Egypt’s external debt reaches $ 137.9 billion in June (CBE)

By residual maturity, short-term debt represented 26.6% of total external debt in June 2021, compared to 9.9% classified by initial maturity.

At the same time, long-term debt expressed in terms of residual maturity represents 73.4% of total external debt, against 90.1% on the basis of initial maturity.

At the end of June 2021, the long-term external debt stood at 124.2 billion dollars (90.1% of the total external debt), up about 11.6 billion compared to the end of June 2020; of which: reached approximately $ 50.0 billion, up $ 7.0 billion from end-June 2020.

The increase reflects new loans; mainly from the IMF ($ 3.2 billion representing the 2nd and 3rd tranches of the SBA Standby Agreement), the European Investment Bank ($ 1.7 billion) and the Arab Fund for Economic and Social Development (400 million of dollars).

Buyer and supplier credit reached about $ 12.8 billion, up $ 1.4 billion. Other bilateral debts amounted to some $ 11.4 billion, an increase of $ 1.1 billion.

Repurchase agreements (Repo) recorded $ 4 billion in June 2021, up $ 86.4 million. Bonds issued abroad (holdings of non-residents) reached $ 28.7 billion, up $ 4.8 billion.

Outstanding bonds as of June 2021 include: approximately $ 23.1 billion Eurobonds issued in US dollars, approximately $ 737.2 million green bonds issued in US dollars, approximately $ 4.5 billion Eurobonds denominated in euros; and approximately $ 355.4 million in sovereign notes.

At the same time, long-term deposits placed with the CBE by some Arab countries declined to $ 15.0 billion, down $ 2.2 billion. These deposits are distributed as follows: $ 5.7 billion by the United Arab Emirates; $ 5.3 billion by Saudi Arabia; and $ 4 billion by Kuwait.

Rescheduled bilateral debt reached about $ 1.9 billion, down $ 0.6 billion. Private sector unsecured debt reached $ 391.9 million, down $ 29.9 million.

Short-term debt increased from about $ 2.8 billion to about $ 13.7 billion, or 9.9 percent of total external debt. Its ratio to net international reserves increased slightly to 33.8% in June 2021 from 28.5% in June 2020.

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Shirlene J. Manley