 30.11 30.11 2030/H2 0.00 13.10 13.10

2019/H2 0.00 30.11 30.11 2031/H1 0.00 13.10 13.10

2020/H1 591.67 30.11 621.78 2031/H2 0.00 13.10 13.10

2020/H2 0.00 13.10 13.10 2032/H1 0.00 13.10 13.10

2021/H1 0.00 13.10 13.10 2032/H2 0.00 13.10 13.10

2021/H2 0.00 13.10 13.10 2033/H1 0.00 13.10 13.10

2022/H1 0.00 13.10 13.10 2033/H2 0.00 13.10 13.10

2022/H2 0.00 13.10 13.10 2034/H1 0.00 13.10 13.10

2023/H1 0.00 13.10 13.10 2034/H2 0.00 13.10 13.10

2023/H2 0.00 13.10 13.10 2035/H1 0.00 13.10 13.10

2024/H1 0.00 13.10 13.10 2035/H2 0.00 13.10 13.10

2024/H2 0.00 13.10 13.10 2036/H1 0.00 13.10 13.10

2025/H1 0.00 13.10 13.10 2036/H2 0.00 13.10 13.10

2025/H2 0.00 13.10 13.10 2037/H1 0.00 13.10 13.10

2026/H1 0.00 13.10 13.10 2037/H2 0.00 13.10 13.10

2026/H2 0.00 13.10 13.10 2038/H1 0.00 13.10 13.10

2027/H1 0.00 13.10 13.10 2038/H2 0.00 13.10 13.10

2027/H2 0.00 13.10 13.10 2039/H1 0.00 13.10 13.10

2028/H1 0.00 13.10 13.10 2039/H2 0.00 13.10 13.10

2028/H2 0.00 13.10 13.10 2040/H1 381.12 13.10 394.22

2029/H1 0.00 13.10 13.10

Grand Total 972.79 674.67 1,647.46(*) 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 .


(US$ million)

Table ( 22 )

Projected Sovereign Notes (*)

Debt Service as of January 1, 2018


(US$ million)

Period Principal Interest Total

2018/H1 0.00 34.62 34.62

2018/H2 0.00 34.59 34.59

2019/H1 0.00 34.59 34.59

2019/H2 0.00 34.59 34.59

2020/H1 0.00 34.59 34.59

2020/H2 0.00 34.59 34.59

2021/H1 0.00 34.59 34.59

2021/H2 0.00 34.59 34.59

2022/H1 0.00 34.59 34.59

2022/H2 0.00 34.59 34.59

2023/H1 0.00 34.59 34.59

2023/H2 0.00 34.59 34.59

2024/H1 0.00 34.59 34.59

2024/H2 0.00 34.59 34.59

2025/H1 1,177.40 34.59 1,211.99

Grand Total 1,177.40 518.82 1,696.22

(*)The Projected Global Medium Term Notes (G.M.T.N.) Nominal Value Amounted US$ 1500 MM ,The Applicable

Interest Rate is Fixed : 5.875 % , issued on 11/6/2015 and due on 11/6/2025 .

Table ( 23 )

Projected Global Medium Term Notes (G.M.T.N.) (*)



(US$ million)


2018/H1 0.00 49.23 49.23

2018/H2 0.00 48.02 48.02

2019/H1 0.00 48.02 48.02

2019/H2 0.00 48.02 48.02

2020/H1 0.00 48.02 48.02

2020/H2 0.00 48.02 48.02

2021/H1 0.00 48.02 48.02

2021/H2 0.00 48.02 48.02

2022/H1 1,567.87 48.02 1,615.88

Grand Total 1,567.87 433.36 2,001.23

(*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1750 MM ,The Applicable


Table ( 24 )

Projected Global Medium Term Notes Programme (*)



(US$ million)


2018/H1 0.00 34.67 34.67

2018/H2 0.00 34.25 34.25

2019/H1 0.00 34.25 34.25

2019/H2 0.00 34.25 34.25

2020/H1 0.00 34.25 34.25

2020/H2 0.00 34.25 34.25

2021/H1 0.00 34.25 34.25

2021/H2 0.00 34.25 34.25

2022/H1 0.00 34.25 34.25

2022/H2 0.00 34.25 34.25

2023/H1 0.00 34.25 34.25

2023/H2 0.00 34.25 34.25

2024/H1 0.00 34.25 34.25

2024/H2 0.00 34.25 34.25

2025/H1 0.00 34.25 34.25

2025/H2 0.00 34.25 34.25

2026/H1 0.00 34.25 34.25

2026/H2 0.00 34.25 34.25

2027/H1 913.42 34.25 947.67

Grand Total 913.42 651.22 1,564.64



Table ( 25 )




(US$ million)

Period Principal Interest Total2018/H1 0.00 53.13 53.132018/H2 0.00 53.13 53.132019/H1 0.00 53.13 53.132019/H2 0.00 53.13 53.132020/H1 0.00 53.13 53.132020/H2 0.00 53.13 53.132021/H1 0.00 53.13 53.132021/H2 0.00 53.13 53.132022/H1 0.00 53.13 53.132022/H2 0.00 53.13 53.132023/H1 0.00 53.13 53.132023/H2 0.00 53.13 53.132024/H1 0.00 53.13 53.132024/H2 0.00 53.13 53.132025/H1 0.00 53.13 53.132025/H2 0.00 53.13 53.132026/H1 0.00 53.13 53.132026/H2 0.00 53.13 53.132027/H1 0.00 53.13 53.132027/H2 0.00 53.13 53.132028/H1 0.00 53.13 53.132028/H2 0.00 53.13 53.132029/H1 0.00 53.13 53.132029/H2 0.00 53.13 53.132030/H1 0.00 53.13 53.132030/H2 0.00 53.13 53.132031/H1 0.00 53.13 53.132031/H2 0.00 53.13 53.132032/H1 0.00 53.13 53.132032/H2 0.00 53.13 53.132033/H1 0.00 53.13 53.132033/H2 0.00 53.13 53.132034/H1 0.00 53.13 53.132034/H2 0.00 53.13 53.132035/H1 0.00 53.13 53.132035/H2 0.00 53.13 53.132036/H1 0.00 53.13 53.132036/H2 0.00 53.13 53.132037/H1 0.00 53.13 53.132037/H2 0.00 53.13 53.132038/H1 0.00 53.13 53.132038/H2 0.00 53.13 53.132039/H1 0.00 53.13 53.132039/H2 0.00 53.13 53.132040/H1 0.00 53.13 53.132040/H2 0.00 53.13 53.132041/H1 0.00 53.13 53.132041/H2 0.00 53.13 53.132042/H1 0.00 53.13 53.132042/H2 0.00 53.13 53.132043/H1 0.00 53.13 53.132043/H2 0.00 53.13 53.132044/H1 0.00 53.13 53.132044/H2 0.00 53.13 53.132045/H1 0.00 53.13 53.132045/H2 0.00 53.13 53.132046/H1 0.00 53.13 53.132046/H2 0.00 53.13 53.132047/H1 1,250.00 53.13 1,303.13

Grand Total 1,250.00 3,134.67 4,384.67



Table ( 26 )




(US$ million)


2018/H1 0.00 22.97 22.97

2018/H2 0.00 22.97 22.97

2019/H1 0.00 22.97 22.97

2019/H2 0.00 22.97 22.97

2020/H1 0.00 22.97 22.97

2020/H2 0.00 22.97 22.97

2021/H1 0.00 22.97 22.97

2021/H2 0.00 22.97 22.97

2022/H1 750.00 22.97 772.97

Grand Total 750.00 206.73 956.73(*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 750 MM ,The Applicable


Table ( 27 )




(US$ million)


2018/H1 0.00 37.50 37.50

2018/H2 0.00 37.50 37.50

2019/H1 0.00 37.50 37.50

2019/H2 0.00 37.50 37.50

2020/H1 0.00 37.50 37.50

2020/H2 0.00 37.50 37.50

2021/H1 0.00 37.50 37.50

2021/H2 0.00 37.50 37.50

2022/H1 0.00 37.50 37.50

2022/H2 0.00 37.50 37.50

2023/H1 0.00 37.50 37.50

2023/H2 0.00 37.50 37.50

2024/H1 0.00 37.50 37.50

2024/H2 0.00 37.50 37.50

2025/H1 0.00 37.50 37.50

2025/H2 0.00 37.50 37.50

2026/H1 0.00 37.50 37.50

2026/H2 0.00 37.50 37.50

2027/H1 1,000.00 37.50 1,037.50

Grand Total 1,000.00 712.50 1,712.50



Table ( 28 )




(US$ million)


2018/H1 0.00 53.13 53.132018/H2 0.00 53.13 53.132019/H1 0.00 53.13 53.132019/H2 0.00 53.13 53.132020/H1 0.00 53.13 53.132020/H2 0.00 53.13 53.132021/H1 0.00 53.13 53.132021/H2 0.00 53.13 53.132022/H1 0.00 53.13 53.132022/H2 0.00 53.13 53.132023/H1 0.00 53.13 53.132023/H2 0.00 53.13 53.132024/H1 0.00 53.13 53.132024/H2 0.00 53.13 53.132025/H1 0.00 53.13 53.132025/H2 0.00 53.13 53.132026/H1 0.00 53.13 53.132026/H2 0.00 53.13 53.132027/H1 0.00 53.13 53.132027/H2 0.00 53.13 53.132028/H1 0.00 53.13 53.132028/H2 0.00 53.13 53.132029/H1 0.00 53.13 53.132029/H2 0.00 53.13 53.132030/H1 0.00 53.13 53.132030/H2 0.00 53.13 53.132031/H1 0.00 53.13 53.132031/H2 0.00 53.13 53.132032/H1 0.00 53.13 53.132032/H2 0.00 53.13 53.132033/H1 0.00 53.13 53.132033/H2 0.00 53.13 53.132034/H1 0.00 53.13 53.132034/H2 0.00 53.13 53.132035/H1 0.00 53.13 53.132035/H2 0.00 53.13 53.132036/H1 0.00 53.13 53.132036/H2 0.00 53.13 53.132037/H1 0.00 53.13 53.132037/H2 0.00 53.13 53.132038/H1 0.00 53.13 53.132038/H2 0.00 53.13 53.132039/H1 0.00 53.13 53.132039/H2 0.00 53.13 53.132040/H1 0.00 53.13 53.132040/H2 0.00 53.13 53.132041/H1 0.00 53.13 53.132041/H2 0.00 53.13 53.132042/H1 0.00 53.13 53.132042/H2 0.00 53.13 53.132043/H1 0.00 53.13 53.132043/H2 0.00 53.13 53.132044/H1 0.00 53.13 53.132044/H2 0.00 53.13 53.132045/H1 0.00 53.13 53.132045/H2 0.00 53.13 53.132046/H1 0.00 53.13 53.132046/H2 0.00 53.13 53.132047/H1 1,250.00 53.13 1,303.13

Grand Total 1,250.00 3,134.67 4,384.67(*)The Global Medium Term Notes Programme Nominal Value Amounted US$ 1250 MM ,The Applicable


Table ( 29 )




(US$ million)


2018/H1 25.00 691.00

2018/H2 52.58 2,052.58

2019/H1 16.86 683.86

2019/H2 8.48 8.48

2020/H1 8.48 675.48

Grand Total 4,000.00 (*) 111.39 4,111.39

(*) 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 24/9/2018 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 21/4/2018, 21/4/2019

0.00

667.00

2,000.00

Table ( 30 )

Projected Medium and Long-Term Deposits for Kuwait

667.00

and 21/4/2020 (Three installments) Interest Paid on Semi-annual basis.


666.00


(US$ million)


2018/H1 0.00 500.00

Grand Total 500.00 (*) 0.00 500.00

(*) 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).

500.00

Table ( 31 )

Projected Medium Term Deposits for Libya



(US$ million)


2018/H1 766.00 28.44 794.44

2018/H2 2,100.00 157.26 2,257.26

2019/H1 766.00 86.71 852.71

2019/H2 3,100.00 32.33 3,132.33

2020/H1 768.00 9.15 777.15

Grand Total 7,500.00 (*) 313.89 7,813.89

(*) Consists of Five Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 500 MM) , Interest Rate is Libor 3 months deposited

on 9/5/2012 and due from 9/11/2015 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

The Fourth Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 4.50 % deposited on 23/9/2016 and due on 1/7/2019

The Fifth Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 4.50 % deposited on 16/5/2017 and due on 1/7/2019

Interest Paid on Quarterly-annual basis.

Interest Paid on Quarterly-annual basis.

Table ( 32 )

Projected Medium and Long-Term Deposits for Saudi Arabia


on 22/4/2018, 22/4/2019 and 22/4/2020 (Three installments) Interest Paid on Semi-annual basis.


(US$ million)


2018/H1 56.16 56.16

2018/H2 58.34 58.34

2019/H1 91.04 1,091.04

2019/H2 78.32 78.32

2020/H1 78.63 1,078.63

2020/H2 65.79 65.79

2021/H1 65.69 1,065.69

2021/H2 51.20 1,051.20

2022/H1 36.11 36.11

2022/H2 23.84 929.93

2023/H1 17.89 17.89

2023/H2 17.60 1,017.60

Grand Total 5,906.09 (*) 640.60 6,546.69

(*) 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

and 30/5/2021 (Three installments) Interest Paid on Semi-annual basis.

The Fifth Deposit Amounted US$ 1000 MM (Outstanding is US$ 906.09 MM) , Interest Rate is Fixed 4.00 % deposited on 31/8/2016

and due on 31/8/2022 Interest Paid on monthly basis.

0.00

906.09

0.00

1,000.00


1,000.00

0.00

1,000.00

0.00

Table ( 33 )

Projected Medium and Long-Term Deposits for United Arab Emirates

0.00

0.00

1,000.00

1,000.00


(US$ million)(1)


January-2018 1,490.36 1.07 1,491.43

February-2018 770.97 43.96 814.92

March-2018 1,384.92 5.50 1,390.42

April-2018 658.43 4.12 662.55

May-2018 376.74 40.46 417.20

June-2018 205.03 2.32 207.35

July-2018 16.85 0.07 16.92

August-2018 25.54 39.82 65.36

September-2018 204.48 1.38 205.86

October-2018 34.83 0.11 34.94

November-2018 3,134.60 39.74 3,174.34

December-2018 2,825.71 0.00 2,825.71

Grand Total 11,128.44 178.53 11,306.97


Table ( 34 )

Projected Short-Term Debt



Table ( 35 )

Exchange Rates of the Currencies of External Debt Versus US Dollar

as at End of December

Country Currency 2014 2015 2016 2017

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 0.99 0.99 1.02 0.97

Denmark DKK 6.13 6.85 7.11 6.21

Egypt EGP 7.13 7.72 18.12 17.66

Sweden SEK 7.73 8.43 9.14 8.20

Japan JPY 119.36 120.42 116.58 112.70

India INR 63.33 66.33 67.95 63.93

United Kingdom GBP 0.64 0.68 0.82 0.74

Canada CAD 1.16 1.39 1.35 1.26

Australia AUD 1.22 1.37 1.39 1.28

Norway NOK 7.43 8.82 8.70 8.21

Euro EUR 0.82 0.92 0.96 0.83

Special Drawing Rights SDR 0.69 0.72 0.74 0.70

Kuwait KWD 0.29 0.30 0.31 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 6.21 6.50 6.96 6.51


Appendix III

Box Page

I- Egypt's Subscription to SDDS and Data Quality Dimensions……………… 1 75

II- Egypt's Data Quality Dimensions…………………………………………... 2 76

III- Doing Business in Egypt…………………………………………………… 3 77

IV- Tourism Sector Performance …...…. …………..………………………… 4 78

- Glossary……………………………………………………………………. 79


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.

Egypt ranked 25

th on World Bank's Bulletin Board on Statistical Capacity index on 146 developing

countries and 1st 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

Starting a Business

2009 It was made easier by reducing the paid-in minimum capital requirement by more

than 80%, abolishing bar association fees, and automating tax registration.

2010 The minimum capital required to start a business was removed.

2011 Egypt reduced the cost to start a business.

2017 Egypt made starting a business easier by merging procedures at the one-stop shop by introducing a follow-up unit in charge of liaising with the tax and labor authority on behalf of the company.

Dealing with Construction

Permits

2009 A new building code was introduced in 2008 aimed at reducing the procedures and

time required to deal with construction permits by establishing a single window for

processing construction-related approvals.

2010 Construction permits were made easier by issuing executive articles for the 2008

construction law and eliminating most pre-approvals for construction permits.

Enforcing Contracts 2010 Contract enforcement was expedited with the creation of commercial courts.

Getting Credit 2009

Thanks to new regulations issued by the Central Bank, borrowers have the right to

inspect their data in the private credit bureau.

2010 Access to credit information has expanded with the addition of retailers to the

database of the private credit bureau.

Registering Property

2009

Simplified administrative procedures for registering property and new time limits have

reduced the time to transfer property in Cairo from 193 days to 72.

Trading Across Borders

2009 Alexandria port continued to upgrade its facilities and speed customs clearance,

reducing the time to export by 1 day and the time to import by 3 days.

2011 Egypt made trading easier by introducing an electronic system for submitting export

and import documents.

Protecting Minority Investors

2009 New listing rules for the Cairo Stock Exchange strengthened protections for minority

shareholders: now an independent body must assess transactions between

interested parties before they are approved.

2015 Additional requirements have been introduced to strengthen minority investor

protections; An approval of related-party transactions and greater requirements for

disclosure of such transactions to the Egyptian Exchange.

2016 by barring subsidiaries from acquiring shares issued by their parent company.

2017 by increasing shareholder rights and role in major corporate decisions and by

clarifying ownership and control structures.

2018 by increasing shareholder rights and role in major corporate decisions.

Trading Across Borders

2009 upgrading port facilities at Alexandria and speeding up customs clearance, while

greater competition in the banking sector led to a reduction in the time to open a letter

of credit.

2011 Egypt made trading easier by introducing an electronic system for submitting export

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 of 10.4 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, them by Asia & the Pacific region (8.8 nights/visitor).

Indicators of Tourism Activity 2015/16 2016/17 2015/16 2016/17 2017/18

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 (USD/night)

72.8 86.1 67.5 82.5 95.6 95.6

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 statement that summarizes, for a specific period of time, the economic transactions of an economy with the rest of the world. Bilateral Debt: Loans extended by a bilateral creditor. Bilateral Rescheduling Agree-ments: Rescheduling agreements reached bilaterally between the debtor and creditor countries. These are legally the equivalent of new loan agreements. After a Paris Club rescheduling, such agreements are required to put the debt restructuring set forth in the multinational Agreed Minute into effect.

Buyer’s Credit: A financial ar-rangement in which a bank or financial institution, or an export credit agency in the exporting country, extends a loan directly to a foreign buyer or to a bank in the importing country to pay for the purchase of goods and services from the exporting country (also known as financial credit). This term does not refer to credit extended directly from the buyer to the seller (for example, through advance payment for goods and services). Capital Account: a BOP account that covers capital transfers and the acquisition or disposal of non-produced non-financial items, such as patents. Current Account: a BOP account that covers all transactions in goods, services, income, and current transfers between residents and non- residents. Cutoff Date: The date (established at the time of a country’s first Paris Club debt reorganization / restruc-turing) before which loans must have been contracted in order for their debt service to be eligible for restructuring. New loans extended after the cutoff date are protected

from future restructuring (subordi-nation strategy). In exceptional cases, arrears on post-cutoff-date debt can be deferred over short periods of time in restructuring agreements. Debt Instruments: Existing debt instruments typically arise out of contractual relationships under which an institutional unit (the debtor) has an unconditional liability to another institutional unit (the creditor) to repay principal with or without interest, or to pay interest without principal. These instruments include debt securities, loans, trade credit, and currency and deposits. Debt instruments may also be created by the force of law—in particular, obligations to pay taxes or to make other compulsory payments— or through rights and obligations that result in a debtor accepting an obligation to make future payment(s) to a creditor. Debt Service: Refers to payments in respect of both principal and interest. Actual debt service is the set of payments actually made to satisfy a debt obligation, including principal, interest, and any late payment fees. Scheduled debt service is the set of payments, including principal and interest, which is required to be made through the life of the debt. Debt Sustainability Analysis: A study of a country’s medium- to long-term debt situation. A country’s eligibility for support under the HIPC Initiative is determined on the basis of such an analysis, jointly under-taken by the staffs of the IMF, the World Bank, and the country concerned. External Debt: Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of interest and/or prin-cipal by the debtor at some point(s)


in the future and that are owed to non-residents by residents of an economy. Financial Account: a BOP account that covers transactions between residents and non-residents in direct, portfolio, other investment, financial derivatives, and reserve assets. Gross Domestic Product (GDP): the value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports. It can be broken down by output, ex-penditure, or income components. The main expenditure aggregates are final consumption of household and government, gross fixed capital formation, changes in inventories and imports and exports of goods and services. International Investment Position (IIP): The IIP is the stock of external financial assets and liabilities on a specified reference date, usually the end of the quarter or year. The change in position between two end- periods reflects financial trans-actions, valuation changes, and other adjustments occurring during the period. Long-Term External Debt: Ex-ternal debt that has a maturity of more than one year. Maturity can be defined either on an original or remaining basis. Multilateral Creditors: These cre-ditors are multilateral institutions such as the IMF and the World Bank, as well as other multilateral development banks. Official Development Assistance (ODA): Flows of official financing administered with the promotion of the economic development and welfare of developing countries as the main objective, and which are concessional in character with a grant element of at least 25 percent (using a fixed 10 percent rate of discount). By convention, ODA flows comprise

contributions of donor government agencies, at all levels, to developing countries (“bilateral ODA”) and to multilateral institutions. ODA receipts comprise disbursements by bilateral donors and multilateral institutions. Lending by export credit agencies - with the pure purpose of export promotion - is excluded. Original Maturity: the period of time from when the financial asset/liability was created to its final maturity date. Paris Club: An informal group of creditor governments that has met regularly in Paris since 1956 to reschedule bilateral debts; the French treasury provides the secretariat. Creditors meet with a debtor country to reschedule its debts as part of the international support provided to a country that is experiencing debt servicing difficulties and is pursuing an adjustment program supported by the IMF. The Paris Club does not have a fixed membership, and its meetings are open to all official creditors that accept its practices and procedures. The core creditors are mainly OECD member countries, but other creditors attend as relevant for a debtor country. Russia became a member in September 1997. Remaining (Residual) Maturity: The period of time until debt payments fall due. In the External Debt Guide, it is recommended that short-term remaining maturity of outstanding external debt be mea-sured by adding the value of outstanding short-term external debt (original maturity) to the value of outstanding long-term external debt (original maturity) due to be paid in one year or less.

Documents

July/December 2017/18 · Tourism revenues to about US$ 5.0 billion (against about US$ 1.6 billion), driven by the increase in the number of tourist nights to 52.1 million nights (against