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Thursday, 18 July 2019

Foreign holdings of sovereign Egyptian debt at USD 19.2 bn mid-June

Madbouly presents final FY2018-2019 figures: Egypt’s economy grew 5.7% in the final quarter of the fiscal year 2018-2019, Prime Minister Madbouly said at a presser yesterday, according to a cabinet statement. The budget deficit recorded 8.2% of GDP, or EGP 431 bn, falling below the government’s target of 8.4% for the fiscal year. The debt-to-GDP ratio recorded 90%, from a targeted 93%. We noted earlier this month the government met its 8.4% budget deficit and 2% primary budget surplus targets in FY2018-2019. Overall, the economy grew at a 5.6% clip, “placing Egypt on the list of the world’s fastest growing economies,” Madbouly pointed out yesterday.

Foreign holdings in Egyptian treasuries stood at USD 19.2 bn mid-June, Vice Finance Minister Ahmed Kouchouk said at the presser, according to Reuters’ Arabic Service. Foreign appetite for Egyptian securities has been recovering since the start of the year after a turbulent 2018. CBE data (pdf) shows that foreign holdings dropped by almost half to USD 11.5 bn in December, down from USD 21.2 bn in January.

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