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Central Bank of Egypt

External Position of the Egyptian Economy

July/December 2019/2020

Volume No. (68)

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 national statistics that are regularly compiled in line with the SDDS prescriptions.

Enthused by the CBE's keenness to enhance its disclosure, transparency and communication policy, the Report is meant to serve several functions. Generally, it spreads, to a broad array of readers, knowledge of Egypt’s external accounts including the balance of payments, external debt, international investment position and external liquidity. Particularly, it monitors key external sector performance indicators of the economy in order to identify areas of policy needs. The information revealed in this series has also significant implications for decision-making, investment climate, doing-business environment and sovereign credit ratings.

The Report contains 6 sections. The first section gives a performance portrait of the key components of Egypt's Balance of Payments (BOP). The second and third review developments related to the International Investment Position (IIP) and external liquidity. The fourth and fifth show Egypt's external debt in its different classifications and the exchange rate developments. The last section is a statistical part that provides more details on the above mentioned five sections. This is in addition to a glossary.

The Report is available at the CBE's website www.cbe.org.eg. Hard copies can be obtained from the Economic Research Sector, 8th floor, 54 El Gomhoreya Street, Cairo.


Table of Contents

Page

Overview

Section I: Balance of Payments (BOP)

BOP Performance 1

1- Current Account 1

2- Capital and Financial Account 4

Section II: International Investment Position (IIP) 7

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 13

D - Breakdown by Creditor 13

E - Breakdown by Debtor 13

F - External Debt Service 14

G- 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 31-42

B- Outstanding External Debt by Currency 43

C- Projected Medium- and Long-Term Public and

Publicly Guaranteed External Debt Service 44-55

D- Projected Private Sector Non-Guaranteed

Debt Service 56

E- Projected Short-Term Debt Service 57

F- Exchange Rates of the Currencies of External

Debt versus US Dollar 58

Glossary 59


Overview Following the liberalization of the exchange rate in late 2016, the Central Bank decided to abolish the repatriation mechanism on December 4, 2018, which was put in place for any new investments in foreign currency. As a result, the official reserves were strongly rebuilt again through official channels, and the Egyptian pound improved against the US dollar. Egypt's transactions with the external world recorded an overall BOP surplus of US$ 410.9 million in the first half of FY 2019/2020 (against overall deficit of US$ 1.8 billion in the corresponding period). The current account deficit decreased to about US$ 4.6 billion (against about US$ 5.3 billion). The capital and financial account resulted in a net inflow of US$ 5.2 billion (against about US$ 3.1 billion). The improvement in the current account deficit was due to the following developments:

- The trade deficit decreased by 2.8 percent to about US$ 18.7 billion.

- Net unrequited current transfers rose by 14.1 percent to about US$ 13.6 billion.

- On the other hand, the services balance surplus decreased by 13.5 percent, recording about US$ 6.3 billion.

- The income balance ran a deficit of about US$ 5.8 billion (against about US$ 5.2 billion).

The capital and financial account revealed an increase in net inflows to US$ 5.2 billion (against about US$ 3.1 billion). Egypt’s International Investment Position (IIP) at end of Dec. 2019 recorded net external liabilities (assets minus liabilities) of about US$ 176.0 billion, up by 4.4 percent compared to end of June 2019.

Net International Reserves (NIR) increased by US$ 0.9 billion to reach US$ 45.4 billion, covering 8.3 months of merchandise imports at end of December 2019. The increase was a result of both the rise in foreign currencies by about US$ 0.6 billion and in gold by US$ 0.5 billion, and the decrease in SDRs by US$ 0.2 billion. During the preparation of the Report, NIR reached US$ 38.2 billion at end of June 2020. Banks’ net foreign assets increased by US$ 2.7 billion during July/December 2019/2020. Foreign currency deposits with banks decreased by 4.6 percent during the period concerned, reaching US$ 41.0 billion at end of December 2019. As a percentage of total deposits, they made up 18.2 percent. Total external debt recorded US$ 112.7 billion at end of Dec. 2019, up by about US$ 4.0 billion (compared with about US$ 108.7 billion at end of June 2019). The external debt remains within manageable limits, and its position continues to have a favorable structure, as 90.0 percent of the debt is long-term. The weighted average of the inter-bank foreign exchange market rate revealed that the Egyptian pound interbank rate appreciated by 4.1 percent during the first half of FY 2019/2020, as the EGP reached 16.0415 per US dollar at end of December 2019, against EGP 16.7057 per US dollar at end of June 2019.

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 US$ 410.9 million in the first half of FY 2019/2020 (against overall deficit of US$ 1.8 billion in the corresponding period). The current account deficit decreased to about US$ 4.6 billion (against about US$ 5.3 billion). The capital and financial account resulted in a net inflow of US$ 5.2 billion (against about US$ 3.1 billion). Chart (1) shows the developments in Egypt’s BOP main components, on quarterly basis.

1- Current Account The improvement in the current account deficit was mainly traceable to the following developments: - The trade deficit decreased by 2.8

percent to about US$ 18.7 billion (against about US$ 19.3 billion).

- Net unrequited current transfers rose by 14.1 percent to about US$ 13.6 billion (against about US$ 12.0 billion).

- On the other hand, the services balance surplus retreated by US$ 1.0 billion, recording about US$ 6.3 billion (against about US$ 7.3 billion).

- The income balance ran a deficit of about US$ 5.8 billion (against about US$ 5.2 billion).

1.1: Trade in Goods Trade volume decreased by 1.2 percent, to reach US$ 47.2 billion (14.0 percent of GDP) during July/ December 2019/20. The trade deficit decreased by US$ 547.5 million, to reach US$ 18.7 billion (5.6 percent of GDP) against US$ 19.3 billion, due to the following developments: Merchandise exports decreased by 0.2 percent to reach US$ 14.3 billion, due to the decrease in oil exports by 16.0 percent to US$ 5.1 billion (35.4 percent of total exports), and the increase in non-oil exports by 11.4 percent, to US$ 9.2 billion (64.6 percent of total exports). As a result, the exports/ imports ratio mounted to 43.2 percent, from 42.6 percent.

Merchandise imports decreased by 1.7 percent to reach US$ 33.0 billion, due to the decrease in both non-oil imports by 1.8 percent to US$ 27.2 billion (82.5 percent of total imports), and oil imports by 1.4 percent to US$ 5.8 billion (17.5 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 2019/20.

E

-35.0

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

2017/2018 2018/2019 2019/2020

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

oil exports non-oil exports

oil imports non-oil imports

trade balance

US$ bn

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Q1 Q2 Q3 Q4 Q1 Q2

2018/2019 2019/2020

US$ bn

Capital & Financial Account Current Account

Overall Balance

Chart (1): Egypt’s BOP Main Components


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

- Egypt's main trade partners in terms

of exports were UAE, USA, UK, Italy, India, Saudi Arabia, Switzerland, and Germany. These countries combined, accounted for some 51.8 percent of total exports.

- As for imports, Egypt's trade partners were China, UAE, Saudi Arabia, USA, Germany, Russia, UK, Switzerland, Turkey, Italy, and Kuwait. These countries combined, accounted for some 55.5 percent of total imports.

1.2: Services Balance Services balance surplus declined by 13.5 percent to about US$ 6.3 billion (against about US$ 7.3 billion), as the increase in services payments outpaced that in services receipts, as follows: 1.2.1: Services receipts increased by 4.9 percent to some US$ 13.5 billion (against about US$ 12.8 billion), driven by the increase in most of its items as follows:

Tourism revenues increased by 6.8 percent to about US$ 7.2 billion (against about US$ 6.8 billion), driven by the increase in the number of tourist nights to 75.8 million nights (against 71.0 million nights). It is worth mentioning that tourism revenues represented 53.9% of services receipts.

Chart (3): Proceeds of Merchandise Exports US$ 14.3 bn

Fuel, mineral oils &

products 36.0%

Raw materials

8.1%

Semi-finished goods 17.1%

Finished goods 38.8%

Chart (4): Payments for Merchandise Imports

US$ 33.0 bn, of which

Fuel, mineral oils &

products 18.3%

Raw materials

9.6%

Inter-mediate goods 28.9%

Invest-ment goods

15.0%

Con-sumer goods 26.0%

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Q1 Q2 Q3 Q4 Q1 Q2

2018/2019 2019/2020

US$ bn

Chart (7) : Serv ices Balance

Services Receipts Services Payments

Services Balance

EU Countries28.4%

Asian Countries (Non-Arab)

22.0%

Arab Countries

21.0%

Australia & Other

Countries9.2%

Other EU Countries

7.0%

Russian Federation &

C.I.S6.9%

USA4.9%

African Countries (Non-Arab)

0.6%

Chart (6): Imports by Geographical DistributionJuly/ December 2019/2020

EU Countries

32.7%

Arab Countries

24.4%

Asian Countries

(Non-Arab)12.3%

Australia & Other

Countries11.4%

USA9.6%

Other EU Countries

7.0%

African Countries

(Non-Arab)2.0%

Russian Federation

&C.I.S0.6%

Chart (5): Exports by Geographical Distribution July/ December 2019/2020

Central Bank of Egypt – External Position 3 Other services receipts increased by

14.7 percent to US$ 1.4 billion (against US$ 1.3 billion), due to the increase in the receipts of insurance services, computer services, subscription to magazines & newspapers, and legal & consulting fees.

Government services receipts increased by 26.7 percent to US$ 372.2 million (against US$ 293.7 million), due to the increase in other government services receipts.

On the other hand, Transportation receipts decreased by 2.2 percent to about US$ 4.4 billion (against some US$ 4.5 billion), due to the decrease in the receipts of Egyptian navigation companies, ports services despite the increase of 3.5 percent in Suez Canal dues to about US$ 3.0 billion, as a result of the rise in net tonnage by 5.5 percent, despite SDR depreciation against the US dollar by 1.4 percent.

1.2.2: Services payments increased by 28.8 percent, to about US$ 7.2 billion (against about US$ 5.6 billion), driven by the increase in all of its items as follows: Other services payments increased

by 23.7 percent to about US$ 3.7 billion (against about US$ 3.0 billion), driven by amount transferred abroad by foreign petroleum companies, the increase in insurance fees, and construction fees.

Travel payments increased by 44.7 percent to US$ 2.0 billion (against US$ 1.4 billion), due to the increase in e-card payments abroad, expenses of tourism.

Transportation payments increased by 23.0 percent, to US$ 1.1 billion (against US$ 864.6 million), due to the rise in the amounts transferred abroad for rental of aircrafts.

Government services payments increased by 24.1 percent to US$ 444.6 million (against US$ 358.4 million), reflecting the rise in expenses of Egyptian embassies abroad, and other governmental expenses.

1.3: Income Balance Investment income deficit recorded about US$ 5.8 billion (against about US$ 5.2 billion), on the back of the rise in investment income payments by about US$ 604.8 million to about US$ 6.3 billion, due to the increase in FDI earnings, interest on external debt, and transfers of interest and dividends on bonds & securities. On the other hand, investment income receipts scaled up to US$ 520.6 million (against US$ 486.9 million).

-4

-3.5

-3

-2.5

-2

-1.5

-1

-0.5

0

0.5

Q1 Q2 Q3 Q4 Q1 Q2

2018/2019 2019/2020

us $ bn

Chart (9): Income Balance

Income receipts Income payments Income Balance (net)

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Q1 Q2 Q3 Q4 Q1 Q2

2018/2019 2019/2020

US$ bnChart (8): Services Balance & its components

Transportation Services BalanceTourism Services BalanceGovernment Services BalanceOther Services BalanceServices Balance


1.4: Unrequited Current Transfers (Net)

Net unrequited current transfers

increased by 14.1 percent to about US$

13.6 billion (from about US$ 12.0

billion), mainly due to the rise in net

private transfers from about US$ 11.8

billion to about US$ 13.5 billion, driven

by the increase in workers’ remittances

by 13.5 percent. On the other hand, net

official transfers decreased to US$

135.2 million (against US$ 163.5

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 US$ 5.2 billion during the first half of FY 2019/2020 (against about US$ 3.1 billion), as an outcome of the following developments: A- Total FDI inflows registered about US$ 9.2 billion (against about US$ 8.0 billion), while total outflows posted about US$ 4.2 billion (against about US$ 3.8 billion). Accordingly, net FDI in Egypt amounted to about US$ 5.0 billion, as the net inflows for the greenfield investments reached about US$ 3.2 billion, and the net inflows for oil sector reached US$ 1.4 billion. Also, transfers for buying real estates in Egypt by non-residents registered US$ 278.7 million. The sectorial breakdown of total FDI inflows as depicted in chart (12) shows that the oil sector has the biggest share (52.4 percent). As for the other sectors, the majority of FDI went to the services sectors, with 22.7 percent distributed as follows: the financial sector (12.1 percent), the real estate sector (3.0 percent), the communication and information technology sector (2.0 percent), tourism sector (0.9 percent), and other services sectors (4.7 percent). The share of the manufacturing sector was (13.6 percent), the construction sector (5.8 percent), the agricultural sector (0.2 percent), and the remaining portion was acquired by undistributed sectors.

1.9

1.9

2.0

2.0

2.1

2.1

2.2

2.2

2.3

2.3

2.4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Q1 Q2 Q3 Q4 Q1 Q2

2018/2019 2019/2020

(% )

Chart (10) : Remittances of Egyptians Working Abroad

Workers' Remittances Remittances to GDP

88.3

230.2

42.6

90.2

187.5

43.2

0.0

50.0

100.0

150.0

200.0

250.0

Current Receipts /Current Payments

Services Receipts /Services Payments

Merchandise Exports /Merchandise Imports

%

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

2018/ 2019 2019/ 2020


B- Portfolio investment in Egypt registered a net inflow of about US$ 273.6 million (compared to net outflow US$ 5.9 billion). This was despite the volatility observed in global financial markets and especially emerging markets during that time.

C- Medium- and long-term loans &

facilities recorded net disburse-ments of about US$ 2.1 billion (compared to US$ 872.3 million). This was due to the increase in disbursements of medium- and long-term loans and facilities to about US$ 3.5 billion (from US$ 2.2 billion), while total repayments increased by US$ 101.4 million to US$ 1.4 billion.

D- Short-term suppliers' credit

registered net disbursements of US$ 431.0 million (against about US$ 199.0 million).

E- The net change in the liabilities of

the CBE to the external world posted a net repayment of US$ 218.4 million (against net disbursement of about US$ 1.8 billion).

Petroleum sector 52.4%

Construction sector 5.8%

Agricultural sector 0.2%Manufacturing sector 13.6%

Undistributed sectors5.3%

Real estate sector3.0%

Financial sector12.1%

Communication & IT sector 2.0%

Tourism sector 0.9%

Other services4.7%

Services sector 22.7%

Chart (12): Total FDI in Egypt by Economic SectorJuly/Dec. 2019/2020

Section II

International Investment Position (IIP)


International Investment Position (IIP) End of December 2019*

Egypt’s IIP+ at end of December 2019 recorded net external liabilities (assets minus liabilities) of about US$ 176.0 billion, up by 4.4 percent, compared to US$ 168.7 billion at end of June 2019. The increase in negative net IIP came as a result of the increase in Egypt's total assets versus the increase in Egypt's total liabilities as compared to the end of June 2019.

Source: Appendix I, table (2).

Assets and Liabilities by Component:

1-Assets increased by 1.1 percent to reach about US$ 82.1 billion at end of December 2019, compared to US$ 81.2 billion at end of June 2019.

* Released as of September 2009 according to SDDS

requirements.

+ Updated data in accordance with a new collecting

method for compiling FDI and its earnings to include all undistributed realized earnings, pursuant to Prime Minister Decree No. 2732 of 2019. In the former data compilation method, data were restricted to reinvested earnings, this modification was applied starting from Q1 2018/2019.

This increase was mainly due to the following developments: - Reserve assets increased by 1.6

percent to about US$ 44.6 billion. - Direct investments abroad increased

by 2.7 percent to about US$ 8.1 billion

- However, Other investment assets

decreased by 0.1 percent, to reach

about US$ 28.4 billion. - And, portfolio investments abroad

decreased by 0.6 percent to about

US$ 1.0 billion.

-228.0 -244.0 -249.9 -251.6 -258.1

71.1 79.6 81.2 83.9 82.1

-156.9 -164.4 -168.7 -167.7 -176.0

-300-250-200-150-100-500

50100150

Dec. March June Sept. Dec.

2018 2019

US$ billion

Chart (1)International Investment Position (IIP)

End of

Assets Liabilities Net IIP

Direct Investment

Abroad 9.9%

Portfolio Investment

Assets1.2%

Other Investments

34.6%

Reserve Assets54.3%

Chart (2)Breakdown of Assets by Component

December2019

Central Bank of Egypt – External Position 8 2- Liabilities increased by 3.3 percent

to about US$ 258.1 billion at end of December 2019, from about US$ 249.9 billion at end of June 2019.

This increase was mainly due to the following developments:

- FDI in Egypt increased by 4.0 percent to about US$ 126.6 billion.

- Other investment liabilities increased by 2.8 percent to about US$ 91.8 billion.

- Portfolio investment in Egypt increased by 2.5 percent to about US$ 39.7 billion.

Indicators:

- Egypt’s negative net IIP to GDP at end of December 2019 decreased to about 52.4 percent, from about 55.8 percent at end of June 2019.

- Assets to liabilities decreased to

about 31.8 percent at end of December 2019, from about 32.5 percent at end of June 2019.

Direct investment

in Egypt49.1%

Portfolio investment Liabilities

15.3%

Other investments

35.6%

Chart (3) Breakdown of Liabilities by Component

December2019

-51.9 -54.4-55.8

-52.7 -52.4

-80

-60

-40

-20

0


2018 2019

%

Chart (4)Egypt's Net IIP to GDP

End of

31.2 32.6 32.5 33.3 31.8

0

10

20

30

40


2018 2019

%

Chart (5)Egypt's IIP Assets/Liabilities

End of

Section III

External Liquidity


External Liquidity

A-Net International Reserves (NIR) During July/December 2019/2020, NIR increased by US$ 0.9 billion (against a decrease of US$ 1.7 billion in the corresponding period a year earlier) to reach US$ 45.4 billion, thus covering 8.3 months of merchandise imports at end of December 2019.

The increase was a result of both the rise in foreign currencies by about US$ 0.6 billion and in gold by US$ 0.5 billion, and the decrease of SDRs by US$ 0.2 billion. During the preparation of the report, NIR reached US$ 38.2 billion at end of June 2020.

(US$ mn)

B- Net Foreign Assets of Banks (NFA)

Banks' net foreign assets increased by US$ 2.7 billion during July/December 2019/2020 (against a decline of US$ 6.8 billion in the corresponding period a year earlier).

End of June

2019

Dec.

2019

Net International

Reserves (1-2) 44481 45420

1- Gross Official Reserves 44485 45424

Gold 2821 3301

SDRs 453 280

Foreign Currencies 41204 41840

Loans to IMF 7 3

2- Reserve Liabilities 4 4

Reserves/Months of Imports 8.0 8.3

3.5

4.5

5.5

6.5

7.5

8.5

9.5

0.0

10.0

20.0

30.0

40.0

50.0

June 2018 Dec. 2018 June 2019 Dec. 2019

MonthUS$ bn

Chart (1): NIR & Months of Imports Covered

Foreign CurrenciesLoans to IMFGoldReserves/Months of Imports

(Balance at End of the Month)

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

June 2018 Dec. 2018 June 2019 Dec. 2019

US$ bn

Chart (2): Foreign Assets & Liabilities of Banks

Assets

Liabilities

Net Foreign Assets

(End of the Month)


Foreign currency deposits with banks decreased by 4.6 percent during the period concerned, reaching US$ 41.0 billion at end of December 2019. In contrast, local currency deposits increased by 10.8 percent. As such, the ratio of foreign currency deposits to total deposits made up 18.2 percent at end of December 2019.

-5

0

5

10

15

20

25

30

35

-500

0

500

1000

1500

2000

2500

3000

3500

4000

June 2018 Dec. 2018 June 2019 Dec. 2019

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

Foreign Currency Deposits

Local Currency Deposits

Growth Rate of Foreign Currency Deposits

Growth Rate of Local Currency Deposits

( End of the Month) %LE bn

Section IV

External Debt


External Debt

External debt recorded US$ 112.7

billion at end of December 2019, up by

about US$ 4.0 billion compared to June

2019. This increase came as a result of

the rise in net disbursements of loans

and facilities by US$ 4.3 billion, while

most currencies of borrowing

depreciated versus the US dollar by

US$ 0.3 billion.

A- Breakdown by Maturity

By original maturity, external debt

reaffirmed its usual pattern of long-

term external debt predominance at end

of December 2019. Long-term

external debt accounted for US$ 101.4

billion or 90.0 percent of the total

external debt, whereas short-term

external debt accounted for US$ 11.3

billion or 10.0 percent.

By residual maturity1, short-term debt

accounted for 25.4 percent of the total

external debt at end of December 2019,

compared to 10.0 percent classified by

original maturity. Meanwhile, long-

term external debt represented 74.6

percent of the total debt, in comparison

to 90.0 percent by original maturity.

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.

External Debt by Residual

Maturity at end of December 2019

(US$

million)

1. Short-term debt by original

maturity

11284.2

2. Long-term debt maturing within

one year

17308.5

3. External debt by residual

maturity up to 1 year (1+2)

28592.7

Percentage to total external debt 25.4

Percentage to NIR 63.0

4. Long-term debt by

residual maturity

84077.9

Percentage to total external debt 74.6

Long-term debt

90.0%

Short-term debt

10.0%

Chart (1)External Debt Structure by Original Maturity

End of Dec. 2019


B- Breakdown by Type

1- Long-term external debt reached

US$ 101.4 billion (90.0 percent of total

external debt) at end of December 2019,

up by about US$ 3.7 billion compared

to June 2019; of which: Multilateral institutions' debt

reached about US$ 34.7 billion, up by 5.8 percent compared to June 2019.

Bonds issued abroad (non-resident

holdings) reached about US$ 20.9 billion, up by 7.7 percent. A new issuance of Euro-bond in US dollar in November 2019 amounted US$ 2.0 billion, resulted in an increase of the outstanding stock by the same amount compared to September 2019. Bonds outstanding stock include:

i. about US$ 1.0 billion of

sovereign notes issued in April 2010 and falling due in 2020 & 2040.

ii. about US$ 15.7 billion of

Eurobonds issued in US dollar, in June 2015 (falling due in 2025), Jan. & May 2017 (falling due in 2022/2027/ 2047), and Feb. 2018 (falling due in 2023/2028/2048), and Feb. 2019 (falling due in 2024/2029/2049), and November 2019 (falling due in 2023/2032/2059).

iii. about US$ 4.2 billion of Euro-

bonds denominated in euro, issued in April 2018 and falling due in 2026 & 2030, and April 2019 (falling due in 2025 & 2031).

Other bilateral debt 2 amounted to

about US$ 10.2 billion, up by 6.5 percent.

2 Including Liquidity Support Facility (LSF) from

China Development Bank (CDB) to CBE that amounted to about US$ 1.8 billion at Dec. 2019.

Buyers' & suppliers' credit reached

about US$ 11.4 billion increasing by 0.8 percent.

Re-purchase Agreements (Repo)

recorded US$ 3.8 billion at end of December 2019.

Rescheduled bilateral debt reached

about US$ 2.8 billion, down by 10.4 percent.

Long-term deposits that have been

placed at the CBE by some Arab countries posted US$ 17.2 billion, distributed as follows:

i. US$ 7.5 billion for Saudi

Arabia.

ii. US$ 5.7 billion for United Arab Emirates.

iii. US$ 4.0 billion for Kuwait.

Non-guaranteed debt of the private

sector registered US$ 0.4 billion, decreasing by 11.8 percent.

2- Short-term external debt increased by about US$ 0.2 billion to about US$ 11.3 billion or 10.0 percent of total debt. Its ratio to net international reserves decreased to 24.8 percent at end of December 2019 against 24.9 percent at end of June 2019.

Private sector (non-

guaranteed)0.3%

Rescheduled bilateral debt

2.5%

Repo3.4%

Other bilateral debt

9.1% buyers'& Suppliers' credit

10.1%

Short-term debt

10.0%

Deposits15.3%Bonds

18.5%

Multilateral institutions

30.8%

Chart (2)External Debt Structure

End of Dec. 2019


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 to currency markets' volatility.

The currency composition of external debt indicates that the US dollar is the main borrowing currency, with a value of US$ 71.4 billion. This includes other outstanding obligations in US dollar to creditors other than the USA such as international institutions. Other important currencies recorded US$ 41.3 billion distributed as follows: The Euro was the runner-up (US$ 16.2 billion), followed by the Special Drawing Rights3 (US$ 14.0 billion), the Chinese yuan (US$ 3.6 billion), the Kuwaiti dinar (US$ 2.9 billion), the Japanese yen (US$ 2.5 billion), and other currencies (US$ 2.1 billion).

D- Breakdown by Creditor

Debt distribution by creditor country

indicates that US$ 34.7 billion was

owed to multilateral institution4

(mainly; IMF US$ 13.1 billion, IBRD

US$ 10.8 billion, EIB US$ 3.1 billion

and ADF & AfDB US$ 2.9 billion).

Another US$ 23.1 billion was owed to

3 Including Egypt’s allocation of SDRs by the IMF & extended

fund facility by IMF.

Arab countries mainly; Saudi Arabia

(8.2 percent) of total external debt,

UAE (7.3 percent), and Kuwait (4.8

percent). Meanwhile, US$ 10.6 billion

came from five members of Paris Club

countries, namely; Germany (US$ 3.2

billion), Japan (US$ 2.4 billion), UK5

(US$ 2.2 billion), France (US$ 1.6

billion), and USA (US$ 1.2 billion). In

addition, US$ 6.8 billion of the total

debt was owed to China.

E- Breakdown by Debtor

The structure of Egypt’s external debt by debtor sector at end of December 2019 reveals that:

- The general government remains the

main debtor, with a share of 54.5 percent of external debt. Its debt increased by US$ 4.1 billion compared to June 2019, reaching US$ 61.4 billion.

- Central Bank’s external debt decreased by about US$ 0.1 billion to US$ 27.9 billion.

- Banks' external debt decreased by about US$ 0.8 billion to US$ 8.7 billion.

- Other sectors' debt increased by about US$ 0.7 billion to US$ 14.7 billion.

4 International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), European Investment Bank (EIB), African Development Fund (ADF), and African Development Bank (AfDB).

5 Including US$ 500 million Repo.

USA1.0% France

1.4%

UK1.9%

Japan2.2%

Germany2.8%

China6.1%

Other countries

14.8%

Bonds18.5%

Arab countries

20.5%

Multilateral institutions

30.8%

Chart (4)External Debt by Creditor

End of Dec. 2019

Other currencies

1.7%

Japanese yen2.2%

Kuwaiti dinar2.6%

Chinese yuan3.2%

SDRs12.5%

Euro14.4%

US dollar 63.4%

Chart (3) External Debt Structure by Currencies

End of Dec. 2019


F- External Debt Service

Debt service reached US$ 6.9 billion during July/December 2019/2020 compared to US$ 7.3 billion during July/December 2018/2019. This decrease was due to the decrease in installments repayment by about US$ 0.9 billion to record US$ 4.9 billion, whereas paid interest increased by about US$ 0.5 billion to reach US$ 2.0 billion.

G- External Debt Indicators6 As for the external debt in terms of international comparison, Egypt's debt remains within manageable limits. Based on IMF classification, comparing Egypt's key debt indicators with those of other regional country groups7 shows that: - Egypt's debt stock to GDP

represented 33.5 percent at end of

6 For more indicators, refer to appendix I, table No. 6. 7 Source: World & Regional Economic Outlook Reports, Oct. 2019.

December 2019 (48.7 percent for Latin America and the Caribbean and 47.5 percent for Middle East and Central Asia).

- Egypt's short-term external debt to

total external debt at end of December 2019 represented 10.0 percent (14.2 percent for Latin America and the Caribbean, and 21.3 percent for the Middle East and Central Asia).

- Egypt's debt-service ratio8

registered 24.4 percent during the year ended in December 2019 (46.4 percent for Latin America and the Caribbean, and 23.1 percent for Middle East and Central Asia).

8 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.

0

20

40

60

80

100

120

Dec- 2017 Dec- 2018 Dec- 2019

)US$ bn(

Chart (5)

External Debt Structure by Debtor

End of

General Government Central Bank

Banks Other Sectors

010002000300040005000600070008000

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017/2018 2018/2019 2019/2020

Chart(6)Debt Service Repayments

Interest Installments Debt Service

(US$ mn)

0102030405060

2017 2018 2019

%

Chart( 7)External Debt Indicators

End of December

Government External Debt/Total External Debt

External Debt/ GDP

Short-term Debt/ Net International Reserves

Short-term Debt/ Total External Debt

0

5

10

15

20

25

30

35

40

Dec.2017 Dec. 2018 Dec. 2019

%Debt Service Indicators

(Annual)

Debt Service/ Current Receipts (including transfers)

Debt Service/ Exports of Goods & Services

Section V

Exchange Rate Developments


Exchange Rate Developments

On the 3rd of 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 came as part of the economic reform program. (i) Inter-bank Rate1: During the first half of FY 2019/2020, the weighted average of the US dollar in the Egyptian inter-bank market depreciated by 4.0 percent to EGP 16.0415 at end of December 2019, (against EGP 16.7057 at end of June 2019).

1 The inter-bank foreign exchange market was launched in Egypt in December 2004.

(ii) Market Rate: At end of December 2019, according to the foreign exchange market (buying price), all currencies depreciated versus Egyptian pound, as follows; euro by 5.2 percent, Chinese yuan by 5.1 percent, Japanese yen by 4.5 percent, US dollar, Kuwaiti dinar, Saudi riyal, and UAE dirham by 4.0 percent each, the Swiss franc by 2.8 percent, and pound sterling by 0.2 percent.

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

2018/ 2019 2019/2020

EGP

Chart (1):Exchange Rate of USD & Euro against EGP

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

Euro market rate(buying price)

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)

2018/2019* 2019/2020*

Trade Balance -19251.5 -18704.0

Exports** 14273.9 14251.0

Petroleum 6008.7 5044.9

Other Exports 8265.2 9206.1

Imports** -33525.4 -32955.0

Petroleum -5857.9 -5778.2

Other Imports -27667.5 -27176.8

Services Balance 7258.7 6280.9

Receipts 12833.2 13460.1

Transportation 4490.5 4393.9

of which: Suez Canal 2928.3 3032.1

Travel 6790.0 7249.7

Government receipts 293.7 372.2

Other 1259.0 1444.3

Payments 5574.5 7179.2

Transportation 864.6 1063.2

Travel 1376.5 1991.6

Government Expenditures 358.4 444.6

Other 2975.0 3679.8

Income Balance -5222.5 -5793.6

Income receipts 486.9 520.6

Income payments 5709.4 6314.2

of which: Interest paid 1074.2 1615.9

Transfers (Net) 11956.7 13642.5

Private Transfers (Net) 11793.2 13507.3

of which: Workers' Remittances 12045.9 13676.5

Official Transfers (Net) 163.5 135.2

Current Account Balance -5258.6 -4574.2

Central Bank of Egypt - External Position 19

July /December

Table (1) Balance of Payments

(US$ mn)

2018/2019* 2019/2020*

Capital & Financial Account 3129.8 5234.1

Capital Account -63.7 -104.0

Financial Account 3193.5 5338.1

Direct Investment Abroad -184.2 -215.3

Direct Investment in Egypt (Net) 4184.7 4958.5

Portfolio Investment Abroad (Net) -50.7 106.4

Portfolio Investment in Egypt (Net) -5890.1 273.6

of which: Bonds -303.6 1545.1

Other Investment (Net) 5133.8 214.9

Net Borrowing 1071.3 2542.3

M&L-Term Loans (Net) 314.9 2431.4

Drawings 1532.7 3493.8

Repayments -1217.8 -1062.4

MT-Suppliers' Credit (Net) 557.4 -320.1

Drawings 634.4 13.7

Repayments -77.0 -333.8

ST-Suppliers' Credit (Net) 199.0 431.0

Other Assets 741.9 -953.3

Central Bank -1.5 -184.1

Banks 5232.1 546.3

Other -4488.7 -1315.5

Other Liabilities 3320.6 -1374.1

Central Bank 1827.8 -218.4

Banks 1492.8 -1155.7

Net Errors & Omissions 354.8 -249.0

Overall Balance -1774.0 410.9

Change in CBE Reserve Assets ,Increase(-) 1774.0 -410.9

* Preliminary.

** Include free zones exports and imports.

Table (1) Balance of Payments (contd.)


July /December


End of

Assets Liabilities Assets Liabilities

Total 81197.8 249860.1 82088.2 258101.2

1- Direct investment 7939.3 121723.6 8154.6 126639.1

2- Portfolio investments 984.7 38809.3 978.9 39654.0

Equity security 376.5 2813.0 369.6 2874.7

Debt security 608.2 35996.3 609.3 36779.3

3- Other investments 28414.3 89327.2 28385.8 91808.1

Trade credits 0.0 4151.8 0.0 4758.2

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 4151.8 0.0 4758.2

Long-term 0.0 0.0 0.0 0.0 Short-term 0.0 4151.8 0.0 4758.2

Loans 391.6 63016.3 338.6 65198.4

Monetary authorities 0.0 6910.4 0.0 6824.2

long-term 0.0 6323.8 0.0 6253.5

Short-term 0.0 586.6 0.0 570.7 General government 0.0 37900.1 0.0 40559.4 Long-term 0.0 37900.1 0.0 40559.4 Short-term 0.0 0.0 0.0 0.0

Banks 391.6 8420.2 338.6 7913.5 Long-term 190.0 5810.1 156.2 5368.6

Short-term 201.6 2610.1 182.4 2544.9

Other sectors 0.0 9785.6 0.0 9901.3

Long-term 0.0 9785.6 0.0 9901.3

Short-term 0.0 0.0 0.0 0.0

Currency and deposits 28022.7 20910.2 28047.2 20609.1



General government 0.0 0.0 0.0 0.0


Banks 17299.7 1090.2 18916.2 824.4


Other sectors 10723.0 0.0 9131.0 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 1248.9 0.0 1242.4



General government 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 43859.5 0.0 44568.9 0.0

* Preliminary.

(US$ mn)

June 2019 December 2019*

Table (2) International Investment Position (IIP)

22

Country of non-resident issuer Equities Long-term debt securities Short-term debt securities Total

Bahrain 9.1 1.5 0.0 10.6

Canada 0.0 3.4 13.0 16.4

China, P.R. Mainland 0.3 0.0 27.8 28.1

Czech Republic 0.0 0.0 6.8 6.8

France 0.3 0.0 37.7 38.0

Ghana 0.0 0.0 1.0 1.0

India 0.0 0.0 0.1 0.1

Indonesia 0.0 8.0 4.5 12.5

Italy 11.2 0.0 1.2 12.4

Japan 0.0 5.0 0.0 5.0

Jordan 4.0 0.0 26.7 30.7

kenya 0.0 0.0 1.0 1.0

Kuwait 0.0 15.0 0.0 15.0

Lebanon 7.0 10.6 0.1 17.7

Malaysia 16.0 8.3 1.4 25.7

Netherlands 2.3 0.0 0.0 2.3

Nigeria 11.0 0.0 4.0 15.0

Oman 0.0 13.1 0.0 13.1

Qatar 0.0 10.0 0.0 10.0

Saudi Arabia 35.2 79.8 9.4 124.4

Singapore 15.4 0.0 12.9 28.3

Spain 1.3 0.0 0.1 1.4

Syrian Arab Republic 3.2 0.0 0.0 3.2

Sudan 1.4 0.0 2.4 3.8

Switzerland 23.6 0.0 12.1 35.7

Tunisia 1.6 2.2 0.0 3.8

Turkey 0.0 0.0 0.9 0.9

United Arab Emirates 2.9 43.0 1.0 46.9

United Kingdom 2.5 38.2 0.0 40.7

United States 7.8 107.8 99.3 214.9

International Organizations 213.5 0.0 0.0 213.5

Total 369.6 345.9 263.4 978.9

Table (3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of December 2019

(US$ mn)

Breakdown of portfolio investment assets by economy of residence of the issuer

Central Bank of Egypt - External Position

End of June 2017 Dec. 2017 June 2018 Dec. 2018 June 2019 Dec. 2019

Net International Reserves (1-2) 31305 37020 44259 42551 44481 45420

1- Gross Official Reserves 31307 37021 44262 42555 44485 45424

Gold 2602 2673 2641 2716 2821 3301

SDRs 770 749 2706 586 453 280

Foreign Currencies 27904 33575 38898 39242 41204 41840

Loans to IMF 31 24 17 11 7 3

2- Reserve Liabilities 2 1 3 4 4 4

Banks' Net Foreign Assets 3171 3202 449 -6394 2141 4811

Assets 18746 19449 16761 11411 18533 20048

Liabilities 15575 16247 16312 17805 16392 15237

23C

entra

l Ba

nk

of Egy

pt - E

xterna

l Positio

n

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

(US$ mn)

(US$ mn)

End of December 2015 2016 2017 2018 2019 +

Total External Debt 47792.3 67322.6 82884.5 96612.1 112670.6

1- Long term debt 43368.1 55377.3 71756.1 86271.1 101386.4

Rescheduled bilateral debt * 5611.0 4330.2 4059.4 3413.9 2802.1

ODA 4460.8 4088.3 3837.0 3249.8 2692.4

Non-ODA 1150.2 241.9 222.4 164.1 109.7

Other bilateral debt 5277.8 5973.1 6956.7 8989.4 10257.6

Paris Club countries 2625.7 3423.9 4105.1 4526.9 5548.4

Other countries 2652.1 2549.2++ 2851.6++ 4462.5++ 4709.2++

Multilateral Institutions 12908.7 19481.1 26036.9 28999.0 34727.6

Suppliers' & buyers' credits 1137.5 4548.9 7509.0 9240.4 11369.0

Repo 0.0 0.0 0.0 3808.7 3808.7

Bonds 3510.6 2687.4 8881.5 13974.0 20862.5

Deposits 14900.0 18200.0 17906.1 17400.0 17198.7

Private sector debt (non-guaranteed) 22.5 156.6 406.5 445.7 360.2

2- Short-term debt 4424.2 11945.3 11128.4 10341.0 11284.2

Currency and deposits 1286.8 4420.4 3918.8 3687.3 3410.4

Loans & trade credits 3137.4 7524.9 7209.6 6653.7 7873.8Source: Central Bank of Egypt.

+ Provisional

++ Including liquidity support facility agrement provided by China Development Bank to the Central Bank of Egypt.* According to the agreement signed with Paris Club countries on May 25, 1991.

Cen

tral Ban

k of E

gypt - E

xternal P

osition 24

Table (5) External Debt by Type

July / December 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020+

External Debt /GDP* (at current market prices) % 14.2 28.7 33.1 32.0 33.5

External Debt / Exports (G&S) (annually) % 127.2 200.2 193.3 187.2 210.5

Short-term Debt / External Debt % 9.3 17.7 13.4 10.7 10.0

Short-term Debt / Net International Reserves % 26.9 49.2 30.1 24.3 24.8

Debt Service ** (Principal & Interest) (US$ mn.) 3156.6 3730.1 8619.9 7328.8 6899.9

Debt Service / Exports (G&S) % 17.3 21.9 37.8 27.0 24.9

Debt Service / Current Receipts % 11.8 13.7 23.8 18.5 16.5

Interest / Exports (G&S) % 2.4 3.3 4.8 5.4 7.2

External Debt per Capita (US$) 495.8 669.9 786.4 900.4 1040.3

+ Provisional.

* The annual GDP is calculated in US dollar by having the sum total of the quarterly GDP released by the Ministry of planning

and Economic Development after being evaluated in US dollar based on the average exchange rate for each quarter.

**Including interest payments on bonds floated abroad.

25

Table (6) External Debt Indicators

Cen

tral B

ank

of E

gyp

t - Ex

terna

l Po

sition

26

(US$ mn)

End of June 2019 % December 2019* % Change +/ (-) %

Total External Debt 108699.1 100.0 112670.6 100.0 3971.5 3.7

Long-term 97643.7 89.9 101386.4 90.0 3742.7 3.8

Short-term 11055.4 10.1 11284.2 10.0 228.8 2.1

General Government 57272.0 52.7 61421.9 54.5 4149.9 7.2

Long-term debt 57272.0 52.7 61421.9 54.5 4149.9 7.2

Bonds 19371.9 17.8 20862.5 18.5 1490.6 7.7

Loans 37900.1 34.9 40559.4 36.0 2659.3 7.0

Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0

Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0

Short-term debt 0.0 0.0 0.0 0.0 0.0 0.0

Debt securities 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



Central Bank 27979.3 25.7 27851.3 24.7 (128.0) (0.5)

Long-term debt 24776.0 22.8 24694.6 21.9 (81.4) (0.3)

Bonds 0.0 0.0 0.0 0.0 0.0 0.0

Loans 6323.8 5.8 6253.5 5.5 (70.3) (1.1)

Currency and deposits 17203.3 15.8 17198.7 15.3 (4.6) 0.0

Special Drawing Rights 1248.9 1.2 1242.4 1.1 (6.5) (0.5)

Short-term debt 3203.3 2.9 3156.7 2.8 (46.6) (1.5)

Debt securities 0.0 0.0 0.0 0.0 0.0 0.0

Loans 586.6 0.5 570.7 0.5 (15.9) (2.7)

Currency and deposits 2616.7 2.4 2586.0 2.3 (30.7) (1.2)


Banks 9510.4 8.8 8737.9 7.8 (772.5) (8.1)

Long-term debt 5810.1 5.4 5368.6 4.8 (441.5) (7.6)

Bonds 0.0 0.0 0.0 0.0 0.0 0.0

Loans 5810.1 5.4 5368.6 4.8 (441.5) (7.6) Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0


Short-term debt 3700.3 3.4 3369.3 3.0 (331.0) (8.9)

Debt securities 0.0 0.0 0.0 0.0 0.0 0.0

Loans 2610.1 2.4 2544.9 2.3 (65.2) (2.5)

Currency and deposits 1090.2 1.0 824.4 0.7 (265.8) (24.4)


Other Sectors 13937.4 12.8 14659.5 13.0 722.1 5.2

Long-term debt 9785.6 9.0 9901.3 8.8 115.7 1.2

Bonds 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 9785.6 9.0 9901.3 8.8 115.7 1.2



Short-term debt 4151.8 3.8 4758.2 4.2 606.4 14.6

Debt securities 0.0 0.0 0.0 0.0 0.0 0.0

Trade credits 4151.8 3.8 4758.2 4.2 606.4 14.6

Loans 0.0 0.0 0.0 0.0 0.0 0.0 Currency and deposits 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 16.6528 16.7528 15.9931 16.0931

Euro 18.9359 19.0513 17.9602 18.0773

Pound Sterling 21.1557 21.2894 21.1045 21.2348

Swiss Franc 17.0256 17.1331 16.5526 16.6578

100 Japanese Yens 15.4321 15.5291 14.7334 14.8268

Saudi Riyal 4.4401 4.4672 4.2628 4.2906

Kuwaiti Dinar 54.8727 55.2186 52.6955 53.1299

UAE Dirham 4.5332 4.5613 4.3539 4.3819

Chinese Yuan 2.4214 2.4368 2.2972 2.3120

Source: CBE daily exchange rates.

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

Cen

tral B

an

k o

f Eg

yp

t - Ex

ternal P

osition

27

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

End of June 2019

16.0415

December 2019

16.7057


Appendix II Table Page

I- Outstanding External Debt

Outstanding Stock ………………………………..………………………… 1 31

Outstanding Stock by Creditor …………...………………………………… 2 33

- Medium- and Long-Term Public & Publicly Guaranteed External Debt

By Creditor:

a. Rescheduled Debt………………………………………………….... 3 35

b. Non-Rescheduled Debt………………………………........................ 4 36

c. Multilateral Institutions……………………………………………… 5 37

d. Bonds & Notes …………………………………....……………….. 6 39

e. Deposits…………………………………………………………….. 7 40

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

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

8

41

- Short-Term External Debt ……………………………………...………... 9 42

II- Outstanding External Debt by Currency…….…………………………… 10 43

III- Projected Medium- and Long-Term Public and Publicly Guaranteed

External Debt Service……………………..……………………………… 11 44

a- Rescheduled Debt …………………...……………………….…............ 12 46

b- Non-Rescheduled Debt…………..……………………………………... 13 47

c- Multilateral Institutions………………………………………................. 14 48

d- Bonds & Notes:

- Sovereign Notes……………………………………………………...... 15 50

- Euro-Bond issued in USD……………………..……………................ 16 51

- Euro-Bond dominated in EUR….……………...……..……………….. 17 52

e- Deposits

- Medium- and Long-Term Deposits for Kuwait..…………………........ 18 53

- Medium- and Long-Term Deposits for Saudi Arabia…………………. 19 54

- Medium- and Long-Term Deposits for United Arab Emirates……….. 20 55

IV- Projected Private Sector Non-Guaranteed Debt Service………………… 21 56

V- Projected Short-Term Debt Service……………………………………….. 22 57

VI-Exchange Rates of the Currencies of External Debt Versus US Dollar..... 23 58 - Glossary ……………………………………………………………………… 59

31

*

2016 2017 2018 2019

1- Medium-and Long-Term Public

& Publicly Guaranteed Debt 55,220.72 71,349.56 85,825.39 101,026.14

A. Rescheduled Debt 4,330.19 4,059.34 3,413.90 2,802.05

B. Non Rescheduled Debt 10,521.97 14,465.73 22,038.46 25,435.33 (1)

C. Multilateral Institutions 19,481.13 26,036.92 28,998.98 34,727.60 (2)

D. Bonds &Notes 2,687.43 8,881.48 13,974.05 20,862.48

Sovereign Notes 950.43 972.79 908.50 961.50

Euro-bond issued in US$ 1,237.00 7,908.69 10,934.60 15,653.98 (3)

Euro-bond dominated in EUR currency 0.00 0.00 2,130.95 4,247.00 (4)

Saudi Bond 500.00 0.00 0.00 0.00

E. Deposits 18,200.00 17,906.09 17,400.00 17,198.69 (5)

2- Medium and Long-Term

Private Sector Non-Guaranteed 156.62 406.50 445.69 360.24

3- Short-Term Debt 11,945.25 11,128.44 10,341.02 11,284.17

Currency and Deposits (Non-Residents) 4,420.38 3,918.84 3,687.28 3,410.41 (6)

Trade Credits 1,824.33 2,952.21 4,170.91 4,758.18

Loans 5,700.54 1,157.39 2,482.83 2,615.58 (7)

Repo 0.00 3,100.00 0.00 500.00

Grand Total 67,322.59 82.884.50 96.612.10 112,670.55

* Using end of period exchange rate.

(1) Includes US$ 11,364.13 million buyer credits, US$ 3,808.68 million Repo Transaction, US$ 1,825.68 million representing China facility agreements and US$ 4.85 million supplier credits .

(2) Includes US$ 11,887.59 million representing extended fund facility by IMF ( First Tranch amounted SDR 1,970.05 million, Second Tranch amounted SDR 895.48 million,

Third, Fourth, Fifth and Sixth Tranches amounted SDR 1,432.76 million each) and US$ 1,242.41 million representing SDR allocation by IMF to its member countries,

Egypt’s share is SDR 898.45 million.

(3) Representing Euro-bond with nominal value US$ 18,500 million (non-residents' subscriptions amounted US$ 15,653.98 million) .

(4) Representing Euro-bond Denominated in EUR Currency with nominal value EUR 4,000 million (non-residents' subscriptions amounted US$ 4,247 million) .

(5) Representing Saudi, United Arab Emirates & Kuwait deposits amounted US$ 7500, 5698.69 and 4000 million respectively .

Figure 1-1


(7) Includes US$ 1000 million representing AFREXIM Bank Loans.

(6) Includes US$ 2,586.04 million representing Chinese Currency Swap Arrangement .

(US$ million)

Table ( 1 )

External Debt

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

100.0

110.0

120.0

2016 2017 2018 2019

( U

S$b

n )

External Debt Outstanding Stock as at End of December

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

32

Figure 1-2

Rescheduled Debt2.49%

Non Rescheduled Debt 22.57%

Multilateral Institutions30.82%

Bonds & Notes 18.52%

Deposits15.26%

Private Sector Non-Guaranteed

0.32%

Short-Term Debt10.02%

Outstanding Stock as at End of December 2019


2016 2017 2018 2019

Medium and Long-Term Public & Publicly Guaranteed Debt

Creditor Countries

Group of Banks (2) 0.00 0.00 10,520.75 11,999.24

China 1,923.18 2,100.26 3,731.16 4,121.76

Germany 4,580.29 6,808.07 2,926.36 2,902.86

Japan 2,154.81 2,153.05 2,258.11 2,409.26

France 1,080.34 1,726.41 1,326.16 1,338.76

Saudi Arabia 132.02 581.78 1,187.13 1,350.16

Kuwait 927.00 989.37 998.62 1,242.81

United States 1,610.88 1,340.01 1,045.00 862.51

United Arab emirates 648.69 681.50 882.58 844.50

Russia 0.00 0.00 0.00 495.50

Spain 192.68 251.56 261.68 282.63

Korea 0.00 0.00 0.00 129.81

Denmark 103.10 102.58 77.92 57.62

Italy 401.04 936.86 58.40 51.63

Austria 59.31 75.25 62.97 51.48

The Netherlands 55.94 58.76 50.61 44.05

Canada 38.79 38.44 32.63 30.77

Switzerland 24.82 20.82 14.38 9.92

United Kingdom 186.45 265.04 10.97 7.64

Finland 2.87 2.93 2.44 2.05

Belgium 47.22 99.07 3.75 1.98

Norway 1.18 0.95 0.70 0.43

Sweden 0.08 0.07 0.05 0.03

Bahrain 243.82 264.06 0.00 0.00

Qatar 37.65 28.24 0.00 0.00

Turkey 400.00 0.00 0.00 0.00

Multilateral Institutions 19,481.13 26,036.92 28,998.98 34,727.60

Deposits , Bonds and Notes

Deposits 18,200.00 17,906.09 17,400.00 17,198.69

Saudi Arabia 6,700.00 7,500.00 7,500.00 7,500.00

United Arab Emirates 6,000.00 5,906.09 5,900.00 5,698.69

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

Libya 1,500.00 500.00 0.00 0.00

Bonds & Notes 2,687.43 8,881.48 13,974.05 20,862.48Sovereign Notes 950.43 972.79 908.50 961.50

Euro-bond issued in US$ 1,237.00 7,908.69 10,934.60 15,653.98

Euro-bond dominated in EUR currency 0.00 0.00 2,130.95 4,247.00

Saudi Bond 500.00 0.00 0.00 0.00

Medium and Long-Term Private Sector Non-Guaranteed 156.62 406.50 445.69 360.24

Short-Term Debt 11,945.25 11,128.44 10,341.02 11,284.17

Currency Swap Agreement (China) 2,588.10 2,766.25 2,615.70 2,586.04

African Export - Import Bank 3,200.00 0.00 1,650.00 1,000.00

REPO Transactions 2,000.00 3,100.00 0.00 500.00

Arab Trade Financing Program 59.49 79.00 152.40 130.15Others 4,097.66 5,183.19 5,922.92 7,067.98

Grand Total 67,322.59 82,884.50 96,612.10 112,670.55

(1) Using end of period exchange rate.

(2) Includes US$ 3,808.68 million Repo Transaction.

Total Debt

(US$ million)(1)

Table ( 2 )


External Debt by Creditor

34

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

Figure 2

Multilateral Institutions30.82%

Short-Term Debt10.02%

Others 6.36%

Group of Banks10.65%

China3.66%

Germany2.57%

Japan2.14%

Bonds &Notes18.52%

Deposits15.26%

Outstanding Stock as at End of December 2019

35

2016 2017 2018 2019

Germany 1,276.96 1,336.45 1,147.61 996.98

Japan 1,197.31 1,120.64 1,025.03 910.86

United States 1,302.50 1,061.30 795.97 530.65

France 233.96 233.48 187.64 147.66

Spain 64.12 58.09 51.59 44.90

The Netherlands 55.94 58.76 50.61 44.05

Denmark 52.16 54.60 46.84 40.80

Italy 44.08 39.23 33.97 28.53

Canada 33.28 32.93 27.67 25.92

Austria 32.42 31.02 23.33 16.37

United Kingdom 16.45 15.04 10.97 7.64

Switzerland 14.73 12.40 9.03 5.69

Belgium 5.01 4.38 2.90 1.56

Norway 1.19 0.95 0.70 0.43

Sweden 0.08 0.07 0.05 0.03

Grand Total 4,330.19 4,059.34 3,413.90 2,802.05(1) Using end of period exchange rate.


(US$ million)(1)

CountryTotal Debt

Table ( 3 )

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

Rescheduled Debt


0.0

1.0

2.0

3.0

4.0

5.0

2016 2017 2018 2019

( U

S$b

n )

Medium and Long-TermPublic & Publicly Guaranteed External Debt

Rescheduled Debt Outstanding Stock as at End of December

Figure 3

36

2016 2017 2018 2019

Group of Banks 0.00 0.00 10,520.75 11,999.24 (2)

China 1,923.18 2,100.26 3,731.16 4,121.76Germany 3,303.34 5,471.62 1,778.75 1,905.88Japan 957.49 1,032.41 1,233.08 1,498.40Saudi Arabia 132.02 581.78 1,187.13 1,350.16Kuwait 927.00 989.37 998.62 1,242.81France 846.38 1,492.93 1,138.52 1,191.10United Arab Emirates 648.69 681.50 882.58 844.50Russia 0.00 0.00 0.00 495.50United States 308.38 278.71 249.03 331.86Spain 128.56 193.47 210.09 237.73Korea 0.00 0.00 0.00 129.81Austria 26.88 44.23 39.64 35.11Italy 356.96 897.63 24.43 23.10Denmark 50.94 47.98 31.08 16.82Canada 5.51 5.51 4.96 4.85Switzerland 10.09 8.42 5.35 4.23Finland 2.87 2.93 2.44 2.05Belgium 42.21 94.69 0.85 0.42Bahrain 243.82 264.06 0.00 0.00United Kingdom 170.00 250.00 0.00 0.00Qatar 37.65 28.24 0.00 0.00Turkey 400.00 0.00 0.00 0.00

Grand Total 10,521.97 14.465.73 22,038.46 25,435.33(1) Using end of period exchange rate.

(2) Includes US$ 3,808.68 million Repo Transaction.


Total DebtCountry

Table ( 4 )

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

Non-Rescheduled Debt


(US$ million)(1)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2016 2017 2018 2019

( U

S$b

n )


Non-Rescheduled DebtOutstanding Stock as at End of December

Figure 4

37

2016 2017 2018 2019

IMF 3,856.21 7,400.84 9,220.25 13,130.00

IBRD 6,310.50 7,709.80 9,333.14 10,777.74

European Investment Bank 2,164.83 2,431.40 2,719.44 3,077.74

African Development Bank 2,032.78 2,490.23 2,863.01 2,739.93

Arab Fund for Economic and Social Development 1,441.62 1,508.64 1,537.38 1,720.02

Islamic Development Bank 397.92 567.48 598.14 913.52

IDA 814.01 735.77 606.19 480.56

Arab Monetary Fund 933.72 784.96 574.55 416.18

European Bank For Reconstruction and Development 113.34 221.94 382.58 389.54

OPEC 223.55 282.57 292.19 296.14

African Export - Import Bank 565.88 1,203.01 288.89 219.83

African Development Fund 164.18 166.84 157.64 149.72

International Fund for Agricultural Development 107.44 122.58 145.12 149.03

Clean Technology Fund 55.15 55.86 73.60 124.08

Arab Petroleum Investments Corporation (APICORP) 100.00 100.00 137.50 75.00

Green Fund 0.00 30.00 28.82 25.30

Islamic Corporation for Development 0.00 25.00 25.00 18.75

Arab Trade Financing Program 0.00 0.00 15.43 15.28

Africa Growing Together Fund 0.00 0.00 0.13 8.49

Asian Infrastructure Investment Bank 0.00 0.00 0.00 0.75

International Islamic Trade Finance Corporation 200.00 200.00 0.00 0.00

Grand Total 19,481.13 26,036.92 28.998.98 34,727.60



CreditorTotal Debt

Table ( 5 )


Multilateral Institutions


(US$ million)(1)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2016 2017 2018 2019

( U

S$b

n )


Multilateral InstitutionsOutstanding Stock as at End of December

Figure 5-1

38

Cen

tral B

ank

of E

gy

pt - E

xterna

l Position

Figure 5 - 2

IBRD31.04%

IMF37.81%

ADB7.89%

EIB8.86%

AFESD4.95%

IDA1.38%

IDB2.63%

AMF1.20%

EBRD1.12%

Others3.12%


Multilateral InstitutionsOutstanding Stock as at End of December 2019

39

2016 2017 2018 2019

Euro-bond issued in US$ 1,237.00 7,908.69 10,934.60 15,653.98

Euro-bond dominated in EUR currency0.00 0.00 2,130.95 4,247.00

Sovereign Notes 950.43 972.79 908.50 961.50

Saudi Bond 500.00 0.00 0.00 0.00

Grand Total 2,687.43 8,881.48 13,974.05 20,862.48

* Using end of period exchange rate.

Figure 6


(US$ million)*

Total Debt

Table ( 6 )

Bonds & Notes


Medium and Long-Term

0.0

5.0

10.0

15.0

20.0

25.0

2016 2017 2018 2019

( U

S$b

n )

Medium and Long-Term Bonds & Notes


40

2016 2017 2018 2019

Saudi Arabia 6,700.00 7,500.00 7,500.00 7,500.00

United Arab Emirates 6,000.00 5,906.09 5,900.00 5,698.69

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

Libya 1,500.00 500.00 0.00 0.00

Grand Total 18,200.00 17,906.09 17,400.00 17,198.69

Figure 7


(US$ million)

CountryTotal Debt

Table ( 7 )

Deposits


Medium and Long-Term

10

11

12

13

14

15

16

17

18

19

2016 2017 2018 2019

( U

S$b

n )

Medium and Long-Term Deposits


41

2016 2017 2018 2019

Multilateral Institutions 104.96 284.58 343.21 282.81

Kuwait 0.00 55.00 55.00 55.00

Germany 16.66 32.22 27.78 22.43

France 0.00 19.70 19.70 0.00

Bahrain 15.00 15.00 0.00 0.00

Luxembourg 20.00 0.00 0.00 0.00

Grand Total 156.62 406.50 445.69 360.24



CountryTotal Debt

Table ( 8 )

Medium and Long-TermPrivate 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

2016 2017 2018 2019

( U

S$m

n )

Medium and Long-TermPrivate Sector Non-Guaranteed External Debt


Figure 8

42

2016 2017 2018 2019

Trade Credits 1,824.33 2,952.21 4,170.91 4,758.18

Currency and Deposits (Non-Residents) 4,420.38 3,918.84 3,687.28 3,410.41 (2)

Loans 5,700.54 1,157.39 2,482.83 2,615.58

Repo 0.00 3,100.00 0.00 500.00

Grand Total 11,945.25 11,128.44 10,341.02 11,284.17



(2) Includes US$ 2,586.04 million representing Chinese Currency Swap Arrangement .

Short-Term Debt

Table ( 9 )


Total Debt

(US$ million)(1)

Figure 9

1

2

3

4

5

6

7

8

9

10

11

12

13

2016 2017 2018 2019

( U

S$b

n )

Short-Term DebtOutstanding Stock as at End of December

43

(US$ million) (*)

2016 2017 2018 2019

US Dollar 46,231.90 53,770.98 61,594.84 71,383.40

EURO 7,694.46 11,521.90 14,237.27 16,224.92

Special Drawing Rights 5,489.24 8,842.80 10,365.01 14,028.52

Chinese Yuan 2,588.10 2,766.25 3,632.92 3,591.81

Kuwaiti Dinar 2,368.62 2,498.01 2,536.00 2,912.83

Japanese Yen 2,252.99 2,243.73 2,342.77 2,493.65

Saudi Riyal 134.16 583.47 1,188.78 1,352.95

Egyptian Pound 239.39 347.57 409.96 388.30

Swiss Franc 170.54 158.24 163.03 179.17

Danish Kroner 54.08 54.94 47.96 41.16

Canadian Dollar 36.94 36.67 30.95 29.17

U.A.E. Dirham 31.07 33.66 41.13 24.54

British Pound Sterling 28.82 24.21 19.71 16.85

Norwegian Kroner 1.99 1.98 1.74 1.59

Swedish Kroner 0.29 0.09 0.05 1.17

Korean Won 0.00 0.00 0.00 0.52

Total 67,322.59 82,884.50 96,612.10 112,670.55

(*) Using end of period exchange rate .

CurrencyTotal Debt


Table ( 10 )

External Debt


Period Principal Interest Total Period Total

2020/H1 7243.56 1975.58 9,219.14 2046/H1 135.98 281.26 417.232020/H2 9978.62 1693.00 11,671.61 2046/H2 133.46 279.15 412.622021/H1 5408.07 1725.15 7,133.22 2047/H1 2622.47 276.95 2,899.422021/H2 5414.70 1393.25 6,807.95 2047/H2 132.47 169.04 301.512022/H1 6024.72 1515.03 7,539.75 2048/H1 1632.32 166.92 1,799.242022/H2 3932.55 1141.68 5,074.23 2048/H2 129.21 105.53 234.742023/H1 4186.90 1309.62 5,496.51 2049/H1 1611.52 103.30 1,714.822023/H2 4263.85 995.54 5,259.39 2049/H2 126.69 36.64 163.332024/H1 3591.96 1160.51 4,752.47 2050/H1 122.53 34.47 157.002024/H2 2370.11 868.71 3,238.81 2050/H2 99.19 32.50 131.692025/H1 3866.73 1073.99 4,940.72 2051/H1 82.87 30.70 113.572025/H2 2362.75 794.73 3,157.49 2051/H2 77.08 29.36 106.442026/H1 3221.27 1002.70 4,223.97 2052/H1 61.86 28.01 89.872026/H2 2266.59 747.15 3,013.74 2052/H2 47.51 27.01 74.522027/H1 3313.33 873.83 4,187.16 2053/H1 25.60 26.13 51.732027/H2 1758.73 647.45 2,406.18 2053/H2 20.14 25.79 45.932028/H1 2344.55 780.42 3,124.97 2054/H1 5.44 25.40 30.842028/H2 1377.27 583.20 1,960.47 2054/H2 4.51 25.48 29.992029/H1 2922.05 718.82 3,640.87 2055/H1 4.51 25.39 29.902029/H2 1103.42 490.73 1,594.14 2055/H2 4.51 25.47 29.972030/H1 1991.28 631.70 2,622.98 2056/H1 4.51 25.41 29.912030/H2 833.63 469.15 1,302.77 2056/H2 4.48 25.46 29.942031/H1 1984.21 548.88 2,533.08 2057/H1 2.11 25.37 27.482031/H2 583.86 451.90 1,035.76 2057/H2 1.96 25.45 27.412032/H1 1553.45 444.81 1,998.26 2058/H1 1.96 25.37 27.332032/H2 547.35 402.11 949.46 2058/H2 1.96 25.45 27.412033/H1 495.59 394.46 890.05 2059/H1 1.96 25.37 27.332033/H2 486.86 387.99 874.85 2059/H2 501.96 25.45 527.412034/H1 481.66 381.82 863.48 2060/H1 1.96 5.02 6.972034/H2 473.12 375.48 848.59 2060/H2 1.96 5.07 7.032035/H1 458.57 369.41 827.98 2061/H1 1.96 4.99 6.942035/H2 454.19 363.21 817.40 2061/H2 1.96 5.07 7.022036/H1 365.59 357.43 723.02 2062/H1 1.96 4.99 6.942036/H2 353.62 352.32 705.94 2062/H2 1.96 5.07 7.022037/H1 337.05 347.27 684.33 2063/H1 1.96 4.98 6.942037/H2 333.46 342.53 675.99 2063/H2 1.96 5.06 7.022038/H1 292.53 337.93 630.46 2064/H1 1.96 5.01 6.962038/H2 263.62 333.86 597.48 2064/H2 1.96 5.06 7.022039/H1 247.30 330.30 577.60 2065/H1 1.96 4.98 6.932039/H2 234.73 326.90 561.63 2065/H2 1.96 5.06 7.022040/H1 583.66 323.90 907.56 2066/H1 1.96 4.98 6.932040/H2 224.15 308.55 532.70 2066/H2 1.96 5.06 7.012041/H1 206.18 305.37 511.55 2067/H1 1.96 4.98 6.932041/H2 198.24 302.42 500.65 2067/H2 1.96 5.06 7.012042/H1 173.84 299.58 473.42 2068/H1 1.96 5.00 6.962042/H2 166.67 297.02 463.68 2068/H2 1.96 5.06 7.012043/H1 154.95 294.51 449.46 2069/H1 1.96 4.97 6.932043/H2 148.76 292.21 440.97 2069/H2 1.96 5.05 7.012044/H1 145.50 290.09 435.59 2070/H1 1.96 4.97 6.932044/H2 139.16 287.86 427.02 2070/H2 1.96 5.05 7.012045/H1 136.76 285.58 422.34 2071/H1 1.99 2.49 4.472045/H2 136.76 283.46 420.22

Grand Total 99.783.73 (2) 35.081.89 (3) 134.865.62

(1) The exchange rate of December 31, 2019.

(2) Excludes US$ 1242.41 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 million.

(3) Includes US$ 514 million representing forecast interest of SDR allocation.

Interest

(US$ million)(1)

as of January 1, 2020

Principal


Table ( 11 )Projected Medium and Long-Term Public & Publicly Guaranteed

External Debt Service

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

45

Figure 10

0

5,000

10,000

15,000

20,000

25,000

Principal Interest Total

Medium and Long-Term Public and Publicly Guaranteed External Debt US$ mn

Period Principal Interest Total Period Principal Interest Total

2020/H1 303.53 34.54 338.07 2023/H2 158.67 13.51 172.18

2020/H2 307.21 30.49 337.70 2024/H1 160.89 11.73 172.61

2021/H1 309.45 26.77 336.22 2024/H2 158.78 9.76 168.54

2021/H2 285.48 22.67 308.15 2025/H1 161.11 7.88 168.99

2022/H1 151.59 19.09 170.68 2025/H2 163.67 5.86 169.53

2022/H2 153.92 17.16 171.08 2026/H1 166.07 3.91 169.98

2023/H1 156.28 15.46 171.74 2026/H2 165.41 1.86 167.27

Grand Total 2,802.05 220.68 3,022.73

(1) The exchange rate of December 31, 2019.


(US$ million)(1)

Table ( 12 )

Projected Medium and Long-Term Public & Publicly Guaranteed

External Debt Service as of January 1, 2020

Rescheduled Debt

Period Principal Interest Total Period Principal Interest Total2020/H1 1238.27 436.37 1674.64 2046/H1 32.12 2.76 34.882020/H2 1782.56 408.45 2191.01 2046/H2 29.61 2.54 32.152021/H1 2266.42 358.78 2625.20 2047/H1 28.62 2.29 30.912021/H2 2890.09 311.14 3201.23 2047/H2 28.62 2.08 30.702022/H1 1784.29 235.95 2020.24 2048/H1 28.32 1.86 30.172022/H2 1696.76 200.05 1896.81 2048/H2 25.94 1.63 27.572023/H1 1694.10 156.19 1850.29 2049/H1 23.25 1.42 24.672023/H2 1118.89 121.78 1240.68 2049/H2 23.25 1.22 24.472024/H1 875.72 100.19 975.91 2050/H1 22.75 1.02 23.772024/H2 578.63 89.62 668.25 2050/H2 18.95 0.83 19.782025/H1 568.86 81.66 650.52 2051/H1 17.85 0.64 18.482025/H2 578.26 77.98 656.24 2051/H2 17.85 0.46 18.302026/H1 550.27 69.57 619.83 2052/H1 17.34 0.27 17.602026/H2 557.41 66.91 624.32 2052/H2 5.52 0.08 5.602027/H1 549.61 59.77 609.38 2053/H1 5.44 0.08 5.512027/H2 503.14 56.53 559.67 2053/H2 5.44 0.07 5.512028/H1 515.73 50.62 566.34 2054/H1 5.44 0.06 5.502028/H2 568.51 47.08 615.59 2054/H2 4.51 0.05 4.572029/H1 507.15 41.21 548.36 2055/H1 4.51 0.05 4.562029/H2 501.50 37.44 538.94 2055/H2 4.51 0.04 4.552030/H1 451.79 32.74 484.53 2056/H1 4.51 0.04 4.552030/H2 451.57 29.10 480.67 2056/H2 4.48 0.03 4.512031/H1 207.15 24.99 232.13 2057/H1 2.11 0.03 2.142031/H2 201.03 23.16 224.19 2057/H2 1.96 0.03 1.992032/H1 197.46 21.27 218.73 2058/H1 1.96 0.03 1.982032/H2 192.97 19.45 212.42 2058/H2 1.96 0.03 1.982033/H1 146.82 17.24 164.06 2059/H1 1.96 0.03 1.982033/H2 144.64 16.21 160.86 2059/H2 1.96 0.02 1.982034/H1 141.37 15.08 156.45 2060/H1 1.96 0.02 1.982034/H2 138.03 14.06 152.09 2060/H2 1.96 0.02 1.982035/H1 134.87 12.96 147.83 2061/H1 1.96 0.02 1.982035/H2 131.13 11.99 143.12 2061/H2 1.96 0.02 1.982036/H1 89.83 10.97 100.80 2062/H1 1.96 0.02 1.982036/H2 78.06 10.36 88.42 2062/H2 1.96 0.02 1.982037/H1 74.37 9.77 84.15 2063/H1 1.96 0.02 1.982037/H2 73.22 9.29 82.51 2063/H2 1.96 0.02 1.982038/H1 71.72 8.75 80.47 2064/H1 1.96 0.02 1.972038/H2 69.20 8.28 77.48 2064/H2 1.96 0.01 1.972039/H1 65.75 7.76 73.52 2065/H1 1.96 0.01 1.972039/H2 65.26 7.33 72.59 2065/H2 1.96 0.01 1.972040/H1 64.13 6.87 71.00 2066/H1 1.96 0.01 1.972040/H2 63.59 6.40 70.00 2066/H2 1.96 0.01 1.972041/H1 62.20 5.92 68.12 2067/H1 1.96 0.01 1.972041/H2 59.67 5.49 65.17 2067/H2 1.96 0.01 1.972042/H1 47.92 5.04 52.97 2068/H1 1.96 0.01 1.972042/H2 45.14 4.72 49.86 2068/H2 1.96 0.01 1.972043/H1 42.90 4.38 47.27 2069/H1 1.96 0.01 1.972043/H2 42.59 4.10 46.69 2069/H2 1.96 0.01 1.962044/H1 39.80 3.80 43.60 2070/H1 1.96 0.00 1.962044/H2 33.46 3.51 36.97 2070/H2 1.96 0.00 1.962045/H1 32.90 3.25 36.15 2071/H1 1.99 0.00 1.992045/H2 32.90 3.02 35.92

Grand Total 25,435.33 3,394.52 28,829.85(1) The exchange rate of December 31, 2019.

(US$ million)(1)


Table ( 13 )


Non-Rescheduled Debt

Projected Medium and Long-Term Public & Publicly Guaranteed

Period Principal Interest Total Period Principal Interest Total2020/H1 657.90 450.02 1107.93 2046/H1 103.85 28.42 132.27

2020/H2 688.85 437.21 1126.06 2046/H2 103.85 26.54 130.39

2021/H1 1064.19 422.64 1486.83 2047/H1 103.85 24.58 128.43

2021/H2 1139.13 406.82 1545.95 2047/H2 103.86 22.71 126.57

2022/H1 1517.69 390.13 1907.81 2048/H1 104.00 20.82 124.82

2022/H2 1385.94 371.66 1757.60 2048/H2 103.27 18.92 122.19

2023/H1 1379.69 355.34 1735.03 2049/H1 103.27 16.91 120.18

2023/H2 1486.28 338.92 1825.20 2049/H2 103.44 15.04 118.48

2024/H1 1636.99 321.91 1958.89 2050/H1 99.78 13.07 112.85

2024/H2 1632.70 303.43 1936.13 2050/H2 80.24 11.29 91.53

2025/H1 1622.03 284.25 1906.28 2051/H1 65.03 9.69 74.72

2025/H2 1620.83 266.43 1887.26 2051/H2 59.23 8.53 67.76

2026/H1 1566.27 287.73 1854.00 2052/H1 44.53 7.36 51.89

2026/H2 1543.78 233.92 1777.69 2052/H2 41.99 6.56 48.55

2027/H1 1257.86 217.15 1475.01 2053/H1 20.17 5.67 25.84

2027/H2 1255.60 202.93 1458.53 2053/H2 14.70 5.34 20.04

2028/H1 969.18 189.37 1158.55 2054/H1 0.00 4.97 4.97

2028/H2 808.76 176.45 985.21 2054/H2 0.00 5.05 5.05

2029/H1 777.66 165.49 943.15 2055/H1 0.00 4.97 4.97

2029/H2 601.92 155.84 757.76 2055/H2 0.00 5.05 5.05

2030/H1 416.69 149.06 565.75 2056/H1 0.00 4.99 4.99

2030/H2 382.06 142.59 524.65 2056/H2 0.00 5.05 5.05

2031/H1 376.36 137.15 513.51 2057/H1 0.00 4.97 4.97

2031/H2 382.84 131.29 514.12 2057/H2 0.00 5.05 5.05

2032/H1 355.99 126.08 482.08 2058/H1 0.00 4.97 4.97

2032/H2 354.37 120.48 474.85 2058/H2 0.00 5.05 5.05

2033/H1 348.77 115.04 463.80 2059/H1 0.00 4.97 4.97

2033/H2 342.21 109.59 451.81 2059/H2 0.00 5.05 5.05

2034/H1 340.29 104.56 444.85 2060/H1 0.00 4.99 4.99

2034/H2 335.09 99.23 434.32 2060/H2 0.00 5.05 5.05

2035/H1 323.71 94.26 417.97 2061/H1 0.00 4.97 4.97

2035/H2 323.07 89.03 412.10 2061/H2 0.00 5.05 5.05

2036/H1 275.76 84.28 360.04 2062/H1 0.00 4.97 4.97

2036/H2 275.56 79.77 355.34 2062/H2 0.00 5.05 5.05

2037/H1 262.68 75.32 337.99 2063/H1 0.00 4.97 4.97

2037/H2 260.24 71.05 331.29 2063/H2 0.00 5.05 5.05

2038/H1 220.81 67.00 287.80 2064/H1 0.00 4.99 4.99

2038/H2 194.41 63.40 257.81 2064/H2 0.00 5.05 5.05

2039/H1 181.54 60.35 241.90 2065/H1 0.00 4.97 4.97

2039/H2 169.47 57.38 226.85 2065/H2 0.00 5.05 5.05

2040/H1 167.12 54.85 221.97 2066/H1 0.00 4.97 4.97

2040/H2 160.56 52.08 212.64 2066/H2 0.00 5.05 5.05

2041/H1 143.98 49.38 193.36 2067/H1 0.00 4.97 4.97

2041/H2 138.56 46.85 185.42 2067/H2 0.00 5.05 5.05

2042/H1 125.92 44.47 170.38 2068/H1 0.00 4.99 4.99

2042/H2 121.53 42.22 163.75 2068/H2 0.00 5.05 5.05

2043/H1 112.06 40.06 152.12 2069/H1 0.00 4.97 4.97

2043/H2 106.17 38.04 144.21 2069/H2 0.00 5.05 5.05

2044/H1 105.70 36.22 141.92 2070/H1 0.00 4.97 4.97

2044/H2 105.70 34.28 139.98 2070H2 0.00 5.05 5.05

2045/H1 103.85 32.26 136.12 2071/H1 0.00 2.48 2.48

2045/H2 103.85 30.37 134.22

Grand Total 33,485.19 (2) 8,869.91 (3) 42,355.10(1) The exchange rate of December 31, 2019.

(2) Excludes US$ 1,242.41 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 million.

(3) Includes US$ 514 million representing forecast interest of SDR allocation.

Projected Medium and Long-Term Public & Publicly Guaranteed External Debt Service as of January 1, 2020

Multilateral Institutions

Table ( 14 )


(US$ million)(1)

Cen

tral B

an

k o

f Eg

yp

t - Ex

terna

l Po

sition

49

Figure 11

0

500

1000

1500

2000

2500

3000

3500

4000

Principal Interest Total

Total Medium and Long-Term Public and Publicly Guaranteed Multilateral Institutions

External Debt Service as of January 1, 2020US$ mn

Period Principal Interest Total Period Principal Interest Total

2020/H1 609.10 29.60 638.70 2030/H2 0.00 12.11 12.11

2020/H2 0.00 12.11 12.11 2031/H1 0.00 12.11 12.11

2021/H1 0.00 12.11 12.11 2031/H2 0.00 12.11 12.11

2021/H2 0.00 12.11 12.11 2032/H1 0.00 12.11 12.11

2022/H1 0.00 12.11 12.11 2032/H2 0.00 12.11 12.11

2022/H2 0.00 12.11 12.11 2033/H1 0.00 12.11 12.11

2023/H1 0.00 12.11 12.11 2033/H2 0.00 12.11 12.11

2023/H2 0.00 12.11 12.11 2034/H1 0.00 12.11 12.11

2024/H1 0.00 12.11 12.11 2034/H2 0.00 12.11 12.11

2024/H2 0.00 12.11 12.11 2035/H1 0.00 12.11 12.11

2025/H1 0.00 12.11 12.11 2035/H2 0.00 12.11 12.11

2025/H2 0.00 12.11 12.11 2036/H1 0.00 12.11 12.11

2026/H1 0.00 12.11 12.11 2036/H2 0.00 12.11 12.11

2026/H2 0.00 12.11 12.11 2037/H1 0.00 12.11 12.11

2027/H1 0.00 12.11 12.11 2037/H2 0.00 12.11 12.11

2027/H2 0.00 12.11 12.11 2038/H1 0.00 12.11 12.11

2028/H1 0.00 12.11 12.11 2038/H2 0.00 12.11 12.11

2028/H2 0.00 12.11 12.11 2039/H1 0.00 12.11 12.11

2029/H1 0.00 12.11 12.11 2039/H2 0.00 12.11 12.11

2029/H2 0.00 12.11 12.11 2040/H1 352.40 12.11 364.51

2030/H1 0.00 12.11 12.11

Grand Total 961.50 514.16 1,475.66

(*) 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)

Central Bank of Egypt- External Position 50

Table ( 15 )

Projected Sovereign Notes (*)


Cenral Bank of Egypt - External Positon 51

(US$ million)

Period Principal Interest Total

2020/H1 0.00 536.39 536.392020/H2 0.00 579.08 579.082021/H1 0.00 568.30 568.302021/H2 0.00 568.30 568.302022/H1 1,904.49 568.30 2,472.792022/H2 0.00 509.98 509.982023/H1 956.83 509.98 1,466.802023/H2 500.00 483.29 983.292024/H1 585.04 471.92 1,056.962024/H2 0.00 453.78 453.782025/H1 729.89 453.78 1,183.672025/H2 0.00 432.34 432.342026/H1 0.00 432.34 432.342026/H2 0.00 432.34 432.342027/H1 1,505.86 432.34 1,938.202027/H2 0.00 375.87 375.872028/H1 859.64 375.87 1,235.512028/H2 0.00 347.55 347.552029/H1 1,637.24 347.55 1,984.792029/H2 0.00 285.34 285.342030/H1 0.00 285.34 285.342030/H2 0.00 285.34 285.342031/H1 0.00 285.34 285.342031/H2 0.00 285.34 285.342032/H1 1,000.00 285.34 1,285.342032/H2 0.00 250.07 250.072033/H1 0.00 250.07 250.072033/H2 0.00 250.07 250.072034/H1 0.00 250.07 250.072034/H2 0.00 250.07 250.072035/H1 0.00 250.07 250.072035/H2 0.00 250.07 250.072036/H1 0.00 250.07 250.072036/H2 0.00 250.07 250.072037/H1 0.00 250.07 250.072037/H2 0.00 250.07 250.072038/H1 0.00 250.07 250.072038/H2 0.00 250.07 250.072039/H1 0.00 250.07 250.072039/H2 0.00 250.07 250.072040/H1 0.00 250.07 250.072040/H2 0.00 250.07 250.072041/H1 0.00 250.07 250.072041/H2 0.00 250.07 250.072042/H1 0.00 250.07 250.072042/H2 0.00 250.07 250.072043/H1 0.00 250.07 250.072043/H2 0.00 250.07 250.072044/H1 0.00 250.07 250.072044/H2 0.00 250.07 250.072045/H1 0.00 250.07 250.072045/H2 0.00 250.07 250.072046/H1 0.00 250.07 250.072046/H2 0.00 250.07 250.072047/H1 2,490.00 250.07 2,740.072047/H2 0.00 144.25 144.252048/H1 1,500.00 144.25 1,644.252048/H2 0.00 84.97 84.972049/H1 1,485.00 84.97 1,569.972049/H2 0.00 20.38 20.382050/H1 0.00 20.38 20.382050/H2 0.00 20.38 20.382051/H1 0.00 20.38 20.382051/H2 0.00 20.38 20.382052/H1 0.00 20.38 20.382052/H2 0.00 20.38 20.382053/H1 0.00 20.38 20.382053/H2 0.00 20.38 20.382054/H1 0.00 20.38 20.382054/H2 0.00 20.38 20.382055/H1 0.00 20.38 20.382055/H2 0.00 20.38 20.382056/H1 0.00 20.38 20.382056/H2 0.00 20.38 20.382057/H1 0.00 20.38 20.382057/H2 0.00 20.38 20.382058/H1 0.00 20.38 20.382058/H2 0.00 20.38 20.382059/H1 0.00 20.38 20.382059/H2 500.00 20.38 520.38

Grand Total 15,653.98 18,979.81 34,633.79(*) Euro Bond Nominal Value Amounted US$ 18,500 MM, detailed as:

US$ 1500 MM issued on 11/6/2015 and due on 11/6/2025 with Fixed Interest Rate 5.875%

US$ 2500 MM (US$ 1750 MM issued on 31/1/2017 and US$ 750 MM issued on 31/5/2017) due on 31/1/2022 with Fixed Interest Rate 6.125%












Table ( 16 )

Projected Euro-Bond issued in USD (*)


Cenral Bank of Egypt - External Positon 52

(US$ million)*


2020/H1 0.00 235.41 235.41

2020/H2 0.00 0.00 0.00

2021/H1 0.00 234.32 234.32

2021/H2 0.00 0.00 0.00

2022/H1 0.00 234.32 234.32

2022/H2 0.00 0.00 0.00

2023/H1 0.00 234.32 234.32

2023/H2 0.00 0.00 0.00

2024/H1 0.00 234.32 234.32

2024/H2 0.00 0.00 0.00

2025/H1 784.84 234.32 1,019.16

2025/H2 0.00 0.00 0.00

2026/H1 938.66 197.04 1,135.70

2026/H2 0.00 0.00 0.00

2027/H1 0.00 152.45 152.45

2027/H2 0.00 0.00 0.00

2028/H1 0.00 152.45 152.45

2028/H2 0.00 0.00 0.00

2029/H1 0.00 152.45 152.45

2029/H2 0.00 0.00 0.00

2030/H1 1,122.80 152.45 1,275.25

2030/H2 0.00 0.00 0.00

2031/H1 1,400.70 89.30 1,489.99

Grand Total 4,247.00 2,303.14 6,550.14

(*) The exchange rate of December 31, 2019 .

(**) Euro Bond dominated in Euro currency with Nominal Value Amounted EUR 4000 MM detailed as:

EUR 1000 MM issued on 16/4/2018 and due on 16/4/2026 with Fixed Interest Rate 4.750%




Table ( 17 )

Projected Euro-Bond dominated in EUR currency (**)


(US$ million)


2020/H1 25.37 2,025.37

2020/H2 41.79 2,041.79

Grand Total 4,000.00 (*) 67.16 4,067.16

(*) Consists of Two Deposits :

The First Deposit Amounted US$ 2000 MM and due on 18/9/2020 .

The Second Deposit Amounted US$ 2000 MM and due on 22/4/2020 and 23/4/2020 .


Table ( 18 )

Projected Medium and Long-Term Deposits for Kuwait


2,000.00

2,000.00

(US$ million)


2020/H1 1,432.00 130.19 1,562.19

2020/H2 5,200.00 99.01 5,299.01

2021/H1 768.00 17.38 785.38

2021/H2 100.00 2.04 102.04

Grand Total 7500 (*) 248.63 7,748.63

(*) Consists of Four Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding is US$ 500 MM) and due from 12/5/2020 up to 12/11/2021.

The Second Deposit Amounted US$ 2000 MM and due on 20/7/2020.

The Third Deposit Amounted US$ 2000 MM and due on 22/4/2020 and 22/4/2021 .

The Fourth Deposit Amounted US$ 3000 MM and due on 1/7/2020.

Central Bank of Egypt- External Position 54

Table (19 )

Projected Medium and Long-Term Deposits for Saudi Arabia


(US$ million)


2020/H1 1,002.76 97.68 1,100.44

2020/H2 0.00 84.85 84.85

2021/H1 1,000.00 84.85 1,084.85

2021/H2 1,000.00 70.16 1,070.16

2022/H1 666.67 55.14 721.80

2022/H2 695.93 30.72 726.65

2023/H1 0.00 26.22 26.22

2023/H2 1,000.00 25.93 1,025.93

2024/H1 333.33 8.33 341.67

Grand Total 5,698.69 (*) 483.88 6,182.57

(*) Consists of Five Deposits :

The First Deposit Amounted US$ 1000 MM and due on 15/7/2021.

The Second Deposit Amounted US$ 1000 MM and due on 17/7/2023.

The Third Deposit Amounted US$ 2000 MM and due on 22/4/2020, 20/4/2021 and 21/4/2022.

The Fourth Deposit Amounted US$ 1000 MM and due on 30/5/2020, 30/5/2021 and 30/5/2024.

The Fifth Deposit Amounted US$ 1000 MM (Outstanding is US$ 698.69 MM) and due on 31/8/2022.


Table ( 20 )Projected Medium and Long-Term Deposits for United Arab Emirates


(US$ million)(1)


2020/H1 41.98 7.44 49.41

2020/H2 44.40 4.49 48.89

2021/H1 34.59 6.47 41.06

2021/H2 33.48 3.22 36.69

2022/H1 33.48 5.33 38.81

2022/H2 29.91 2.10 32.01

2023/H1 29.91 4.25 34.16

2023/H2 16.58 1.13 17.71

2024/H1 15.66 3.48 19.14

2024/H2 8.16 0.50 8.66

2025/H1 6.00 3.01 9.01

2025/H2 5.09 0.21 5.30

2026/H1 5.14 2.79 7.93

2026/H2 0.88 0.02 0.90

2027/H1 55.00 2.68 57.68

Grand Total 360.241 47.103 407.344

(1) The exchange rate of December 31, 2019 .


Table ( 21 )

Projected Medium and Long-Term Private Sector Non-Guaranteed


(US$ million)(1)


Jan-2020 5,486.81 21.73 5,508.54

Feb-2020 1,350.19 10.35 1,360.54

Mar-2020 1,305.07 7.92 1,312.99

Apr-2020 819.43 5.24 824.67

May-2020 615.17 2.97 618.14

Jun-2020 507.71 9.49 517.20

Jul-2020 315.99 2.46 318.45

Aug-2020 146.00 3.85 149.85

Sep-2020 79.65 1.32 80.97

Oct-2020 313.29 9.87 323.16

Nov-2020 246.68 7.19 253.87

Dec-2020 98.17 0.12 98.29

Grand Total 11,284.17 82.51 11,366.68

(1) The exchange rate of December 31, 2019 .


Table ( 22 )

Projected Short-Term


Country Currency 2016 2017 2018 2019

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 1.02 0.97 0.98 0.97

Denmark DKK 7.11 6.21 6.53 6.65

Egypt EGP 18.12 17.66 17.85 15.98

Sweden SEK 9.14 8.20 8.96 9.30

Japan JPY 116.58 112.70 109.98 108.57

India INR 67.95 63.93 69.98 71.34

United Kingdom GBP 0.82 0.74 0.78 0.76

Canada CAD 1.35 1.26 1.36 1.30

Australia AUD 1.39 1.28 1.42 1.43

Norway NOK 8.70 8.21 8.68 8.79

Euro EURO 0.96 0.83 0.87 0.89

Special Drawing Rights SDR 0.74 0.70 0.72 0.72

Kuwait KWD 0.31 0.30 0.30 0.30

United Arab Emirates AED 3.67 3.67 3.67 3.67

Saudi Arabia SAR 3.75 3.75 3.75 3.75

Chinese Yuan CNY 6.96 6.51 6.88 6.96

Korean Won KRW 1,208.50 1,071.40 1,121.31 1,160.89


as at End of December

Exchange Rates of the Currencies of External Debt Versus US Dollar

Table ( 23 )


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 Agreements: 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 arrange-ment 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 / restructuring) 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 (subordination 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 principal by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy.

Central Bank of Egypt – External Position 60 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, expenditure, 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 transactions, valuation changes, and other adjustments occurring during the period. Long-Term External Debt: External 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 remain-ing maturity of outstanding external debt be measured by adding the value of outstanding short-term external debt (original maturity) to the value of outstanding long-term external debt (original maturity) due in one year or less.

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