Back to the complete issue
Wednesday, 2 May 2018

We have the government’s debt plan for FY2018-19

EXCLUSIVE – We have the government’s debt plan for FY2018-19: Egypt’s foreign debt obligations in the FY2018-19 budget appear to have fallen marginally to EGP 32.3 bn from EGP 33.3 bn, Finance Ministry sources tell us. The government is hoping to borrow EGP 714.6 bn next year, up from EGP 696 bn in FY2017-18. EGP 511 bn will be borrowed through local currency bonds and debt, while c. EGP 203 bn will be foreign denominated debt — either through bonds or through loans, including the IMF’s Extended Fund Facility, who will provide Egypt with EGP 70 bn next fiscal year. They added that the government plans to issue the equivalent of EGP 128 bn in foreign denominated eurobonds next fiscal year.

Meanwhile, the Oil Ministry is reportedly planning on paying international oil companies USD 200 mn in arrears in June (prior to the beginning of the new fiscal year), ministry sources said. The ministry’s arrears had dropped to USD 2.4 bn as of June 2017.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.