central bank of egypt · (fob) decreased by 0.1 percent to us$ 27.0 billion, due to the decline in...

Central Bank of Egypt

External Position of the Egyptian Economy

FY 2011/12

Quarterly Report

Volume No. (38)

Central Bank of Egypt – External Position

Preface

The External Position of the Egyptian Economy Report is a series produced by the Statistics and Economic Reports Sector in the Central Bank of Egypt (CBE). The report tracks, on 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 six sections. The first three give a performance

portrait of the key components of Egypt's Balance of Payments (BOP), Tourism and its external liquidity. The fourth and fifth review developments related to Egypt’s external debt in its different classifications, in addition to the Egyptian pound exchange rate performance. The sixth section is a statistical part that provides more details on the above mentioned five sections. This is in addition to a part that contains definitions of key terms used in the report, as well as other miscellaneous information. The report is downloadable from CBE website www.cbe.org.eg. Hard copies can be obtained from the Statistics and Economic Reports Sector, 8th floor, 54 El Gomhouria Street, Cairo.


Table of Contents Page

Overview Section I: Balance of Payments BOP Performance. 1 1-Current Account 1 2-Capital and Financial Account 3 Section II: Tourism Sector Performance Summary 5 A-Tourism Sector Performance 6 B- Hotel Sector Performance 7 Section III: External Liquidity A -Net International Reserves (NIR) 11 B -Net Foreign Assets of Banks (NFA) 11 Section IV: External Debt A - Breakdown by Maturity 13 B - Breakdown by Type 14 C - Breakdown by Currency 14 D - Breakdown by Creditor 15 E - Breakdown by Debtor 15 F - External Debt Indicators an Global

Comparison

16 G - External Debt Sustainability 18 Section V: Exchange Rate Developments 19 Statistical Section: Appendix I 1- Balance of Payments 23 2- International Investment Position (IIP) 25 3- Coordinated Portfolio Investment Survey

(CPIS)

26 4-NIR & NFA at Banks 27 5-External Debt by Type 28 6-External Debt Indicators 29 7-External Debt by Debtor 30 8-Exchange Rates 31 Appendix II A- Medium-and long- Term External Debt 35-50 B- Projected Medium-and Long-Term Public

and Publicly Guaranteed External Debt Service

51-65

C- Exchange Rates of the Currencies of External Debt versus US Dollar

66

Appendix III Box. (1): Egypt's subscription to SDDS and

data quality dimensions

69 Box. (2):Egypt's Data Quality Dimensions 70 Box. (3): Doing Business in Egypt 71 Box. (4): Tourism Market Diversification 72 Definitions and Terminology 73


Overview BOP during FY 2011/ 2012, gave rise to an overall BOP deficit of about US$ 11.3 billion (from US$ 9.8 billion a year earlier), making up a total of US$ 21.1 billion over the past two fiscal years. As a result, NIRs at the CBE decreased. The overall BOP deficit was an outcome of the current account deficit and the net outflows registered by the capital and financial account. The current account deficit widened to US$ 7.9 billion (from US$ 6.1 billion). In addition, the capital and financial account un-folded a net outflow of US $ 1.4 billion (against US$ 4.2 billion). The current account deficit during FY 2011/12 was mainly attributed to the trade balance deficit which deteriorated from US$ 27.1 billion to US$ 31.7 billion . Moreover, the surplus of services balance shrank by 31.9 percent to US$ 5.4 billion (against US$ 7.9 billion). One of the positive factors that subdued the widening of the overall BOP deficit was the increase in net unrequited transfers, to post US$ 18.4 billion in FY 2011/2012(against US$ 13.1 billion in the previous year). The capital and financial account revealed that portfolio investment in Egypt registered a net outflow of US$ 5.0 billion in the FY under review (against a net outflow of about US$ 2.6 billion a year earlier). Meanwhile, FDI in Egypt recorded a net inflow of US$ 2.1 billion (against US$ 2. 2 billion). Egypt's International Investment Position (IIP)* continued to register net liabilities, realizing US$ 53.2 billion at end-Dec. 2011, up from US$ 44.1 billion at end-Dec. 2010 and US$ 29.7 billion at end-Dec. 2009. Net international reserves (NIR) decreased by US$ 11.0 billion during FY 2011/12, to reach US$ 15.5 billion at end of June 2012, covering 3.2

months of merchandise imports. The decrease was mainly ascribed to the fall in foreign currencies by about US$ 11.5 billion worth, whereas there was an increase in the value of gold by the equivalent of US$ 0.6 billion, after its annual revaluation at end of June 2012. During the report’s preparation, NIR reached US$ 15.0 billion at end of September 2012. Banks' net foreign assets amounted to US$ 13.5 billion at end of June 2012, down by US$ 4.3 billion from end of June 2011 level. Foreign currency deposits with banks increased by 3.6 percent, to reach US$ 30.8 billion at end of June 2012. As a percentage of total deposits, they registered 20.7% at end of June 2012 against 21.0% at end of June 2011. Total external debt declined by US$ 521.2 million to US$ 34.4 billion at end of June 2012, from US$ 34.9 billion at end of June 2011. The external debt has remained within manageable limits and its position continued to have a favorable structure; with 91.5 percent of the total represents the share of the medium and long term debt and 95.1 percent contributed by the public sector. Over the recent years, external debt indicators have shown a per-ceptible improvement, though the size of debt has increased. The debt accumulation was moderate and debt sustainability indicators have improved progressively, keeping external debt within manageable limits. The weighted average of the inter-bank foreign exchange market rate reached EGP 6.059 per US dollar at end of June 2012, against EGP 5.969 at end of June 2011. Accordingly, the Egyptian pound interbank rate depreciated by 1.5 percent during that year.

__________________ * IIP statement was first introduced in Volume 20 of the External Position Report, to be updated annually at end

of December each year within the SDDS requirements.

Egypt's

Section I

Balance of Payments

Central Bank of Egypt – External Position 1 BOP Performance

During Fiscal Year 2011/12

gypt's BOP recorded an overall deficit of about US$ 11.3 billion

during FY 2011/12 (against US$ 9.8 billion a year earlier). As a result, net international reserves (NIR) at the CBE decreased. The overall deficit was an outcome of the current account deficit and the net outflows registered by the capital and financial account. The current account deficit widened to US$ 7.9 billion (from US$ 6.1 billion). The net outflows of the capital and financial account unfolded US$ 1.4 billion (against US$ 4.2 billion), because of the retreat in foreign investment flows in portfolio in Egypt. Chart (1) shows developments in Egypt’s BOP main components, on net and quarterly basis. 1 - Current Account The current account deficit widened during FY 2011/12 by 30.2 percent to US$ 7.9 billion (3.1 percent of GDP). This was attributed to a drop in services surplus by 31.9 percent to US$ 5.4 billion (2.1 percent of GDP), against US$ 7.9 billion (3.3 percent of GDP), and an increase in trade balance deficit, by 17.0 percent to US$ 31.7 billion. However, one of the positive factors that subdued the widening of

the current account deficit was the increase in net unrequited transfers, by 40.1 percent to post US$ 18.4 billion. 1.1: Trade on Goods The trade volume stepped up by 5.6 percent to reach US$ 85.6 billion (33.4 percent of GDP). The trade deficit widened by US$ 4.6 billion, to US$ 31.7 billion during Fiscal Year 2011/12 (12.3 percent of GDP) against US$ 27.1 billion (11.5 percent of GDP) in the prior year due to: Merchandise imports (CIF) went up by 8.5 percent to US$ 58.7 billion, due to a rise in both oil imports by 27.1 percent (20.1 percent of total imports) and non-oil imports by 4.6 percent (79.9 percent of the total). Meanwhile, Merchandise exports (FOB) decreased by 0.1 percent to US$ 27.0 billion, due to the decline in non-oil exports by 6.8 percent (51.3 percent of the total) and the rise in oil exports by 8.2 percent (48.7 percent of total exports).

As a result, the merchandise export/import ratio decreased to 46.0 percent during FY 2011/2012, compared with 49.9 percent a year earlier.

E

Chart (1): BOP Recent Performance

-12.0-10.0

-8.0-6.0-4.0-2.00.02.04.06.08.0

10.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2010/2011 2011/2012

Trade Balance Service BalanceInvestment Income Balance Transfers BalanceCapital & Financial Account Current Account BalanceOverall Balance

US$ bn

chart (2): oil & non - oil Exports & Imports

-60.0

-40.0

-20.0

0.0

20.0

2010/2011 2011/2012

oil exports non oil exports

oil imports non oil imports

US bn$

Central Bank of Egypt – External Position 2 Charts (3) & (4) illustrate the distri-bution of merchandise exports by degree of processing and imports by degree of use, during FY 2011/2012.

1.2: Services Balance • The surplus on services balance

during FY 2011/2012 fell by 31.9 percent to US$ 5.4 billion (from US$ 7.9 billion a year earlier). Such a decline stemmed from the de-crease in services receipts by 4.6 percent and the increase in services payments by 10.8 percent, as shown in Chart (5).

1.2.1: Services receipts declined by 4.6 percent, to US$ 20.9 billion, driven by the fall in the following main items :

• Tourism revenues by 11.0 percent to about US$ 9.4 billion (from US$ 10.6 billion), principally on the back of the fall in the average expenditure per tourist a night to US$ 72.2 in the first quarter, US$ 69.6 in the second & third quarters and US$ 74.4 in the fourth quarter of FY 2011/2012, (against US$ 85.0 in FY 2010/2011)- (as shown in detail in Section II).

• Other services receipts by 12.4 percent to about US$ 2.3 billion. This was due to the decline of construction services, investment services companies, legal & con-sulting fees and communication services.

• Investment income receipts by 41.2 percent to US$ 246.1 million (against US$ 418.8 million). This reflects the fall in receipts of direct investment income and portfolio investment income, as shown in Chart (6).

Conversely, the following items increased: • Transportation receipts by 6.4

percent to US$ 8.6 billion, due to the increase in Suez Canal receipts by 3.1 percent to US$ 5.2 billion (against US$ 5.1 billion) and the freight received by Egyptian shipping companies.

• Government receipts to US$ 276.2 million from US$ 117.7 million, reflecting higher other government

‐2.0‐1.5‐1.0‐0.50.00.51.01.52.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2010/2011 2011/2012

Investment Income ReceiptsInvestment Income Payments

Investment Income Balance

US $ bnChart(6): Investment

Chart (5):Services Balance

‐1.00.01.02.03.04.05.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2010/2011 2011/2012

Transportation Services Tourism ServicesGovernment Services Other ServicesServices Balance

US$ bn

Chart (3): Proceeds of merchandise Exports

US$ 27.0 bn

Fuel, mineral oils &

products50.1%

Raw materials4.3 %

Semi-finished goods7.2%

Finished goods 38.4%

Chart (4):Payments for merchandise Imports

US$ 58.7 bn of which:

Fuel, mineral oils &

products16.8 %

Raw materials

13.8%

Intermediate goods28.8%

Investment goods

16.5% Consumer

goods 23.3%

Chart (8):External Balancing ratios

90.0

91.1

156.3

49.9

88.5

89.3

134.6

46.0

0.0 50.0 100.0 150.0 200.0

MerchandiseExports/

MerchandiseImports

Service Receipts/Service

Payments

Current Receipts/Current

Payments

Current Receipts(excluding officialtransfers)/Current

Payments

%

2010/2011 2011/2012

Central Bank of Egypt – External Position 3 receipts, and expenses of Arab League & international organiza-tions located in Egypt.

1.2.2: Services payments increased by 10.8 percent, to US$ 15.5 billion (against 14.0 billion). This was attributable to the increase in the following items: • Investment income payments by

7.4 percent to US$ 6.9 billion, as a result of higher profit transfers of foreign petroleum companies.

• Other services payments by 21.1

percent, to US$ 3.5 billion, driven by higher payments to foreign petroleum companies & royalties and license fees.

• Travel payments by 18.2 percent,

to US$ 2.5 billion, due to higher travel expenses for pilgrimage, and for Visa Card payments.

• Government payments by 4.1

percent, to US$ 1.2 billion, reflecting the increase in salaries of government employees abroad.

By contrast, Transportation Pay-ments decreased by 0.8 percent to US$ 1.4 billion, due to lower pay-ments of foreign airlines companies. 1.3: Unrequited Transfers (Net), increased by 40.1 percent, to US$ 18.4 billion in 2011/12, (against US$ 13.1 billion). This was caused by the rise in net Private transfers by 43.5 percent, to US$ 17.8 billion. (mainly due to the pickup in workers’ remittances by 42.0 percent). Mean-while, net official transfers decreased by 16.0 percent to US$ 632.4 million, as shown in Chart (7).

Against this background, most external balancing indicators are seen to retreat in the reporting period, as shown in Chart (8).

2- Capital and Financial Account The capital and financial account unfolded a net outflow of US$ 1.4 billion during FY 2011/12 (against US$ 4.2 billion). This was due to the following factors: A-Portfolio investment in Egypt registered a net outflow of US$ 5.0 billion in the year under review (against a net outflow of about US$ 2.6 billion a year earlier).

0.10.040.5

0.020.50.10.020.1

3.9

4.9 5.0

4.03.42.83.13.1

5.14.93.94.1

3.52.8

3.23.1

-

1.0

2.0

3.0

4.0

5.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2010/2011 2011/2012

Official Transfers (Net) Private Transfers (Net)

Workers' Remittances

Chart(7): Unrequited TransfersUS$ bn

Central Bank of Egypt – External Position 4 This was ascribed to foreigners’ sales of their holdings of securities, especi-ally Egyptian TBs that unfolded net sales of US$ 4.0 billion (against net sales of US$ 3.1 billion). Another affecting factor was the reversal in foreigners' transactions in the stock market into net sales of US$ 1.1 billion (against net purchases of US$ 316.7 million). B - Foreign direct investment (FDI)

in Egypt recorded a net inflow of around US$ 2.1 billion (against US$ 2.2 billion). It reflected the surge in the proceeds from selling local entities to non-residents, record to US$ 1.7 billion (against US$ 19.2 million). Moreover, greenfield investments unfolded net inflows of US$ 2.1 billion (against US$ 2.2 billion), while net investments of the oil sector unfolded net outflows of US$ 1.8 billion (against US$ 191.3 million a year earlier).

The sectoral breakdown of total FDI inflows as shown in Chart (9) re-affirmed its usual pattern (excluding the petroleum sector that has the biggest share of 60.3 percent), where the majority of FDI (18.7 percent)

went into services sectors (of which, communication sector got 11.8 percent, financial sector 1.8 percent, real estate sector 0.7 percent, tourism 0.4 percent, and other services sectors 4.0 percent). The share of manufac-turing sector was 6.2 percent, con-struction sector 1.1 percent, agri-culture sector 0.7 percent, and the remaining share was acquired by other economic sectors. Net foreign assets and liabilities of the banking sector and other sectors, posted an inflow of US$ 2.1 billion in FY 2011/12 against an outflow of US$ 4.2 billion during the previous FY. C- Medium & long term loans and

suppliers' credits realized net repayments of US$ 664.3 million, during FY 2011/12 (against US$ 891.8 million a year earlier). Total drawings surged to US$ 1.4 billion from US$ 1.2 billion, while total repayments stood at the same level (US$ 2.1 billion).

D- Short term suppliers' credits, recorded net inflows of US$ 562.8 million (against US$ 2.4 billion).

Chart (9):Total FDI in Egypt by Economic Sector 2011/2012

Services Sector18.7%

Other Services4.0%

Communication Sector11.8%

Tourism Sector0.4%

Financial Sector1.8%

Real Estate Sector0.7%

Undis tributed13.0%

Construction Sector1.1%

Agriculture 0.7%

Manufacturing Sector6.2%

Petroleum Sector60.3%

Section II

Tourism Sector Performance

Central Bank of Egypt – External Position 5

Summary Tourism Sector Performance during 2011/2012: The data accumulated for the year 2011/2012 point to a decline in tourist arrivals and receipts when compared with the previous year levels. Albeit tourist nights have increased during the year, indicating an initial recovery in tourism sector, the revenues declined due to lower average expenditure per night from US$ 85.0/night in the previous year to US$ 71.5/night in 2011/2012*. Tourism Sector Performance during Q4 2011/2012: According to the balance of payments data, tourism receipts recorded an increase of US$ 481.0 million or 25.9 percent to US$ 2334.6 million, due to the higher positive growth in tourist nights (+43.9 percent) that exceeded the downward impact of the negative growth in the average expenditure per night (-12.5 percent). Although Egypt's tourism sector experienced an initial recovery (Q-over-Q) in the fourth quarter of 2011/12, it witnessed mixed results; an improvement in both the number of tourist arrivals (+22.4 percent) and tourist nights (+43.9 percent), and a decline in the average expenditure per night (from US$ 85/night to US$ 74.4/night). Data show that visitors stayed longer on average of 11.4 nights per person, compared to 9.7 nights per person, of which; tourists coming from African region and the Middle East region headed the list in terms of the length of stay per visitor (14.4 and 13.7 nights, respectively). _______________________ * Average expenditure per tourist night calculated as a simple

mean of US$ 72.2/night realized in Q1, US$ 69.6/night in Q2 and Q3, and US$ 74.4/night in Q4.

The data on travel receipts and the number of tourist nights and arrivals, on a quarterly basis, reaffirmed the same seasonal pattern, as the fourth quarter is seasonally the runner up, coming after the first quarter which is the strongest of the year, while the third quarter is seasonally the weakest. Hotel Sector Performance: In terms of hotel sector performance and its regional comparison during the H2 of 2011/2012, Egyptian hotels experienced mixed results; negative results in the "Average Daily Rate per Room" and a slight bouncing in terms of "Revenue per Available Room", and "Occupancy Rate". The regional comparison led to the fact that Egyptian hotels offered extremely low prices to offset low visitor arrivals during the period, ranking the Egyptian hotels the cheapest in the MENA region. Tourism Market Diversification: According to the number of tourist arrivals, over the 1989/90-2011/12 period, Egypt's tourism market witnessed a shift from diversification towards concentration in favor to European region, as the Herfindahl-Hirschman Index (HHI) exceeded 0.57. It sheds light on the necessary steps towards a more diversified market, to be able to mitigate any future demand shock, especially from Euro-zone. Nevertheless, Egypt's market is still more diversified when compared to some of neighboring countries in the MENA region (See Box 4, Appendix III).

Central Bank of Egypt – External Position 6 A- Tourism Sector Performance Despite the fact that the tourism sector experienced an initial recovery (Q-over-Q) in the fourth quarter of 2011/12, it witnessed mixed results; an improvement in both the number of tourist arrivals and tourist nights, and a decline in the average expenditure per night. Ministry of Tourism figures show that a total of 2743 thousand tourists came from all over the world and spent 31378 thousand nights in Q4 of 2011/2012, constituting increases of 22.4 percent and 43.9 percent, respectively, compared with the same period of the previous year. About 22 percent expansion in tourist arrivals came from; European countries (84.5 percent of total increase), Middle East region (11.4 percent), Asia and Pacific region (4.6 percent), and Americas (1.2 percent) while less visitors came from African countries (-2.2 percent). Charters arriving directly to Sharm El-Sheikh and Hurghada had been a contributing factor to offset the downward effect caused by fuel surcharges and capacity changes from major airlines, along with the drop seen in this market. Such a drop was witnessed mainly in big cities like Cairo and Alexandria. In contrast, the average expenditure per night decreased to US$ 74.4/night in Q4 of 2011/2012 from US$ 85.0/night a year earlier (table 1, line 7). This decrease was mainly attributable to: lower opportunities available for tourists to do more shopping during the current political transition period, and a sharp decline in the average rate per room, as

hoteliers tried to maintain demand volume by lowering rates. As the positive growth in the number of tourism nights (+43.9 percent) outpaced the downward effect of the average expenditure per night (-12.5 percent), travel and tourism receipts data from the balance of payments recorded an increase of US$ 481.0 million or 25.9 percent to US$ 2334.6 million (Q-over-Q) in the fourth quarter of 2011/12. (table 1, line 1).

In terms of Q-over-Q comparison, the data on travel receipts and the number of tourist nights and arrivals, over the period from Q1 of 2008/2009 to Q4 of 2011/2012, reaffirmed the same seasonal pattern, as the fourth quarter is seasonally the runner up, coming after the first quarter which is the strongest of the year, while the third quarter is seasonally the weakest. (charts 1-3). During Q4 of 2011/2012, data show that visitors stayed longer on average of 11.4 nights per person, compared to 9.7 nights per person a year earlier (table 1, line 6). Tourists coming from Africa headed the list in terms of the length of stay per visitor, with an average of 14.4 nights per visitor. Middle Easters were the runner up with 13.7 nights/visitor, followed by Americans (12.4 nights/visitor), European countries (10.6 nights/ visitor), and Asia & Pacific region (9.9 nights/visitor).

Chart (1): Tourist Arrivals(In Thousands)

0

1000

2000

3000

4000

5000

Q1 Q2 Q3 Q42008/2009 2009/20102010/2011 2011/2012

Chart (2): Travel & Tourism Receipts(USD million)

0

1000

2000

3000

4000

Q1 Q2 Q3 Q4

2008/2009 2009/20102010/2011 2011/2012

Chart (3): Number of Tourist Nights(In Thousands)

0

10000

20000

30000

40000

50000

Q1 Q2 Q3 Q42008/2009 2009/20102010/2011 2011/2012

Central Bank of Egypt – External Position B- Hotel Sector Performance:

According to the Ministry of Tourism data, the average occupancy rate at hotels in Egypt was 44.5 percent during Q4 of 2011/2012, up slightly from 38.7 percent during the same period in the previous year, indicating a small recovery in the sector. Meanwhile, it pointed to drops by 28.4 percent in the occupancy rates compared with the counterpart rates during Q4 of 2009/2010 (table 1, line 9). The following chart shows the average occupancy at Egypt's hotels and key cities. Major cities, headed by Cairo, registered the largest decline in hotel occupancy rates by 45.0 percentage points from 80 percent on average during Q4 two years ago, to just 35.0 percent, on average, during the revolution time and 42.0 percent, on average during Q4 of 2011/2012.

In order to make a sound judgment on hotel sector financial performance over the time and across countries, one should combine occupancy rate with average daily rate per room (ADR1) and revenue per available _________________________ 1 It represents the average daily rental income per occupied

room in a given period of time. The ADR can be calculated by dividing the rooms' revenue by the number of rooms sold, excluding house use rooms from the denominators.

7 room (RevPAR2). Table 2 shows that the ADR was down by 14.7 percent during the first half of 2011/2012, while room yield was up by 1.7 percent. Hurghada and Sharm El-Sheikh hotels were the top two steepest decreases in Egypt and perhaps in the entire region. The revenue per available room is providing a convenient snapshot of how well a hotel is filling its rooms, as well as how much it is able to charge. Revenue per available room was the highest at Cairo hotels of US$ 43, in H2 of 2011/2012, down from US$ 44 in the same period last year, while it was the lowest at Hurghada hotels (US$ 19), slightly up by 1.0 percent from US$ 18. Hotels at Sharm El-Sheikh have returned to positive revenue-per-available-room growth in the H2 of 2011/2012, by 5.0 percent. In terms of regional comparison, Table 3 shows that Lebanese, Saudi Arabian and Jordanian hotels experienced positive results in the three key performance metrics, except for ADR in Lebanon which remained unchanged. Hotels at Qatar experienced negative results in the three key performance metrics. Meanwhile, Egyptian hotels experienced mixed results; negative results in the ADR and a progress in terms of RevPar and occupancy rate for H2 of 2011/2012. Egyptian hotels offered extremely low prices to offset low visitor arrivals during the period, ranking the Egyptian hotels the cheapest, comparing with counterparts in the selected countries of the MENA region. _______________________ 2 It can be calculated using the following two ways; (i) Total

room revenue in a given period, net of discounts, sales tax, and meals divided by number of available rooms in same period. (ii) Average daily room rate multiplied by occupancy rate.

Chart (4) Occupancy Rate at Egypt's Hotels

0

20

40

60

80

100

April May June April May June April May June

2010 2011 2012

Hurghada Sharm Elsheikh

Cairo Egypt

Central Bank of Egypt - External Position 8

2009/10 2010/11

Q4 Q4 Q3 Q4

1. a. Tourism Receipts (USD mn) 11591.3 10588.7 9419 2868.4 1853.7 2023.1 2334.6

b. Tourism Expenditures (USD mn) 2327.5 2112.6 2497.6 549.2 492.7 593.9 585.8

2. Stay-over Visitors (x 1.000) 13758 11931 10227 3471 2241 2500 2743

3. Market Shares (% of Tourist Arrivals) 100 100 100 100 100 100 100

a. European Countries 75.9 73.7 72.0 75.3 69.5 73.6 72.2

b. Middle East Countries 11.9 13.7 16.8 11.7 17.7 16.4 16.6

c. African Countries 3.4 4.0 4.5 3.7 5.6 4.0 4.2

d. Americans 3.9 3.7 2.8 4.1 3.2 2.4 2.8

e. Asia & Pacific 4.7 4.7 3.8 4.9 3.8 3.4 4.0

f. Other Countries 0.3 0.2 0.2 0.2 0.1 0.2 0.2

4. Market Shares (% of Tourist Nights) 100 100 100 100 100 100 100

a. European Countries 71.4 67.4 67.0 73.2 63.2 67.2 68.1

b. Middle East Countries 15.8 19.1 20.8 13.2 22.1 22.2 19.8

c. African Countries 4.1 4.8 5.5 5.3 7.7 4.2 5.3

d. Americans 4.6 4.5 3.2 4.3 3.6 3.0 3.1

e. Asia & Pacific 4.0 4.1 3.3 3.8 3.2 3.0 3.4

f. Other Countries 0.2 0.2 0.3 0.2 0.2 0.4 0.3

5. Visitor Nights (x 1.000) 136,370 124,571 113,633 33,748 21,809 29,068 31,378

6. Average Nights Spent (per Visitor) 9.9 10.4 11.1 9.7 9.7 11.6 11.4

7. Receipts per Visitor Nights (USD/night) 85.0 85.0 82.9 85.0 85.0 69.6 74.4

8. The Herfindahl-Hirschman Index 0.60 0.57 0.55 0.59 0.52 0.57 0.55

9. Average Occupancy Rate .. 58.0 42.6 72.9 38.7 39.9 44.5

Luxer .. 39.3 22.5 41.7 21.1 29.6 27.6

Aswan .. 28.4 21.2 27.7 15.8 31.6 21.9

Sharm El-Sheikh .. 60.1 55.4 77.3 42.3 52.8 52.4

Hurghada .. 65.5 72.0 80.8 50.3 13.5 53.4

Cairo .. 59.7 42.1 80.6 35.6 36.7 42.1

Alexandria .. 52.7 52.4 73.7 43.6 46.3 66.8

10. Contribution to Current Receipts % 20.0 17.1 14.2 17.9 11.1 12.4 13.5

Indicators of tourism activity

Sources: CBE, MOT, and CAPMAS.

2009/10 2011/12

2011/12

2010/11


2010/2011 2011/2012 Change 2010/2011 2011/2012 Change

Egypt (AVG) 81 62 -14.70% 31 28 1.70%

Cairo 103 126 -23.00% 44 43 -1.00%

Hurghada 30 36 -6.00% 18 19 1.00%

Sharm El-Sheikh 40 55 -15.00% 24 29 5.00%

Occupancy ADR RevPAR

Rate (US$) (US$)

Egypt 55.30% 12.30 57.7 -14.70% 30.0 1.70%

Jordan 79.00% 24.00 148.0 2.60% 118.0 46.50%

Lebanon 65.00% 11.00 207.0 0.00% 135.0 20.90%

S. Arabia 75.00% 4.75 204.5 7.75% 155.8 14.75%

UAE 75.00% 1.00 195.7 -5.30% 151.7 -0.70%

Doha 62.00% -5.00 263.0 -1.60% 166.0 -8.00%

Source: Ernst & Young benchmark survey of Middle East hotel sector, June 2012.

Hotels' Performances of Key Arab Countries in H2 of 2011/2012:

Country Change Change Change

Hotel Performance in H2 of 2010/2011 & 2011/2012:

ADR

US$ US$

RevPAR

Section III

External Liquidity


External Liquidity A-Net International Reserves (NIR)

uring FY 2011/12, NIR

decreased by US$ 11.0 billion, to reach US$ 15.5 billion (3.2 months in terms of merchandise imports coverage) at end of June 2012. The decrease was mainly ascribed to the fall in foreign currencies by about US$ 11.5 billion worth, whereas there was an increase in the value of gold by the equivalent of US$ 0.6 billion, following its annual revaluation at end of June 2012. While this report was under preparation, NIR reached US$ 15.0 billion at end of September 2012.

(US$ mn) End of June

2011 June 2012

Net International Reserves (1-2)

26564 15534

1- Gross Official Reserves 26593 15556 Gold 2743 3303 SDRs 1311 1243 Foreign Currencies 22450 10926 Loans to IMF 89 84 2- Reserve Liabilities 29 22 NIR in Months of merchandise Imports 6.3 3.2

B- Net Foreign Assets of Banks (NFA)

Banks’ net foreign assets declined by US$ 4.3 billion during FY 2011/12, to reach US$ 13.5 billion at end of June 2012. Foreign currency deposits with banks increased by 3.6% during 2011/2012, ending the year at US$ 30.8 billion. On the same manner, local currency deposits increased by 7.5%. This means that the propensity to save in Egyptian pound was higher than in foreign currencies.

D

NIR & Months of Merchandise Imports Covered

0.03.06.09.0

12.015.018.021.024.027.030.033.036.039.0

Jun-09 Jun-10 Jun-11 Jun-12

US$ bn

3.0

4.0

5.0

6.0

7.0

8.0

9.0(Month)

Foreign CurrenciesLoans to IMFGoldReserves/Months Imports

( Balance at end of June )

Chart (1)Foreign Assets & Liabilities

of Banks

0.0

5.0

10.0

15.0

20.0

25.0

Jun-09 Jun-10 Jun-11 Jun-12

US$ bn Assets Liabilities

( End of June)

Chart (2)


As such, the ratio of foreign currency deposits to total deposits decreased to 20.7% at end of June 2012, from 21.0% at end of June 2011.

Developments in Deposits by Local and Foreign Currencies

0

100

200

300

400

500

600

700

800

900

Jun-10 Mar-11 Jun-11 Mar-12

LE bn

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Foreign Currency DepositsLocal Currency DepositsGrowth rate of Local Currency DepositsGrowth rate of Foreign currency Deposits

( End of June) %

Chart(3)

Section IV

External Debt


External Debt gypt's external debt fell to US$ 34.4 billion at end-June 2012

from US$ 34.9 billion at end-June 2011. This brings the fall in the stock of debt to US$ 521.2 million. Of the said fall, the valuation effects1 accounted for US$ 1651.4 million. In addition, such developments can be interpreted in terms of the following cross-border financial transactions: • Net disbursements of foreign

loans and facilities contributed US$ 1046.2 million.

• Outstanding balance of non-residents’ holdings of the Egyptian government's bonds and notes issued abroad inc-reased by US$ 84.0 million. This increase was mainly due to the issuance of a 5-year Treasury Bond at a value of US$ 500.0 million to the Saudi Fund for Development in June 2012. Nevertheless, the increase has been held back by the US$ 229.1 million of purchases by residents’ entities and the US$ 186.9 million of nonresidents’ holdings of 10-year Egyptian sovereign bonds (redeemed in July 2011).

A- Breakdown by Maturity By original maturity, external debt reaffirmed during the reporting year its usual pattern of long-term debt predominance. The long-term debt accounted for US$ 30.3 billion or 88.0% of the total, whereas short-term debt posted US$ 2.9 billion or 8.5%. Still, medium-term debt has accounted for the smallest portion of US$ 1.2 billion or 3.5%. 1 The valuation effects arise because external debt is denominated in different currencies and the US dollar value, which is the international numeraire for indicating debt numbers, fluctuates over time vis-à-vis these currencies.

By residual maturity2, medium and long term debt represented 84.5 percent of the total debt. In comparison, they accounted for 91.5 percent of the total by original maturity. Similarly, short-term debt showed an increase as it represented 15.5 percent, compared to 8.5 percent classified by the original maturity.

2 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; the remaining maturity provided a profile of debt service payments, especially those falling due in the near term and so 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.

E

Short-term Debt by Residual Maturity End- June 2012

(US$ million)

1. Short-term debt by original maturity 2901.9

2. Medium & long-term debt maturing within one year 2139.3

3. EGP Euro Bond issued in 2007 and falling due in 2012 284.5 4. External debt by residual maturity up to 1 year (1+2+3) 5325.7

Percentage to Total External Debt 15.5 Percentage to NIR 34.3

5. Medium & long-term debt by residual maturity 29058.8

Percentage to Total External Debt 84.5

Chart (1) External Debt at End of June 2012

Short-Term8.5%

Medium- Term3.5%

Long- Term88.0%

Central Bank of Egypt – External Position B- Breakdown by Type Medium- and long-term debt accounted for 91.5 percent of total debt, of which: • Bilateral loans (rescheduled and

non-rescheduled) and suppliers’ & buyers’ credit owed to Paris Club members, reached US$ 15.3 billion or 44.6 percent of total debt.

• Non-Paris Club members' debt

amounted to US$ 1.1 billion or 3.2 percent of total debt.

• International and regional organizations debt reached US$ 11.1 billion or 32.2 percent of total debt, up by US$ 259.5 million, compared to end of June 2011 level.

• Government bonds and notes increased by US$ 79.7 million, to around US$ 2.9 billion or 8.4 percent of total debt at end - June 2012. These includes: (i) US$ 1.3 billion of guaranteed 10–year notes, issued in Sept. 2005 (ii) US$ 284.5 million of the Egyptian pound 5-year Eurobonds issued in July 2007 and (iii) US$ 866.2 million 10-and 20–year sovereign notes issued in April 2010 (v) US$ 500.0 million of the 5–year Treasury Bond issued in June 2012 to Saudi Fund for Development.

• Long-term Deposit of US$ 1.0 billion from Saudi Fund for Development to the Central Bank of Egypt.

• Non-guaranteed medium - and long-term debt of the private sector increased by US$ 33.8 million to US$ 51.3 million or 0.2 percent of the total at end - June 2012.

14 Short-term debt increased by US$ 144.4 million to US$ 2.9 billion or 8.5 percent of total debt. This was mainly due to an increase in short term credit by US$ 203.4 million (to US$ 2.0 billion), and a decrease in non-residents' deposits by US$ 59.0 million (to US$ 913.7 million). The structure of external debt data reveals an ongoing improvement. The public sector owed US$ 32.7 billion or 95.1 percent of Egypt’s external debt, while the private sector owed US$ 1.7 billion or 4.9 percent. C- Breakdown by Currency Measuring the currency composition of Egypt's external debt is an important indicator that sheds the light on the external debt exposure arising from currency markets' volatility. A breakdown of the currency composition of external debt indicates that the US dollar is the main borrowing currency, with a relative importance of 43.7 percent of the total. This upward biased share of US dollar is mainly attributable to creditors other than the USA (such as the African Development Bank and the Interna-tional Bank for Reconstruction and Development), which pooled loans accounted as US dollar loans.

Chart (2) External Debt StructureEnd of June 2012

Short-term debt8.5%

Long-term Deposits

2.9%

Supplier's & buyer's Credits1.2%

Egyptian bonds and

notes8.4%

International & regional

organizations32.2%

Other bilateral debt

14.7%

Rescheduled bilateral debt

31.9%

Private sector (Non-

guaranteed)0.2%

Central Bank of Egypt – External Position Other important currencies were; the Euro which is the runner-up by 24.4 percent, the Japanese yen (12.7 percent), the Special Drawing Rights* (7.9 percent) and the Kuwaiti Dinar (6.5 percent), which together accounted for 51.5 percent of the total debt. D- Breakdown by Creditor Distribution by creditor country indicated that 39.0 percent of Egypt's external debt came from four countries; namely Japan (12.2 percent), Germany (9.7 percent), France (8.6 percent) and USA (8.5 percent). Meanwhile, 32.2 percent was owed to international organi-zations**; (mainly IBRD 8.6%, EIB 5.1% and ADF & AFDB 4.7%) and 4.8 percent to Arab countries (mainly Kuwait, Saudi Arabia***, and the United Arab Emirates).

15 E- Breakdown by Debtor The structure of Egypt’s external debt by debtor did not witness any significant change. The central and local government remained the main debtor, with US$ 25.6 billion or 74.4 percent of the total external debt at end-June 2012, compared with US$ 27.1 billion or 77.6 percent at end-June 2011. External debt by institutional sectors showed a reduction of US$ 521.2 million during the period under review. The bulk was in the central and local government debt position at end-June 2012, with a decrease of US$ 1.5 billion, while banks' fell by US$ 100.9 million and other sectors' by US$ 34.8 million. Meanwhile, the monetary authority's outstanding balances increased by US$ 1.1 billion.

_____________________________________

∗ Including Egypt’s allocation of SDRs by the IMF. ∗∗ International Bank for Reconstruction and Development

(IBRD), European International Bank (EIB), African Development Fund (ADF), African Development Bank (AFDB).

∗∗∗ Does not include the US$ 1.5 billion from the Saudi Fund for Development which is classified as: a Long Term Deposit (US$ 1.0 billion) and a 5-year Treasury Bond (US$ 500 million).

Chart (3) External Debt by Major CurrenciesEnd ofJune 2012

US dollar 43.7%

Swiss f ranc1.4%

Egy ptian Pound1.6%

Japanese y en

12.7%

Kuwaiti dinar6.5%

Euro24.4%

SDRs7.9%

Other currencies

1.7%

Chart (4) External Debt by CreditorJune 2012

International organizations

32.2%

Other countries

9.0%Long Term

Deposits2.9%

Arab Countries

4.8%

United Kingdom

3.6%

Germany9.7%

Japan12.2%

France8.6%

USA8.5%

Egyptian bonds and

notes8.4%

Chart (5) External Debt by DebtorEnd of June

05

10152025303540

201220112010

(US$ bn)

Central & Local Government Monetary Authority BanksOther Sectors

Chart (6) External Debt by DebtorShare in Total Increase/Decrease

during FY

431.6842.9

(1497.8)

1048.2

239.8

1112.3

166.7

(238.6)(100.9)

516.6

367.4

(34.8)

-2000-1500-1000-500

0500

100015002000

2009/2010 2010/2011 2011/2012

(US$ mn)

Central & Local GovernmentMonetary Authority BanksOther Sectors

Central Bank of Egypt – External Position 16 F- External Debt Indicators and Global Comparison* Egypt’s external debt is currently not a source of concern and its position remains comfortable. Key external debt indicators have shown a perceptible improvement over the period 2003/04-2011/2012. Though the size of debt has increased over the entire period, debt service payments ratios to exports of goods and services improved and show that Egypt’s ability to service external debt has substantially enhanced over that period. Medium- and long-term debt service payments increased by US$ 105.4 million to US$ 2.9 billion, as a result of US$ 84.4 million increase in principal repayments, to reach US$ 2.2 billion, and US$ 21.0 million rise in interest payments, to US$ 659.0 million. However, its ratio to current receipts fell to 4.4 percent during 2011/12, compared to 4.5 percent a year earlier and 9.2 percent in 2003/04. _____________________

* For more indicators, refer to appendix I, table No 4

Similarly, ratios of debt to GDP and per capita external debt have bettered over the years. External debt to GDP ratio, after rising sharply from 28.2 percent in 1999/2000 to 42.5 percent in 2002/03, dropped over time to 15.2 percent in 2010/11, and further to 13.5 percent at end of June 2012. External debt per capita also de-creased to US$ 389.7 in June 2012 from US$ 413.6 in June 2011. Despite the fact that some other external debt indicators, like the share of short-term debt in total external debt of Egypt and to NIR have recently been increasing, both are still quite favorable.

chart (7) Actual External Debt Service Payments

0

500

1000

1500

2000

2500

3000

3500

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08

2008

/09

2009

/10

2010

/11

2011

/12

External Debt Serv ices Principal Pay mentsInterest Pay ments

Chart (9)

05

1015202530354045

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08

2008

/09

2009

/10

2010

/11

2011

/12

External debt / GDP%

Chart (8)

0

2

4

6

8

10

12

14

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08

2008

/09

2009

/10

2010

/11

2011

/12

Debt service / Exports (goods & services)%

Central Bank of Egypt – External Position The ratio of short-term debt to Net International Reserves (NIR) rose from 10.4 percent to 18.7 percent, owing to the 5.2 percent increase in short-term debt at end - June 2012 compared to June 2011. Meanwhile, its ratio to total debt rose slightly to 8.4 percent from 7.9 percent, respectively. Egypt’s net international reserves including foreign currency assets of the CBE, gold, SDRs and Reserve Position in the Fund stood at US$ 15.5 billion as at the end of June 2012, providing a cover exceeding

17 45 percent to outstanding external debt as on that date. Although such cover was well over hundred percent as at end-June 2010, it was less than 50 percent as at end-June 2004. In terms of international comparison, the following is the recent data disseminated by the IMF in its periodical report, "World Economic Outlook", comparing Egypt's key debt indicators with those prevailing in other regional country groups. As it can be seen from the table, the first and third ratios are well below the averages of those prevailing in other economic regions, while the second ratio puts Egypt ahead of the Central and Eastern Europe and Latin American and Caribbean regions and behind developing Asia, MENA, and Sub-Saharan Africa regions.

Key External Debt Indicators (%)

Debt stock/GDP Debt stock/

Exports of goods & services

Debt Service/

Exports of goods & services Region

2009 2010 2011 2009 2010 2011 2009 2010 2011Central & Eastern Europe 70.3 65.6 63.6 197.7 178.7 159.1 71.6 59.1 55.7

Developing Asia 15.5 15.5 15.1 53.4 49.5 48.3 23.2 19.5 22.6

Latin America & Caribbean 22.0 21.3 22.0 110.6 104.4 101.0 39.6 31.4 30.0

Sub-Saharan Africa 24.8 23.6 22.2 75.7 66.3 58.6 18.7 15.8 12.2

Middle East & North Africa 34.1 30.9 27.9 74.5 63.9 53.5 20.7 17.9 15.3 Egypt* 16.9 15.9 15.2 64.4 71.0 71.4 6.4 5.5 5.7 Source: World Economic Outlook Report, April 2012, International Monetary Fund. * According to Egypt's BOP data, Central Bank of Egypt.

Chart (10) NIR coverage to External Debt Stock

0

5000

10000

15000

20000

25000

30000

35000

40000

1999

/0020

00/01

2001

/0220

02/03

2003

/0420

04/05

2005

/0620

06/07

2007

/0820

08/09

2009

/1020

10/11

2011

/12

NIR External Debt Stock

Central Bank of Egypt – External Position 18 G - External Debt Sustainability Egypt’s external debt position is generally considered sustainable over the medium- and long- term periods. Egypt does not have currently any repayments difficulties and all current debt burden annual indicators for assessing sustain-ability are well below the debt burden indicative thresholds recom-mended by the World Bank, as follows: • The ratio of the debt service

payments as a percentage of exports of goods and services improved from 6.4 percent in 2008/09 to 5.5 percent in 2009/10, before it went up slightly to 5.7 and 6.1 percent in 2010/11 and 2011/12, respectively. It lies far below the least threshold, ranging between 15-25 percent.

• Moreover, the ratio of external

debt stock as a percentage of GDP, improved to 15.2 percent and 13.5 percent in 2010/11 and 2011/12, respectively, compared to 31.1 per-cent in 2004/05. It is well below the least threshold, ranging between 30-50 percent.

• The ratio of the debt stock to

exports of goods and services increased from 71.0 percent in 2009/10 to 71.4 percent and 71.9 percent in 2010/11 and 2011/12, respectively. It is still far below the 100-200 percent threshold for that ratio.

• Although a comparison between

indicative thresholds over a 20-year projection period and the NPV of all future debt burden ratios due on existing external debt, has not been made, the data on medium- & long-term public and publicly guaranteed debt service over the period of 2012-2050 shows no possibility to reach the thresholds. (see the following chart and table).

Egypt's External Debt Sustainability Ratios

Year or Period

Debt Stock to GDP

Debt Stock to Exports

Debt Service to GDP

Debt Service to Exports

Short-term Debt to

NIR

NIR to Debt

Service

Per Capita External Debt

(USD) 2004/05 31.1 100.3 2.9 9.4 9.6 714.4 402.6 2005/06 27.6 82.4 2.8 8.5 7.1 754.1 401.7 2006/07 22.8 70.4 2.2 6.9 5.1 972.6 398.5 2007/08 20.1 59.9 1.5 4.6 7.3 1,331.8 450.0 2008/09 16.9 64.4 1.7 6.4 6.8 1,003.6 418.6 2009/10 15.9 71.0 1.2 5.5 8.4 1,345.6 399.2 2010/11 15.2 71.4 1.2 5.7 10.4 957.0 413.6 2011/12 13.5 71.9 1.1 6.1 18.7 534.8 389.7 Indicative thresholds* 30 - 40 - 50 100 - 150 - 200 — 15 - 20 - 25 — — —

* Indicative thresholds recommended by the World Bank and IMF, degree of risk: "low - medium -high".

Chart (11)Total Medium - and Long - Term Public and Publicly Guaranteed

External Debt Service

0500

100015002000250030003500400045005000

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal Interest Total

US$ mn

Section V

Exchange Rate Developments


Exchange Rate Developments (i) Inter-bank Rate1: In FY 2011/12, the weighted average of the US dollar exchange rate in Egyptian inter-bank market appre-ciated by about 1.5 percent against the Egyptian pound (EGP). Ac-cordingly, this brought the rate to EGP 6.059 at end- June 2012, against EGP 5.969 at end-June 2011. (ii) Market Rate: During the same year, the market exchange rate of the US dollar was generally strong against most of its major counterparts, as investors opted for safe-haven currencies, on fears of slowing global economy, coupled with concerns about a worsening debt crisis in Europe. As a result, the Egyptian pound depre-ciated by about 1.5 percent against the market rate of the US dollar. In addition, as both the Saudi Riyal and the UAE dirham are still pegging to the US dollar, the Egyptian pound depreciated against each one of them by 1.5 percent. Also, the Egyptian pound depreciated, during the same year, against the Chinese yuan by 3.1 percent, and the Japanese yen (100 yens) by 2.7 percent. On the other hand, the Egyptian pound strengthened against the euro by 12.7 percent (as the Euro weakened markedly under expect-ations for the European debt crisis to worsen). It also appreciated against

the Swiss franc by 12.3 percent, the pound Sterling by 1.5 percent, and the Kuwaiti dinar by 0.5 percent. These volatilities among major currencies reflect maturing domestic foreign exchange market, alongside with the increasing role that inter-bank market is playing in main-taining a relatively stable value of EGP against major currencies, especially under the current political and economic circumstances.

Chart (1):Exchange Rate of USD & Euro against EGPEnd-period

6.0

6.5

7.0

7.5

8.0

8.5

9.0

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

2009/10 2010/11 2011/12

4.0

4.5

5.0

5.5

6.0

6.5

Euro market rate (lef t axis)USD Interbank rateUSD market rate

_____________________ 1 The inter-bank foreign exchange market was

launched, for the first time in Egypt, during December 2004.

Statistical Section


Appendix I

Table Page

I- Balance of Payments

BOP Current Account …………………………………… 1 23

BOP Capital and Financial Account (contd.) …………… 24

II- International Investment Position (IIP) 2 25

III- Coordinated Portfolio Investment Survey (CPIS) 3 26

IV- External Liquidity

NIR & NFA at Banks ……………………………………. 4 27

V- External Debt

External Debt by Type …………………………………... 5 28

External Debt Indicators …………………………………

External Debt by Debtor …………………………………

6

7

29

30

VI- Exchange Rate Developments

Exchange Rates ( in LE per foreign currency unit ) 8 31


(US$ mn)

2010/2011 2011/2012*

Trade Balance -27103.0 -31697.9

Exports** 26992.5 26975.9

Petroleum 12135.7 13129.0

Other Exports 14856.8 13846.9

Imports** -54095.5 -58673.8

Petroleum -9262.0 -11774.5

Other Imports -44833.5 -46899.3

Services (Net) 7878.4 5361.6Receipts 21873.1 20872.2

Transportation, of which : 8069.1 8585.0

Suez Canal 5052.9 5207.8

Travel 10588.7 9419.0

Investment Income 418.8 246.1

Government receipts 117.7 276.2

Other 2678.8 2345.9Payments 13994.7 15510.6

Transportation 1385.3 1374.9

Travel 2112.6 2497.6

Investment Income, of which 6468.3 6948.6

Interest Paid 553.6 544.7

Government Expenditures 1106.1 1151.9

Other 2922.4 3537.6

Balance of Goods & Services -19224.6 -26336.3

Transfers 13136.8 18408.0

Private Transfers (Net) 12383.9 17775.6

Official Transfers (Net) 752.9 632.4

Current Account Balance -6087.8 -7928.3

* Preliminary.** Include free zones exports and imports.

Table (1) Balance of Payments


(US$ mn)2010/2011 2011/2012*

Capital & Financial Account -4198.6 -1403.8 Capital Account -32.3 -96.0 Financial Account -4166.3 -1307.8

Direct Investment Abroad -958.0 -249.2

Direct Investment in Egypt (Net) 2188.6 2078.2

Portfolio Investment Abroad (Net) -117.7 -148.7

Portfolio Investment in Egypt (Net), of which: -2550.9 -5025.3

Bonds 211.0 79.6

Other Investment (Net) -2728.3 2037.2 Net Borrowing 1500.9 -101.5

M&L-Term Loans (Net) -828.7 -682.7

Drawings 1147.9 1290.0

Repayments -1976.6 -1972.7

MT-Suppliers' Credit (Net) -63.1 18.4

Drawings 72.5 104.4

Repayments -135.6 -86.0

ST-Suppliers' Credit (Net) 2392.7 562.8 Other Assets -3427.1 1163.3

Central Bank -64.3 28.0

Banks -1608.8 4365.7

Other -1754.0 -3230.4 Other Liabilities -802.1 975.4

Central Bank -44.0 993.5

Banks -758.1 -18.1

Net Errors & Omissions 532.5 -1946.3

Overall Balance -9753.9 -11278.4

Change in CBE Reserve Assets ,Increase(-) 9753.9 11278.4

* Preliminary.

Table (1) Balance of Payments (contd.)

End of

Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities

Total 76409.2 84729.0 67351.2 94378.9 72701.8 102438.6 79154.2 123261.2 57170.9 110385.71-Direct investment 1780.5 50502.8 3700.7 59997.4 4272.9 66709.0 5448.4 73094.6 6073.9 72611.92-Portfolio investments 2779.2 4032.0 1947.1 4432.9 4120.2 4108.2 9691.4 18241.1 3368.6 6526.0

Equity security 1098.1 0.0 910.8 1495.0 965.7 1756.9 961.0 3481.3 796.1 2770.1Debt security 1681.1 4032.0 1036.3 2937.9 3154.5 2351.3 8730.4 14759.8 2572.5 3755.9

3-Other investments 40627.6 30194.2 28656.2 29948.6 30839.3 31621.4 28595.7 31925.5 30357.7 31247.8 Trade credits 1005.1 1460.0 1291.2 0.0 1869.5 0.0 2123.3 General government Other sectors 1005.1 1460.0 1291.2 0.0 1869.5 0.0 2123.3 Short-term 1005.1 1460.0 1291.2 1869.5 2123.3 Loans 1485.5 27989.2 1777.0 27143.6 3177.5 27659.4 3552.8 27392.8 2756.1 26847.2 Monetary authorities 310.6 209.9 142.2 0.0 80.1 0.0 263.7 Other long-term 310.6 209.9 142.2 80.1 263.7 General government 18605.1 23637.5 23999.5 0.0 23767.6 0.0 23273.3 Long-term 18605.1 23637.5 23999.5 23767.6 23273.3 Banks 1485.5 1388.4 1777.0 677.7 3177.5 661.9 3552.8 705.2 2756.1 668.5 Long-term 489.0 1358.4 594.3 640.7 1132.5 654.4 1832.2 705.2 1590.0 668.5 Short-term 996.5 30.0 1182.7 37.0 2045.0 7.5 1720.6 0.0 1166.1 0.0 Other sectors 7685.1 2618.5 2855.8 0.0 2839.9 0.0 2641.7 Long-term 7685.1 2618.5 2855.8 2839.9 2641.7 Currency and deposits 36355.4 1008.5 25442.8 1139.0 25989.4 1262.3 24268.0 1279.5 26659.8 902.3 Banks 22061.4 1008.5 11794.8 1139.0 12629.4 1262.3 11603.0 1279.5 13769.8 902.3 Other sectors 14294.0 13648.0 13360.0 12665.0 12890.0 Other assets 2786.7 191.4 1436.4 206.0 1672.4 1408.5 774.9 1383.7 941.8 1375.0 Monetary authorities 2786.7 1436.4 1672.4 1408.5 774.9 1383.7 941.8 1375.0 Long-term 1408.5 1383.7 1375.0 Short-term 2786.7 1436.4 1672.4 774.9 941.8 General government Banks 191.4 206.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term 191.4 206.0 Other sectors4-Reserve assets 31221.9 33047.2 33469.4 35418.7 17370.7* Preliminary.

**According to a methodological change recommended by the IMF and agreed internationally this figure represents total Egypt's SDR allocations.

Table (2) International Investment Position (IIP)

25 C

entral Bank of E

gypt - External Position

December 2007 December 2008 December 2009 December 2010

(US$ millions)

December 2011 *

**

**

**

**

**

**

(US$ millions)

Banks Insurance Sector Total Banks Insurance Sector Total Banks Insurance Sector Total

United States 41.9 41.9 1006.9 1006.9 526.0 0.0 526.0 1574.8Saudi Arabia 279.7 4.8 284.5 15.8 15.8 37.3 0.0 37.3 337.6United Kingdom 43.3 43.3 141.2 141.2 2.2 0.0 2.2 186.7Cayman Islands 0.0 138.3 138.3 0.0 0.0 138.3Swaziland 39.9 39.9 3.2 3.2 76.0 0.0 76.0 119.1International Organizations 115.7 115.7 0.0 0.0 0.0 115.7Eritrea 3.3 3.3 75.9 75.9 9.3 0.0 9.3 88.5Ethiopia 0.0 0.0 77.7 0.0 77.7 77.7Qatar 0.0 46.4 46.4 26.8 0.0 26.8 73.2Turkey 3.0 3.0 5.5 5.5 62.2 0.0 62.2 70.7India 0.2 0.2 0.0 68.8 0.0 68.8 69.0Bahrain 52.1 0.5 52.6 11.6 11.6 0.0 0.0 64.2France 16.5 16.5 25.9 25.9 20.1 0.0 20.1 62.5Italy 52.2 52.2 0.0 3.2 0.0 3.2 55.4Sudan 12.2 12.2 0.0 36.6 0.0 36.6 48.8Other Countries 120.6 10.2 130.8 76.0 0.0 76.0 79.6 0.0 79.6 286.4

Total 780.6 15.5 796.1 1546.7 0.0 1546.7 1025.8 0.0 1025.8 3368.6

Central B

ank of Egypt - E

xternal Position26

Table (3) Egypt's Coordinated Portfolio investment survey (CPIS) at end of December 2011 Breakdown of Portfolio Investment Assets by country of residenc of the (Issuer)

Country of non-resident issuersEquities long-term debt securities short-term debt securities

Total

End of June 2007 2008 2009 2010 2011 2012

Net International Reserves (1-2) 28559 34572 31310 35221 26564 15534

1-Gross Official Reserves 28589 34603 31347 35248 26593 15556

Gold 1186 1633 1680 2180 2743 3303

SDRs 128 130 115 1210 1311 1243

Foreign currencies 27232 32787 29493 31774 22450 10926

Loans to IMF 43 53 59 84 89 84

2- Reserve Liabilities 30 31 37 27 29 22

Banks' Net Foreign Assets 21675 23172 14724 16184 17809 13462

Assets 25458 27944 19630 21703 23312 18947

Liabilities 3783 4772 4906 5519 5503 5485

US$ million

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

Central B

ank of Egypt - E

xternal Position27

(US$ mn)

Total External Debt* 29871.8 28948.8 29592.6 29898.0 33892.8 31531.1 33694.2 34905.7 34384.5

1- Medium & Long term debt : 27904.3 27094.0 27959.6 28448.5 31373.5 29407.1 30739.4 32148.2 31482.6

Rescheduled bilateral debt ** 16384.8 15734.1 15229.0 14846.5 15606.4 14081.4 12599.3 12860.6 10983.3

ODA 8052.6 7836.4 7610.6 7396.5 7787.8 7448.0 7054.6 7271.6 6654.6

Non-ODA 8332.2 7897.7 7618.4 7450.0 7818.6 6633.4 5544.7 5589.0 4328.7

Other bilateral debt 4432.8 4291.3 4295.5 4346.0 4972.1 4824.2 4692.4 5214.5 5074.2

Paris Club countries 3263.4 3529.9 3590.4 3630.1 4130.4 3978.3 3774.7 4211.3 3960.7

Other countries 1169.4 761.4 705.1 715.9 841.7 845.9 917.7 1003.2 1113.5

International & regional Organizations 5080.8 5058.2 5205.0 6815.2 7361.5 8168.8 9977.5 10808.6 11068.1

Suppliers' & buyers' credits 1333.0 781.6 979.5 791.6 763.5 323.6 313.5 426.0 405.0

Egyptian bonds and notes 587.7 613.6 1861.9 1570.3 2651.8 1926.1 3079.5 2821.0 2900.7

Long- term deposits 0.0 500.0 300.0 0.0 0.0 0.0 0.0 0.0 1000.0

Private sector debt (non-guaranteed) 85.2 115.2 88.7 78.9 18.2 83.0 77.2 17.5 51.3

2- Short-term debt 1967.5 1854.8 1633.0 1449.5 2519.3 2124.0 2954.8 2757.5 2901.9

Deposits 1267.5 819.3 633.1 536.0 1048.3 1156.1 1359.5 972.7 913.7

Other short-term facilities 700.0 1035.5 999.9 913.5 1471.0 967.9 1595.3 1784.8 1988.2

Source: Central Bank of Egypt. + Provisional * The difference from World Bank data is in short-term debt .** According to the agreement signed with Paris Club countries on May 25, 1991.

Central B

ank of Egypt - E

xternal PositionEnd of June 2004 2005 2006 2011

Table (5) External Debt

2007 2008 2009 2010 2012+28

(%)

FY 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 +

External Debt / Exports (G & S) % 127.5 100.3 82.4 70.4 59.9 64.4 71.0 71.4 71.9

Debt Service* (Principal & Interest) (US$ mn.) 2525.5 2701.8 3040.7 2936.4 2595.9 3119.8 2617.5 2799.2 2904.6

Debt Service / Exports (G & S) % 10.8 9.4 8.5 6.9 4.6 6.4 5.5 5.7 6.1

Debt Service / Current Receipts % 9.2 7.9 7.3 5.9 3.9 5.5 4.5 4.5 4.4

Interest / Exports (G & S) % 2.6 2.0 1.6 1.5 1.4 1.5 1.4 1.3 1.4

External Debt /GDP (at current market prices) 38.1 31.1 27.6 22.8 20.1 16.9 15.9 15.2 13.5

Short-term Debt / External Debt 6.6 6.4 5.5 4.8 7.4 6.8 8.8 7.9 8.4

Short-term Debt / Net International Reserves 13.3 9.6 7.1 5.1 7.3 6.8 8.4 10.4 18.7

External Debt per capita (US$) 423.4 402.6 401.7 398.5 450.0 418.6 399.2 413.6 389.7 + Provisional * includes interest payments on US dollar-denominated bonds and notes holding by nonresedents

29Table (6) External Debt Indicators

Central B

ank of Egypt - E

xternal Position

30

(US$ mn)

End of June 2011 % June 2012 % Change (-) %

External Debt 34905.7 100.0 34384.5 100.0 (521.2) (1.5)Total Medium- & Long-Term 32148.2 92.1 31482.6 91.5 (665.6) (2.1)Total Short-Term 2757.5 7.9 2901.9 8.5 144.4 5.2Central & Local Government 27092.2 77.6 25594.4 74.4 (1497.8) (5.5) Medium- & Long-Term 27092.2 77.6 25594.4 74.4 (1497.8) (5.5) Bonds & Notes 2821.0 8.1 2900.7 8.4 79.7 2.8 Loans 24271.2 69.5 22693.7 66.0 (1577.5) (6.5) Currency and Deposits Other Liabilities Short-Term 0.0 0.0 0.0 0.0 0.0 0.0 Money Market Instruments Loans Currency and Deposits Other Liabilities

Monetary Authority 1499.7 4.3 2612.0 7.5 1112.3 74.2 Medium- & Long-Term 1499.7 4.3 2612.0 7.5 1112.3 74.2 Bonds & Notes Loans 61.8 0.2 254.8 0.7 193.0 312.3 Currency and Deposits 0.0 1000.0 2.9 1000.0 0.0 Other Liabilities ** 1437.9 4.1 1357.2 3.9 (80.7) 1.0 Short-Term 0.0 0.0 0.0 0.0 0.0 0.0 Money Market Instruments Loans Currency and Deposits Other Liabilities

Banks 1725.3 5.0 1624.4 4.8 (100.9) (5.8) Medium- & Long-Term Loans 735.1 2.1 710.7 2.1 (24.4) (3.3) Bonds & Notes Loans 735.1 2.1 710.7 2.1 (24.4) (3.3) Currency and Deposits Other Liabilities Short-Term Loans 990.2 2.9 913.7 2.7 (76.5) (7.7) Money Market Instruments Loans 17.5 0.1 0.0 0.0 (17.5) (100.0) Currency and Deposits 972.7 2.8 913.7 2.7 (59.0) (6.1) Other Liabilities 0.0 0.0 0.0 0.0 0.0

Other Sectors 4588.5 13.1 4553.7 13.3 (34.8) (0.8) Medium- & Long-Term 2821.2 8.1 2565.5 7.5 (255.7) (9.1) Loans from Direct Investors Bonds & Notes Trade Credits Loans 2821.2 8.1 2565.5 7.5 (255.7) (9.1) Currency and Deposits Other Liabilities Short-Term 1767.3 5.0 1988.2 5.8 220.9 12.5 Loans from Direct Investors Money Market Instruments Trade Credits 1767.3 5.0 1988.2 5.8 220.9 12.5 Loans Currency and Deposits Other Liabilities

* Provisional.

** Representing SDR allocation by IMF to its member countries US$ 1,388 million, Egypt’s share is SDR 898.45 MM.

Table (7) External Debt by Debtor

Central Bank of Egypt - External Position

**

**

First: Interbank Rates *MinimumMaximumWeighted average Second : Market Rates Buy Sell Buy Sell

US Dollar 5.9558 5.9849 6.0455 6.0748

Euro 8.6115 8.6541 7.5152 7.5522

Pound Sterling 9.5370 9.5854 9.3971 9.4439

Swiss Franc 7.1318 7.1684 6.2557 6.2893

100 Japanese Yens 7.4058 7.4457 7.6111 7.6509

Saudi Riyal 1.5881 1.5960 1.6120 1.6199

Kuwaiti Dinar 21.6181 21.7632 21.5119 21.6548

UAE Dirham 1.6212 1.6296 1.6457 1.6541

Chinese Yuan 0.9214 0.9259 0.9509 0.9556

Source: CBE daily exchange rates. * The interbank rates were launched on December 23, 2004.

End of June 201131

June 2012

5.96705.9710

Central B

ank of Egypt - E

xternal Position

5.9690

6.05806.06206.0590

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


Appendix II Table Page

I- Medium - and Long -Term External Debt

A- Outstanding Stock …………………………………………………….. 1 35

1. Public and Publicly Guaranteed By Creditor Country …………… 2 37

a. Paris Club Bilateral Debt ………………………………………….. 3 40

(1) Rescheduled Debt…………………………………………….. 4 41

(2) Non Rescheduled Debt…………………………………........... 5 42

b. Supplier's Credit………………………………………………........ 6 44

c. Other Bilateral Debt…………………………………………........ 7 45

d. Multilateral Agencies……………………………………………… 8 46

2. Private Sector, Non-Guaranteed ……………………………….......... 9 48

B. Outstanding External Short-Term Debt ……………………………........ 10 49

C. Disbursed and Undisbursed Amounts of Loans Signed ………………. 11 50

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

Public and Publicly Guaranteed……………………………………………. 12 51

1. Paris Club Debt…………...…………………………………….......... 13 53

a. Rescheduled Debt ………………………………………….…....... 14 55

b. Non Rescheduled Debt………… ………………………………... 15 56

2. Supplier's Credit………………………………………………........ 16 57

3. Other Bilateral Debt……………………………………………......... 17 58

4. Multilateral Institutions………………………………………............. 18 59

5. Projected Guaranteed Notes …………………………………………. 19 61

6. Projected Egyptian Pound Euro Bond……………………………....... 20 62

7. Projected Sovereign Notes …………………………………………... 21 63 8. Projected Treasury Bond ……………………………………………. 22 64 9. Projected Saudi Fund for Development Deposit …………………….. 23 65

III- Exchange Rates of the Currencies of External Debt Versus US Dollar

24 66


2009 2010 2011 20121- Medium and Long-Term Public & Publicly Guaranteed Debt 29,324.15 30,662.23 32,130.73 31,431.23

A. Paris Club Bilateral Debt 18,317.23 16,660.53 17,471.92 15,328.34

1-Rescheduled Debt 14,081.38 12,599.31 12,860.57 10,983.27 2-Non Rescheduled Debt (1) 4,235.85 4,061.22 4,611.35 4,345.07

B- Supplier's Credit 67.53 27.32 26.00 20.59

C. Other Bilateral Debt 844.50 917.42 1,003.21 1,113.50

D. Multilateral Institutions (2) 8,168.77 9,977.51 10,808.65 11,068.14

E. Sovereign Bond 277.41 226.21 186.85 0.00F. Guaranteed Notes 1,250.00 1,250.00 1,250.00 1,250.00G. Egyptian Pound Euro Bond 398.71 385.65 343.43 284.45H. Sovereign Notes 0.00 1,217.59 1,040.67 866.21I. Treasury Bond 0.00 0.00 0.00 500.00J. Saudi Fund For Development Deposit 0.00 0.00 0.00 1,000.00

2- Medium and Long-Term Private Sector Non-Guaranteed 83.04 77.21 17.50 51.35

3- Short-Term Debt 2,123.93 2,954.77 2,757.48 2,901.89 Deposits (Non Residents) 1,156.04 1,359.47 972.68 913.72 Other 967.89 1,595.30 1,784.80 1,988.17Grand Total 31,531.12 33,694.21 34,905.71 34,384.47 Using end of period exchange rate.(1) Includes US$ 384.35 million buyer credits .

(2) Includes US$ 1,357 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MM.

Figure 1-1

(US$ million)

Table ( 1 )

Outstanding Stock as at End of June

Total Debt

External Debt Outstanding Stock as at End of June

25.5

27.5

29.5

31.5

33.5

35.5

2006 2007 2008 2009 2010 2011 2012

( US$bn )

Central B

ank of Egypt - E

xternal Position36

Figure 1-2

Medium and Long-TermPublic and Publicly Guaranteed External Debt

Outstanding Stock as at End of June 2012

Treasury Bond1.59%

Guaranteed Notes 3.98%

Saudi Fund For Development Deposi

3.18%

Other Bilateral Debt3.54% Sovereign Notes

2.76%

Supplier's Credit0.07%

Egyptian Pound Euro Bond 0.90%

Multilateral Institutions35.21%

Paris Club Bilateral Debt

48.77%

Figure 1-2


2009 2010 2011 2012

Multilateral Institutions {2} 8,168.77 9,977.51 10,808.65 11,068.14

Japan 3,784.94 3,982.74 4,149.37 4,065.44

Germany 3,795.86 3,268.91 3,785.87 3,236.51

France 4,130.20 3,355.86 3,691.38 2,934.21

United States 3,527.21 3,283.05 3,032.85 2,784.37

Guaranteed Notes 1,250.00 1,250.00 1,250.00 1,250.00

Saudi Fund For Development Deposit 0.00 0.00 0.00 1,000.00

Kuwait 653.94 738.53 784.11 890.05

Sovereign Notes 0.00 1,217.59 1,040.67 866.21

Spain 740.06 660.02 626.53 548.11

Treasury Bond 0.00 0.00 0.00 500.00

Italy 538.09 477.73 433.30 365.48

Switzerland 396.42 356.71 413.32 306.70

Austria 479.62 377.94 392.81 291.05

Egyptian Pound Euro Bond 398.71 385.65 343.43 284.45

Denmark 233.82 245.19 279.94 242.52

Canada 185.10 185.67 182.23 156.52

United Kingdom 197.61 165.65 159.67 136.37

China 120.09 119.99 153.04 133.28

Australia 159.47 147.82 153.42 123.74

The Netherlands 97.51 83.29 96.14 80.79

Saudi Arabia 28.41 29.50 40.64 68.74

Belgium 80.10 63.26 65.75 49.15

Sweden 30.23 27.23 29.36 22.80

United Arab emirates 37.45 29.40 25.42 21.43

Norway 7.15 6.52 5.98 5.17

Sovereign Bond 277.41 226.21 186.85 0.00

Lebanon 0.59 0.26 0.00 0.00

Bahrain 4.60 0.00 0.00 0.00

Czech Republic 0.79 0.00 0.00 0.00

Grand Total 29,324.15 30,662.23 32,130.73 31,431.23

{1} Using end of period exchange rate.(2) Includes US$ 1,357 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MM.

Table ( 2 A )

(US$ million){1}

Country Total Debt

Medium and Long-TermPublic & Publicly Guaranteed External Debt



2009 2010 2011 2012

Creditor CountriesJapan 3,784.94 3,982.74 4,149.37 4,065.44

Germany 3,795.86 3,268.91 3,785.87 3,236.51

France 4,130.20 3,355.86 3,691.38 2,934.21

United States 3,527.21 3,283.05 3,032.85 2,784.37

Kuwait 653.94 738.53 784.11 890.05

Spain 740.06 660.02 626.53 548.11

Italy 538.09 477.73 433.30 365.48

Switzerland 396.42 356.71 413.32 306.70

Austria 479.62 377.94 392.81 291.05

Denmark 233.82 245.19 279.94 242.52

Canada 185.10 185.67 182.23 156.52

United Kingdom 197.61 165.65 159.67 136.37

China 120.09 119.99 153.04 133.28

Australia 159.47 147.82 153.42 123.74

The Netherlands 97.51 83.29 96.14 80.79

Saudi Arabia 28.41 29.50 40.64 68.74

Belgium 80.10 63.26 65.75 49.15

Sweden 30.23 27.23 29.36 22.80

United Arab emirates 37.45 29.40 25.42 21.43

Norway 7.15 6.52 5.98 5.17

Lebanon 0.59 0.26 0.00 0.00

Bahrain 4.60 0.00 0.00 0.00

Czech Republic 0.79 0.00 0.00 0.00

Multilateral Institutions {2} 8,168.77 9,977.51 10,808.65 11,068.14

Notes, Bonds and Deposit Guaranteed Notes 1,250.00 1,250.00 1,250.00 1,250.00

Sovereign Notes 0.00 1,217.59 1,040.67 866.21

Treasury Bond 0.00 0.00 0.00 500.00

Egyptian Pound Euro Bond 398.71 385.65 343.43 284.45

Sovereign Bond 277.41 226.21 186.85 0.00

Saudi Fund For Development Deposit 0.00 0.00 0.00 1,000.00

Grand Total 29,324.15 30,662.23 32,130.73 31,431.23

{1} Using end of period exchange rate.

(2) Includes US$ 1,357 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MM.

(US$ million){1}

Total Debt

Table ( 2 B ) Medium and Long-Term

Public & Publicly Guaranteed External DebtOutstanding Stock as at End of June

Central B

ank of Egypt - E

xternal Position39

Figure 2

Medium and Long-TermPublic and Publicly Guaranteed External Debt

Outstanding stock as at End of June 2012

Saudi Fund For Development Deposit

3%

Guaranteed Notes 4%

Multilateral Institutions 35%

Other Country 14%

France 9 %

United States 9 %

Germany10 %

Japan 13%

Kuwait3%


2009 2010 2011 2012

Japan 3,752.46 3,964.59 4,133.35 4,053.27Germany 3,787.54 3,268.91 3,785.87 3,236.51France 4,114.00 3,355.86 3,691.39 2,934.21United States 3,527.21 3,283.05 3,032.85 2,784.37Spain 740.06 660.02 626.53 548.11Italy 537.86 477.52 432.11 365.15Switzerland 396.42 356.71 413.32 306.70Austria 479.61 377.94 392.81 291.05Denmark 233.43 245.08 279.94 242.52Canada 176.77 177.08 173.43 148.43United Kingdom 197.55 165.65 159.67 136.37Australia 159.47 147.82 153.42 123.74The Netherlands 97.51 83.29 96.14 80.79Belgium 80.10 63.26 65.75 49.15Sweden 30.09 27.23 29.36 22.80Norway 7.15 6.52 5.98 5.17

Grand Total 18,317.23 16,660.53 17,471.92 15,328.34

{1} This table sums up tables 4 and 5.{2} Using end of period exchange rate.

Country

Table ( 3 ) {1}

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

Paris Club Bilateral DebtOutstanding Stock as at End of June

Total Debt(US$ million){2}

0.0

5.0

10.0

15.0

20.0

25.0

( US$

bn

)

2006 2007 2008 2009 2010 2011 2012

Medium and Long-Term Public & Publicly Guaranteed External Debt

Paris Club Bilateral DebtOutstanding Stock as at End of June

Figure 3


2009 2010 2011 2012

Japan 2,912.23 2,963.65 3,057.74 2,873.78United States 2,942.69 2,743.70 2,538.68 2,327.62France 3,420.60 2,726.88 2,810.89 2,114.27Germany 2,130.83 1,821.48 2,103.08 1,767.95Spain 579.15 522.51 468.91 404.06Switzerland 382.93 344.38 392.23 289.33Austria 465.78 366.87 383.57 284.99Italy 357.66 321.29 290.80 249.74Canada 176.77 177.07 173.43 148.43United Kingdom 197.56 165.61 159.63 136.34Australia 159.47 147.82 153.42 123.74Denmark 147.23 122.91 136.48 109.37The Netherlands 97.45 83.29 96.14 80.79Belgium 73.79 58.23 60.37 44.99Sweden 30.09 27.10 29.22 22.70Norway 7.15 6.52 5.98 5.17

Grand Total 14,081.38 12,599.31 12,860.57 10,983.27{1} Using end of period exchange rate.

(US$ million){1}

CountryTotal Debt

Table ( 4 )Medium and Long-Term

Public & Publicly Guaranteed External Debt By Creditor CountryParis Club Bilateral Debt

Rescheduled DebtOutstanding Stock as at End of June

0.0

5.0

10.0

15.0

20.0

( US$

bn )

2006 2007 2008 2009 2010 2011 2012


Paris Club Bilateral Debt Rescheduled Debt


Figure 4


2009 2010 2011

Germany 1,656.71 1,447.43 1,682.79 1,468.56Japan 840.23 1,000.94 1,075.61 1,179.49France 693.39 628.98 880.50 819.94United States 584.52 539.35 494.17 456.75Spain 160.91 137.51 157.62 144.05Denmark 86.20 122.18 143.46 133.15Italy 180.21 156.23 141.31 115.41Switzerland 13.49 12.33 21.09 17.37Austria 13.83 11.07 9.25 6.06Belgium 6.30 5.03 5.38 4.16Sweden 0.00 0.13 0.13 0.10United Kingdom 0.00 0.04 0.04 0.03The Netherlands 0.06 0.00 0.00 0.00

Grand Total 4,235.85 4,061.22 4,611.35 4,345.07 *{1} Using end of period exchange rate.* Includes US$ 364.35 million buyer credits .

Total Debt2012

Country

Table ( 5 ) Medium and Long-Term

Public & Publicly Guaranteed External Debt By Creditor CountryParis Club Bilateral Debt

Non Rescheduled DebtOutstanding Stock as at End of June

(US$ million){1}

3,600

3,800

4,000

4,200

4,400

4,600

4,800

5,000

( US$

mn

)

2006 2007 2008 2009 2010 2011 2012


Paris Club Bilateral Debt Non Rescheduled Debt


Figure 5-1

Central B

ank of Egypt - E

xternal Position43

Medium and Long-Term Public and Publicly Guaranteed External Debt

Paris Club Bilateral DebtOutstanding Stock as at End of June 2012

Non Rescheduled Debt28%

Rescheduled Debt72%

Figure 5-2


2009 2010 2011 2012

Japan 32.48 18.15 16.02 12.17

Canada 8.33 8.59 8.80 8.09

Italy 0.23 0.21 1.18 0.33

Lebanon 0.59 0.26 0.00 0.00

Denmark 0.39 0.11 0.00 0.00

France 16.20 0.00 0.00 0.00

Germany 8.32 0.00 0.00 0.00

Czech Republic 0.79 0.00 0.00 0.00

Sweden 0.14 0.00 0.00 0.00

United Kingdom 0.06 0.00 0.00 0.00

Grand Total 67.53 27.32 26.00 20.59


(US$ million){1}

CountryTotal Debt

Table ( 6 )

Supplier's CreditOutstanding Stock as at End of June

Medium and Long-Term

Public & Publicly Guaranteed External Debt By Creditor Country

0

20

40

60

80

100

120

140

( US$

mn

)

2006 2007 2008 2009 2010 2011 2012

Medium and Long-TermPublic &Publicly Guaranteed External Debt

Supplier's CreditOutstanding Stock as at End of June

Figure 6


2009 2010 2011 2012

Kuwait 653.94 738.53 784.11 890.05

China 120.09 119.99 153.04 133.28

Saudi Arabia 28.42 29.50 40.64 68.74

United Arab Emirates 37.45 29.40 25.42 21.43

Bahrain 4.60 0.00 0.00 0.00Grand Total 844.50 917.42 1,003.21 1,113.50{1} Using end of period exchange rate.

Country


Public & Publicly Guaranteed External Debt By Creditor CountryOther Bilateral Debt


Total Debt(US$ million){1}

0

200

400

600

800

1,000

1,200

( US$

mn

)

2006 2007 2008 2009 2010 2011 2012


Other Bilateral DebtOutstanding Stock as at End of June

Figure 7


2009 2010 2011 2012

IBRD 1,770.20 2,529.34 2,620.36 2,940.61

European Investment Bank 2,126.49 1,984.93 2,032.63 1,739.69

African Development Bank 1,089.61 1,137.54 1,293.04 1,396.34

IMF 0.00 1,127.70 1,437.93 1,357.20 {2}

Arab Fund for Economic and Social Development 1,077.37 1,234.28 1,325.37 1,332.87

IDA 1,436.78 1,342.50 1,369.50 1,256.41

Arab Monetary Fund 149.39 73.37 29.77 336.50

African Development Fund 229.27 228.59 244.05 225.14

Islamic Development Bank 51.27 63.62 106.45 118.38

OPEC 58.06 86.34 101.32 108.67

International Fund for Agricultural Development 118.01 110.44 116.16 105.95

Arab International Bank 0.00 0.00 100.00 100.00

Arab Trade Financing Program 62.32 58.86 32.07 50.38

Grand Total 8,168.77 9,977.51 10,808.65 11,068.14{1} Using end of period exchange rate. (2) Representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MM.

CreditorTotal Debt


Public & Publicly Guaranteed External DebtMultilateral Institutions


(US$ million){1}

0

2,000

4,000

6,000

8,000

10,000

12,000

( U

S$m

n )

2006 2007 2008 2009 2010 2011 2012


Multilateral InstitutionsOutstanding Stock as at End of June

Figure 8-1

Central B

ank of Egypt - E

xternal Position47


Multilateral InstitutionsOutstanding Stock as at End of June 2012

IMF12%

African Development Bank13%

AFESD12%

IDA11%

Others9%

IBRD27 %

European Investment Bank

16%

Figure 8 - 2


2009 2010 2011 2012

Greece 0.00 0.00 0.00 33.00

Multilateral Institutions 10.50 5.00 17.50 18.35

United States 50.00 50.00 0.00 0.00

Bahrain 20.00 20.00 0.00 0.00

Austria 2.54 2.21 0.00 0.00

Grand Total 83.04 77.21 17.50 51.35{1} Using end of period exchange rate.

CountryTotal Debt


Private Sector Non-Guaranteed External Debt By Creditor CountryOutstanding Stock as at End of June

(US$ million){1}

0

10

20

30

40

50

60

70

80

90

( US$

mn

)

2006 2007 2008 2009 2010 2011 2012

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


Figure 9


2009 2010 2011 2012

Short-Term Debt

Trade Credits 947.89 1,591.38 1,767.30 1,988.17

Deposits (Non-Residents) 1,156.04 1,359.47 972.68 913.72

Loans 20.00 3.92 17.50 0.00

Grand Total 2,123.93 2,954.77 2,757.48 2,901.89

Short-Term DebtTable ( 10 )


Total Debt(US$ million)

0

500

1,000

1,500

2,000

2,500

3,000

( US$

mn

)

2006 2007 2008 2009 2010 2011 2012

Short-Term DebtOutstanding Stock as at End of June

Figure 10


Medium and Long-Term

Signed Amount Disbursed Undisbursed

1- Medium and Long-Term Public & Publicly Guaranteed Debt 9,090.29 4,118.61 5,007.21

A. Paris Club Bilateral Debt 1,235.80 78.16 1,157.64 Not Rescheduled Debt 1,235.80 78.16 1,157.64

B. Other Bilateral Debt 263.57 56.23 207.34

C. Multilateral Institutions 6,590.92 2,984.22 3,642.23

D. Saudi Fund For Development Deposit 1,000.00 1,000.00 0.00

2- Medium and Long-Term Private 80.50 78.85 1.65 Sector Non-Guaranteed Debt

Grand Total 9,170.79 4,197.46 5,008.86


Disbursed and Undisbursed Amounts for Signed Loans and Deposit

(US$ million){1}

Table ( 11 )

from 1/7/2009 to 30/6/2012

Figure 11

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

2006 2007 2008 2009 2010 2011 2012

Signed Loans and Deposit Disbursed Undisbursed

Medium and Long-Term Disbursed and Undisbursed Amounts for Signed Loans and Deposit

from 1/7/2005 to 30/6/2012

( US

$mn

)

51

Period Principal Interest Total Period Principal Interest Total 2012/H2 (2) 1319.51 342.33 1,661.84 2032/H1 82.64 21.37 104.012013/H1 1104.21 319.65 1,423.85 2032/H2 75.75 20.84 96.592013/H2 1224.50 320.57 1,545.07 2033/H1 70.40 20.36 90.762014/H1 1150.11 297.58 1,447.70 2033/H2 65.18 19.94 85.122014/H2 1211.06 298.35 1,509.41 2034/H1 63.49 19.51 83.002015/H1 1234.70 276.29 1,510.99 2034/H2 60.21 19.11 79.312015/H2(3) 2628.90 275.46 2,904.36 2035/H1 59.35 18.69 78.042016/H1 1364.08 225.43 1,589.51 2035/H2 58.39 18.30 76.692016/H2 1393.37 222.99 1,616.36 2036/H1 54.98 17.90 72.882017/H1(4) 1487.31 201.52 1,688.83 2036/H2 53.89 17.52 71.412017/H2 1002.65 187.15 1,189.80 2037/H1 52.63 17.13 69.762018/H1 1002.19 168.18 1,170.37 2037/H2 51.62 16.78 68.402018/H2 1001.58 165.61 1,167.18 2038/H1 38.65 16.40 55.052019/H1 931.11 147.16 1,078.27 2038/H2 24.39 16.24 40.642019/H2 935.55 144.37 1,079.92 2039/H1 20.47 16.15 36.622020/H1(5) 1318.39 127.50 1,445.88 2039/H2 19.95 16.08 36.032020/H2 776.02 111.50 887.52 2040/H1(6) 436.67 16.01 452.672021/H1 728.22 96.31 824.53 2040/H2 17.98 1.57 19.552021/H2 693.04 93.42 786.46 2041/H1 16.42 1.49 17.912022/H1 505.00 79.99 584.99 2041/H2 16.36 1.45 17.812022/H2 519.84 79.35 599.19 2042/H1 14.60 1.38 15.982023/H1 492.94 69.37 562.31 2042/H2 12.34 1.34 13.672023/H2 508.47 68.08 576.54 2043/H1 12.26 1.28 13.542024/H1 469.33 58.84 528.17 2043/H2 11.41 1.25 12.662024/H2 487.31 57.21 544.52 2044/H1 10.39 1.20 11.592025/H1 461.01 48.71 509.71 2044/H2 10.18 1.17 11.352025/H2 475.15 46.54 521.69 2045/H1 10.18 1.12 11.292026/H1 429.23 38.96 468.18 2045/H2 10.18 1.10 11.272026/H2 420.47 36.42 456.89 2046/H1 8.73 1.05 9.782027/H1 172.74 30.45 203.18 2046/H2 6.89 1.03 7.912027/H2 186.36 30.71 217.07 2047/H1 6.21 0.99 7.202028/H1 152.52 27.90 180.42 2047/H2 3.22 0.98 4.202028/H2 164.81 27.70 192.51 2048/H1 2.50 0.97 3.472029/H1 135.10 25.64 160.74 2048/H2 0.94 0.96 1.902029/H2 131.33 25.15 156.48 2049/H1 0.30 0.94 1.242030/H1 109.52 23.81 133.33 2049/H2 0.30 0.96 1.262030/H2 105.96 23.34 129.30 2050/H1 0.30 0.95 1.252031/H1 92.45 22.52 114.96 2050/H2 0.05 0.96 1.012031/H2 87.66 21.94 109.60

Grand Total 30,074.03 (7) 5,196.44 (8) 35,270.47(1) The exchange rate of June 30, 2012 .(2) Includes US$ 284.45 million Egyptian pound Euro Bond maturing 2012.(3) Includes US$ 1250.00 million guaranteed notes maturing 2015.(4) Includes US$ 500.00 million treasury bond maturing 2017.(5) Includes US$ 448.19 million sovereign notes maturing 2020.(6) Includes US$ 418.02 million sovereign notes maturing 2040.(7) Excludes US$ 1,357.20 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MM.(8) Includes US$ 73.15 million representing forecast interest of SDR allocation.


(US$ million)(1)as of July 1, 2012

Table ( 12 )Projected Medium and Long-Term Public & Publicly Guaranteed


Central B

ank of Egypt - E

xternal Position52

Figure 12

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050


Medium and Long-Term Public and Publicly Guaranteed External Debt Service as ofJuly 1 , 2012US$ mn

53

Period Principal Interest Total Period Principal Interest Total2012/H2 730.94 137.21 868.15 2032/H1 41.86 2.22 44.082013/H1 711.79 126.64 838.43 2032/H2 40.23 2.08 42.312013/H2 761.44 133.49 894.93 2033/H1 37.01 1.95 38.962014/H1 752.87 115.44 868.31 2033/H2 34.97 1.82 36.802014/H2 798.74 120.33 919.08 2034/H1 33.29 1.71 35.002015/H1 785.15 103.19 888.34 2034/H2 31.88 1.59 33.472015/H2 829.32 107.16 936.48 2035/H1 31.02 1.48 32.502016/H1 845.31 90.67 935.98 2035/H2 30.06 1.37 31.432016/H2 889.72 93.52 983.24 2036/H1 28.43 1.27 29.712017/H1 435.37 77.59 512.96 2036/H2 27.74 1.17 28.912017/H2 466.93 81.18 548.11 2037/H1 26.90 1.07 27.972018/H1 449.88 67.94 517.82 2037/H2 26.01 0.97 26.982018/H2 482.69 70.90 553.60 2038/H1 23.99 0.88 24.862019/H1 444.54 57.98 502.51 2038/H2 21.23 0.79 22.032019/H2 475.12 60.26 535.38 2039/H1 17.76 0.72 18.482020/H1 438.60 48.40 487.00 2039/H2 17.27 0.65 17.932020/H2 461.68 49.90 511.59 2040/H1 16.64 0.59 17.242021/H1 414.75 38.74 453.50 2040/H2 15.97 0.53 16.502021/H2 410.05 39.41 449.46 2041/H1 14.41 0.47 14.892022/H1 241.45 29.47 270.92 2041/H2 14.36 0.42 14.782022/H2 266.85 31.60 298.45 2042/H1 12.59 0.37 12.972023/H1 244.65 24.51 269.16 2042/H2 10.33 0.33 10.662023/H2 268.61 25.96 294.57 2043/H1 10.25 0.29 10.542024/H1 248.79 19.47 268.26 2043/H2 9.91 0.25 10.172024/H2 267.38 20.32 287.70 2044/H1 9.44 0.22 9.652025/H1 248.70 14.34 263.04 2044/H2 9.22 0.18 9.412025/H2 272.97 14.51 287.47 2045/H1 9.22 0.15 9.372026/H1 254.62 9.20 263.81 2045/H2 9.22 0.12 9.342026/H2 275.21 8.47 283.69 2046/H1 7.78 0.08 7.862027/H1 52.98 3.76 56.74 2046/H2 5.93 0.06 5.992027/H2 72.32 5.16 77.48 2047/H1 5.26 0.03 5.302028/H1 49.09 3.43 52.52 2047/H2 2.26 0.02 2.282028/H2 63.91 4.20 68.11 2048/H1 1.83 0.01 1.842029/H1 46.33 3.11 49.44 2048/H2 0.68 0.00 0.682029/H2 54.23 3.41 57.64 2049/H1 0.05 0.00 0.052030/H1 44.37 2.80 47.17 2049/H2 0.05 0.00 0.052030/H2 50.13 2.83 52.97 2050/H1 0.05 0.00 0.052031/H1 42.97 2.50 45.47 2050/H2 0.05 0.00 0.052031/H2 42.70 2.36 45.06

Grand Total 15,328.34 1,877.26 17,205.60{1} The exchange rate of June 30, 2012 .

Projected Medium and Long-Term Public & Publicly GuaranteedTable ( 13 )


(US$ million){1}

as of July 1, 2012Paris Club bilateral Debt


Figure 13

Central B

ank of Egypt - E

xternal Position54

0

500

1000

1500

2000

2500

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050


Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of July 1 , 2012Paris Club Bilateral DebtUS$ mn

55

Period Principal Interest Total Period Principal Interest Total

2012/H2 566.33 97.16 663.49 2020/H1 338.20 40.96 379.16

2013/H1 581.47 105.56 687.03 2020/H2 342.44 36.40 378.84

2013/H2 598.79 100.12 698.91 2021/H1 345.14 32.32 377.46

2014/H1 620.72 96.56 717.28 2021/H2 318.41 27.67 346.09

2014/H2 639.27 90.78 730.05 2022/H1 183.68 23.76 207.44

2015/H1 656.38 86.80 743.18 2022/H2 186.46 21.32 207.78

2015/H2 675.97 80.88 756.85 2023/H1 189.27 19.27 208.54

2016/H1 700.29 76.55 776.84 2023/H2 192.12 16.81 208.93

2016/H2 723.98 70.58 794.56 2024/H1 194.72 14.64 209.36

2017/H1 307.36 65.55 372.91 2024/H2 192.50 12.19 204.69

2017/H2 311.31 61.01 372.32 2025/H1 195.29 9.87 205.16

2018/H1 325.49 57.73 383.22 2025/H2 198.37 7.37 205.74

2018/H2 329.53 53.04 382.57 2026/H1 201.22 5.08 206.30

2019/H1 331.75 49.41 381.16 2026/H2 200.94 2.33 203.27

2019/H2 335.89 44.73 380.62Grand Total 10,983.27 1,406.46 12,389.73{1} The exchange rate of June 30, 2012 .


(US$ million){1}


External Debt Service as of July 1, 2012Paris Club Bilateral Debt

Rescheduled Debt

56

Period Principal Interest Total Period Principal Interest Total2012/H2 164.61 40.05 204.66 2032/H1 41.86 2.22 44.082013/H1 130.32 21.08 151.40 2032/H2 40.23 2.08 42.312013/H2 162.64 33.37 196.02 2033/H1 37.01 1.95 38.962014/H1 132.15 18.87 151.03 2033/H2 34.97 1.82 36.802014/H2 159.48 29.55 189.03 2034/H1 33.29 1.71 35.002015/H1 128.77 16.39 145.16 2034/H2 31.88 1.59 33.472015/H2 153.35 26.29 179.64 2035/H1 31.02 1.48 32.502016/H1 145.02 14.12 159.14 2035/H2 30.06 1.37 31.432016/H2 165.74 22.94 188.68 2036/H1 28.43 1.27 29.712017/H1 128.01 12.04 140.05 2036/H2 27.74 1.17 28.912017/H2 155.62 20.17 175.79 2037/H1 26.90 1.07 27.972018/H1 124.39 10.21 134.60 2037/H2 26.01 0.97 26.982018/H2 153.16 17.87 171.03 2038/H1 23.99 0.88 24.862019/H1 112.79 8.57 121.36 2038/H2 21.23 0.79 22.032019/H2 139.23 15.53 154.76 2039/H1 17.76 0.72 18.482020/H1 100.40 7.44 107.84 2039/H2 17.27 0.65 17.932020/H2 119.25 13.50 132.75 2040/H1 16.64 0.59 17.242021/H1 69.62 6.42 76.04 2040/H2 15.97 0.53 16.502021/H2 91.64 11.74 103.38 2041/H1 14.41 0.47 14.892022/H1 57.77 5.71 63.48 2041/H2 14.36 0.42 14.782022/H2 80.39 10.27 90.67 2042/H1 12.59 0.37 12.972023/H1 55.38 5.25 60.63 2042/H2 10.33 0.33 10.662023/H2 76.50 9.15 85.65 2043/H1 10.25 0.29 10.542024/H1 54.07 4.83 58.90 2043/H2 9.91 0.25 10.172024/H2 74.88 8.13 83.01 2044/H1 9.44 0.22 9.652025/H1 53.41 4.47 57.88 2044/H2 9.22 0.18 9.412025/H2 74.60 7.13 81.73 2045/H1 9.22 0.15 9.372026/H1 53.40 4.12 57.51 2045/H2 9.22 0.12 9.342026/H2 74.27 6.14 80.41 2046/H1 7.78 0.08 7.862027/H1 52.98 3.76 56.74 2046/H2 5.93 0.06 5.992027/H2 72.32 5.16 77.48 2047/H1 5.26 0.03 5.302028/H1 49.09 3.43 52.52 2047/H2 2.26 0.02 2.282028/H2 63.91 4.20 68.11 2048/H1 1.83 0.01 1.842029/H1 46.33 3.11 49.44 2048/H2 0.68 0.00 0.682029/H2 54.23 3.41 57.64 2049/H1 0.05 0.00 0.052030/H1 44.37 2.80 47.17 2049/H2 0.05 0.00 0.052030/H2 50.13 2.83 52.97 2050/H1 0.05 0.00 0.052031/H1 42.97 2.50 45.47 2050/H2 0.05 0.00 0.052031/H2 42.70 2.36 45.06

Grand Total 4,345.07 470.81 4,815.88{1} The exchange rate of June 30, 2012 .

Table ( 15 )


(US$ million){1}

Projected Medium and Long-Term Public & Publicly GuaranteedExternal Debt Service as of July 1, 2012

Paris Club Bilateral DebtNon Rescheduled Debt

57

Period Principal Interest Total Period Principal Interest Total2012/H2 2.37 0.13 2.51 2026/H1 0.16 0.00 0.162013/H1 2.20 0.11 2.31 2026/H2 0.16 0.00 0.162013/H2 2.20 0.09 2.29 2027/H1 0.16 0.00 0.162014/H1 2.20 0.07 2.27 2027/H2 0.16 0.00 0.162014/H2 2.20 0.04 2.25 2028/H1 0.16 0.00 0.162015/H1 2.20 0.02 2.23 2028/H2 0.16 0.00 0.162015/H2 0.18 0.00 0.18 2029/H1 0.16 0.00 0.162016/H1 0.18 0.00 0.18 2029/H2 0.16 0.00 0.162016/H2 0.18 0.00 0.18 2030/H1 0.16 0.00 0.162017/H1 0.16 0.00 0.16 2030/H2 0.16 0.00 0.162017/H2 0.16 0.00 0.16 2031/H1 0.16 0.00 0.162018/H1 0.16 0.00 0.16 2031/H2 0.16 0.00 0.162018/H2 0.16 0.00 0.16 2032/H1 0.16 0.00 0.162019/H1 0.16 0.00 0.16 2032/H2 0.16 0.00 0.162019/H2 0.16 0.00 0.16 2033/H1 0.16 0.00 0.162020/H1 0.16 0.00 0.16 2033/H2 0.16 0.00 0.162020/H2 0.16 0.00 0.16 2034/H1 0.16 0.00 0.162021/H1 0.16 0.00 0.16 2034/H2 0.16 0.00 0.162021/H2 0.16 0.00 0.16 2035/H1 0.16 0.00 0.162022/H1 0.16 0.00 0.16 2035/H2 0.16 0.00 0.162022/H2 0.16 0.00 0.16 2036/H1 0.16 0.00 0.162023/H1 0.16 0.00 0.16 2036/H2 0.16 0.00 0.162023/H2 0.16 0.00 0.16 2037/H1 0.16 0.00 0.162024/H1 0.16 0.00 0.16 2037/H2 0.04 0.00 0.042024/H2 0.16 0.00 0.16 2038/H1 0.04 0.00 0.042025/H1 0.16 0.00 0.16 2038/H2 0.04 0.00 0.042025/H2 0.16 0.00 0.16 2039/H1 0.04 0.00 0.04

Grand Total 20.59 0.47 21.06{1} The exchange rate of June 30, 2012 .


Supplier's Creditas of July 1, 2012

(US$ million){1}



58

Period Principal Interest Total Period Principal Interest Total2012/H2 24.28 14.09 38.37 2024/H2 21.22 2.10 23.32

2013/H1 44.85 13.74 58.58 2025/H1 20.08 1.80 21.88

2013/H2 27.52 13.31 40.83 2025/H2 19.61 1.51 21.12

2014/H1 41.37 12.89 54.26 2026/H1 17.01 1.23 18.24

2014/H2 31.57 12.51 44.09 2026/H2 14.13 1.00 15.13

2015/H1 48.78 12.04 60.82 2027/H1 14.05 0.81 14.87

2015/H2 34.41 11.56 45.96 2027/H2 10.97 0.63 11.61

2016/H1 52.66 11.04 63.70 2028/H1 6.53 0.50 7.03

2016/H2 36.34 10.51 46.85 2028/H2 6.53 0.42 6.95

2017/H1 57.92 9.98 67.90 2029/H1 3.20 0.33 3.53

2017/H2 41.24 9.36 50.59 2029/H2 3.20 0.30 3.50

2018/H1 48.27 8.74 57.01 2030/H1 3.20 0.27 3.47

2018/H2 40.40 8.17 48.57 2030/H2 2.99 0.24 3.23

2019/H1 50.58 7.58 58.16 2031/H1 2.46 0.21 2.67

2019/H2 40.26 6.99 47.25 2031/H2 2.56 0.18 2.75

2020/H1 46.57 6.40 52.97 2032/H1 2.56 0.16 2.72

2020/H2 36.39 5.88 42.27 2032/H2 2.56 0.13 2.70

2021/H1 46.57 5.36 51.93 2033/H1 1.86 0.11 1.96

2021/H2 36.06 4.84 40.89 2033/H2 1.78 0.09 1.87

2022/H1 45.01 4.32 49.33 2034/H1 1.78 0.07 1.85

2022/H2 34.83 3.82 38.65 2034/H2 1.78 0.05 1.83

2023/H1 32.41 3.32 35.73 2035/H1 1.78 0.04 1.82

2023/H2 30.35 2.85 33.19 2035/H2 1.78 0.02 1.80

2024/H1 21.22 2.40 23.63

Grand Total 1,113.50 213.88 1,327.38

{1} The exchange rate of June 30, 2012 .

Table ( 17 )


(US$ million){1}

Other Bilateral DebtExternal Debt Service as of July 1, 2012

Projected Medium and Long-Term Public & Publicly Guaranteed

59

Period Principal Interest Total Period Principal Interest Total

2012/H2 277.47 106.07 383.54 2032/H1 38.06 4.62 42.682013/H1 345.37 104.28 449.66 2032/H2 32.79 4.26 37.052013/H2 433.34 98.80 532.14 2033/H1 31.37 3.93 35.302014/H1 353.67 94.32 447.99 2033/H2 28.26 3.66 31.922014/H2 378.54 90.58 469.12 2034/H1 28.26 3.36 31.622015/H1 398.56 86.17 484.73 2034/H2 26.39 3.09 29.482015/H2 414.99 81.87 496.86 2035/H1 26.39 2.80 29.192016/H1 365.93 77.39 443.32 2035/H2 26.39 2.54 28.932016/H2 367.14 73.36 440.50 2036/H1 26.39 2.26 28.652017/H1 393.86 69.08 462.94 2036/H2 25.99 1.99 27.982017/H2 394.33 64.97 459.29 2037/H1 25.57 1.69 27.262018/H1 403.88 60.59 464.47 2037/H2 25.57 1.44 27.012018/H2 378.33 56.35 434.68 2038/H1 14.62 1.15 15.772019/H1 335.83 52.15 387.98 2038/H2 3.12 1.08 4.202019/H2 320.02 48.40 368.42 2039/H1 2.67 1.06 3.732020/H1 284.86 44.71 329.57 2039/H2 2.67 1.06 3.732020/H2 277.78 41.35 319.13 2040/H1 2.00 1.04 3.052021/H1 266.73 37.84 304.57 2040/H2 2.00 1.04 3.052021/H2 246.77 34.80 281.57 2041/H1 2.00 1.02 3.022022/H1 218.38 31.83 250.21 2041/H2 2.00 1.03 3.032022/H2 218.00 29.56 247.56 2042/H1 2.00 1.01 3.012023/H1 215.72 27.17 242.89 2042/H2 2.00 1.01 3.022023/H2 209.35 24.91 234.25 2043/H1 2.00 0.99 3.002024/H1 199.16 22.59 221.75 2043/H2 1.50 1.00 2.492024/H2 198.55 20.43 218.97 2044/H1 0.95 0.99 1.942025/H1 192.07 18.20 210.26 2044/H2 0.95 0.99 1.942025/H2 182.42 16.15 198.57 2045/H1 0.95 0.97 1.922026/H1 157.44 14.16 171.60 2045/H2 0.95 0.98 1.932026/H2 130.97 12.58 143.55 2046/H1 0.95 0.97 1.922027/H1 105.55 11.50 117.04 2046/H2 0.95 0.97 1.932027/H2 102.91 10.55 113.46 2047/H1 0.95 0.96 1.912028/H1 96.74 9.60 106.33 2047/H2 0.96 0.97 1.922028/H2 94.21 8.72 102.92 2048/H1 0.66 0.96 1.622029/H1 85.41 7.83 93.24 2048/H2 0.25 0.96 1.212029/H2 73.75 7.06 80.81 2049/H1 0.25 0.94 1.192030/H1 61.80 6.37 68.17 2049/H2 0.25 0.96 1.212030/H2 52.67 5.90 58.57 2050/H1 0.25 0.95 1.202031/H1 46.86 5.44 52.30 2050/H2 0.00 0.96 0.962031/H2 42.24 5.03 47.27

Grand Total 9,710.94 (2) 1,680.26 (3) 11,391.20{1} The exchange rate of June 30, 2012 . (2) Excludes US$ 1,357.20 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MM.(3) Includes US$ 73.15 million representing forecast interest of SDR allocation.

Table ( 18 )


(US$ million){1}

Multilateral InstitutionsExternal Debt Service as of July 1, 2012

Projected Medium and Long-Term Public & Publicly Guaranteed

Central B

ank of Egypt - E

xternal Position60

Figure 18

0

200

400

600

800

1000

1200

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050


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

as of July 1, 2012

US$ mn


(US$ million)

Period Principal Interest Total

2012/H2 0.00 27.81 27.81

2013/H1 0.00 27.81 27.81

2013/H2 0.00 27.81 27.81

2014/H1 0.00 27.81 27.81

2014/H2 0.00 27.81 27.81

2015/H1 0.00 27.81 27.81

2015/H2 1,250.00 27.81 1,277.81

Grand Total 1,250.00 194.67 1,444.67

Debt Service as of July 1, 2012

Table ( 19 )Projected Guaranteed Notes



2012/H2 284.45 12.44 296.89

Grand Total 284.45 12.44 296.89

{1} The exchange rate of June 30, 2012 .

(US$ million){1}

Table ( 20 )Projected Egyptian Pound Euro Bond



Period Principal Interest Total Period Principal Interest Total2012/H2 0.00 27.26 27.26 2026/H2 0.00 14.37 14.37

2013/H1 0.00 27.26 27.26 2027/H1 0.00 14.37 14.37

2013/H2 0.00 27.26 27.26 2027/H2 0.00 14.37 14.37

2014/H1 0.00 27.26 27.26 2028/H1 0.00 14.37 14.37

2014/H2 0.00 27.26 27.26 2028/H2 0.00 14.37 14.37

2015/H1 0.00 27.26 27.26 2029/H1 0.00 14.37 14.37

2015/H2 0.00 27.26 27.26 2029/H2 0.00 14.37 14.37

2016/H1 0.00 27.26 27.26 2030/H1 0.00 14.37 14.37

2016/H2 0.00 27.26 27.26 2030/H2 0.00 14.37 14.37

2017/H1 0.00 27.26 27.26 2031/H1 0.00 14.37 14.37

2017/H2 0.00 27.26 27.26 2031/H2 0.00 14.37 14.37

2018/H1 0.00 27.26 27.26 2032/H1 0.00 14.37 14.37

2018/H2 0.00 27.26 27.26 2032/H2 0.00 14.37 14.37

2019/H1 0.00 27.26 27.26 2033/H1 0.00 14.37 14.37

2019/H2 0.00 27.26 27.26 2033/H2 0.00 14.37 14.37

2020/H1 448.19 27.26 475.45 2034/H1 0.00 14.37 14.37

2020/H2 0.00 14.37 14.37 2034/H2 0.00 14.37 14.37

2021/H1 0.00 14.37 14.37 2035/H1 0.00 14.37 14.37

2021/H2 0.00 14.37 14.37 2035/H2 0.00 14.37 14.37

2022/H1 0.00 14.37 14.37 2036/H1 0.00 14.37 14.37

2022/H2 0.00 14.37 14.37 2036/H2 0.00 14.37 14.37

2023/H1 0.00 14.37 14.37 2037/H1 0.00 14.37 14.37

2023/H2 0.00 14.37 14.37 2037/H2 0.00 14.37 14.37

2024/H1 0.00 14.37 14.37 2038/H1 0.00 14.37 14.37

2024/H2 0.00 14.37 14.37 2038/H2 0.00 14.37 14.37

2025/H1 0.00 14.37 14.37 2039/H1 0.00 14.37 14.37

2025/H2 0.00 14.37 14.37 2039/H2 0.00 14.37 14.37

2026/H1 0.00 14.37 14.37 2040/H1 418.02 14.37 432.39Grand Total 866.21 1,010.96 1,877.17

(US$ million)

Table ( 21 )Projected Sovereign Notes



(US$ million)


2012/H2 0.00 12.50 12.50

2013/H1 0.00 12.50 12.50

2013/H2 0.00 12.50 12.50

2014/H1 0.00 12.50 12.50

2014/H2 0.00 12.50 12.50

2015/H1 0.00 12.50 12.50

2015/H2 0.00 12.50 12.50

2016/H1 0.00 12.50 12.50

2016/H2 0.00 12.50 12.50

2017/H1 500.00 12.50 512.50

Grand Total 500.00 125.00 625.00


Table ( 22 )Projected Treasury Bond


(US$ million)


2012/H2 0.00 4.82 4.82

2013/H1 0.00 7.30 7.30

2013/H2 0.00 7.30 7.30

2014/H1 0.00 7.30 7.30

2014/H2 0.00 7.30 7.30

2015/H1 0.00 7.30 7.30

2015/H2 100.00 7.30 107.30

2016/H1 100.00 6.57 106.57

2016/H2 100.00 5.84 105.84

2017/H1 100.00 5.11 105.11

2017/H2 100.00 4.38 104.38

2018/H1 100.00 3.65 103.65

2018/H2 100.00 2.92 102.92

2019/H1 100.00 2.19 102.19

2019/H2 100.00 1.46 101.46

2020/H1 100.00 0.73 100.73

Grand Total 1,000.00 81.50 1,081.50


Table ( 23 )Projected Saudi Fund For Development Deposit


Table ( 24 )Exchange Rates of the Currencies of External Debt Versus US Dollar

as at End of June

Country Currency 2009 2010 2011 2012

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 1.08 1.08 0.84 0.97

Denmark DKK 5.27 6.07 5.16 5.98

Egypt EGP 5.59 5.69 5.96 6.05

Sweden SEK 7.66 7.76 6.35 7.08

Japan JPY 95.96 88.71 80.41 79.40

India INR 47.92 46.61 44.68 56.96

United Kingdom GBP 0.60 0.67 0.62 0.64

Canada CAD 1.15 1.05 0.97 1.03

Australia AUD 1.23 1.17 0.93 0.99

Norway NOK 6.39 6.48 5.38 6.07

Euro EURO 0.71 0.81 0.69 0.80

Special Drawing Rights SDR 0.65 0.68 0.62 0.66

Kuwait KWD 0.29 0.29 0.28 0.28

United Arab Emirates AED 3.67 3.67 3.67 3.67

Saudi Arabia SAR 3.75 3.75 3.75 3.75


Appendix III

Box Page

I- Egypt's subscription to SDDS and data quality dimensions. 1 69

II- Egypt's Data Quality Dimensions. 2 70

III- Doing Business in Egypt: Reforming through difficult times. 3 71

IIII- Tourism Market Diversification. 4 72

- Definitions and Terminology 73


Box. (1): Egypt's subscription to SDDS and data quality dimensions: In 1996, the International Monetary Fund (IMF) introduced the Special Data Dissemination Standards (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 sectors of the economy) and prescribes minimum timeliness and frequency standard, 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 External Position contains external sector data on 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 Special Data Dissemination Standards (SDDS) of the IMF. 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 Standard Bulletin Board (DSBB)1. Also, these data are included in the CBE main publications; quarterly Economic Review, Annual Report and monthly Bulletin. As indicated by the title, 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) Annual 2 quarters External debt Quarterly 1 Quarter Exchange rates Daily *No timeliness standard set Source: IMF Statistic Department. 1 http://dsbb.imf.org/Pages/SDDS/CtyCtgList.aspx?ctycode=EGY

Box. (2):Egypt's Data Quality Dimensions*: According to international rating agencies, having an 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 data quality, by showing the results of World Bank index 2012, will be an appropriate way to show how reliable are the Egyptian official data.

Egypt ranked 12th on World Bank's Bulletin Board on Statistical Capacity index BBSC of 146 developing countries and 1st on the MENA, as well as African regions, with an overall statistical capacity index of 87 points compared to 89 points in 2011. This score puts Egypt among the top 16 country group score list, ranging between 85-100 points. These countries can be distinguished and noticed easily on the map by countries colored in dark green as shown above.

Statistical Capacity Indicator 2012 (on a scale of 0-100)

Indicator Egypt All Countries Overall 87 68 Methodology 70 57

Source Data 100 65 Periodicity & timeliness 90 83

A country's statistical capacity means its ability to extract and publish reliable and timely statistical data that can be easily accessed by the public. The statistical capacity indicator issued annually by the World Bank, consists of three sub-indicators: 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 is accessible by the public. It is worth mentioning that the World Bank, aiming at improving the statistical capacity of 146 developing countries, provides information on various aspects of national statistical systems in these countries through its electronic source: The Bulletin Board on Statistical Capacity (BBSC).

0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 1 0 0

O v e r a ll

M e th o d o lo g y

S o u r c e Da ta

Pe r io d ic ity &Time lin e s s

Eg y p t A ll Co u n tr ie s

As it can be seen from the table and 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, getting the highest score of 100 points on the scale in the source data sub-indicator. ___________________________________________________________ * Source; bbsc.Worldbank.org, accessed in December, 2012.


Box. (3): Doing Business in Egypt: One of the most important indices and reports that are closely related to investment climate and investor’s decisions is Doing Business that 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 185 economies worldwide. The 2013 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 (shown in table below). Doing Business encompasses two types of data. The first is “Legal scoring indicators”, that provides a measure of legal provisions in the laws and regulations on the books. The second 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 economies and over time, Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for policymakers and others interested in the business climate of each country.

Topic Rankings 2013 Rank 2012 Rank Change in Rank

Overall index 109 110 1 Starting a Business 26 23 -3 Dealing with Construction Permits 165 158 -7 Getting Electricity 99 98 -1 Registering Property 95 92 -3 Getting Credit 83 80 -3 Protecting Investors 82 79 -3 Paying Taxes 145 143 -2 Trading Across Borders 70 64 -6 Enforcing Contracts 152 152 - Resolving Insolvency 139 140 1

Doing Business recognizes, every year, the 10 economies that improved the most in the ease of doing business in the previous year and introduced policy changes in 3 or more areas. As a matter of fact, a sweeping set of reforms of the business environment that has been recently implemented, placed Egypt among the top reformers in the World Bank’s Doing Business Index over three consecutive years; 2008, 2009 and 2010 (2008-2010). The calculated index pushed up Egypt's rank in 2013 to 109th from 110th in 2012 rank.

Area of reform Year Reform actions 2008 The minimum capital required to start a business was cut from EGP 50,000 to EGP

1,000, and halved start-up time and cost.

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 Starting a Business

2011 Egypt reduced the cost to start a business. 2008 The cost of dealing with licenses was reduced.

2009 A new building code introduced in 2008 is aimed at reducing the procedures and time required to deal with construction permits by establishing a single window for processing construction-related approvals.

Dealing with Construction Permits

2010 Construction permits were made easier by issuing executive articles for the 2008 construction law and eliminating most pre-approvals for construction permits.

Protecting 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.

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

2009 Thanks to new regulations issued by the Central Bank, borrowers have the right to inspect their data in the private credit bureau. Getting Credit

2010 Access to credit information has expanded with the addition of retailers to the database of the private credit bureau.

2008 Registering property was reduced from 3% of the property value to a low fixed fee.

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.

2008 New one-stop shops were launched for traders at the ports, cutting the time to import by 7 days and the time to export by 5.

2009 Alexandria port continued to upgrade its facilities and sped customs clearance, reducing the time to export by 1 day and the time to import by 3.

Trading Across Borders

2011 Egypt made trading easier by introducing an electronic system for submitting export and import documents.

Source: www.doingbusiness.org, accessed in October, 2012.


Box. (4): Tourism Market Diversification: Since the year 2003/2004, a shift towards concentration has been noticed in Egypt’s tourism market, as the European region is getting more dominance in terms of market share, pushing the degree of the Herfindahl-Hirschman Index (HHI1) to exceed 0.50. The HHI Index was applied to measure the degree of diversification within Egypt's tourism market over the 1989/90-2011/12 period. As can be observed from the opposite chart, despite the HHI has been fluctuating, it took an upward trend over the entire period, from 0.31 in 1989/90 to 0.58 in 2011/2012. This indicates an increase in market concentration in favor to European region, which is the leading market spurring this observed developments, by acquiring an increasing market share from 65.5 percent in 2000/2001 to 74.0 percent of the total arrivals.

T o u r i s m M a r k e t D i v e r s i f i c a t i o n

( H H I I n d e x )

0 . 0 00 . 1 00 . 2 00 . 3 00 . 4 00 . 5 00 . 6 00 . 7 0

1989

/90

1991

/92

1993

/94

1995

/96

1997

/98

1999

/00

2001

/02

2003

/04

2005

/06

2007

/08

2009

/10

2011

/12

This corresponds with the trends reflected in tourism data: a jump in the number of visitors from European countries and a less concentration of tourists from other regions, especially from the Middle East and African regions. Such upward trend of the HHI index sheds light on the necessary steps and incentives that are much needed to diversify Egypt's tourism market. Such a diversification could mitigate tourism demand shocks, such as the current one caused by both Egypt's political instability and the European financial crisis. Nevertheless, the HHI index never exceeded 0.59, indicating a more diversified tourism market, especially when compared to some of neighboring countries in the MENA region. Market Shares of Tourist Arrivals (1989/90-2011/2012):

Market Shares of Tourist Arrivals 1989/90

Others0.04%

Eurozone41.5%

Middle East35.0%

Africa10.3%

America7.5%

Asia & Pacif ic5.6%

Market Shares of Tourist Arrivals2011/2012

Others0.21%

Asia & Pacif ic

3%

America3%

Middle East16%

Africa4%

Eurozone74%

__________________________________________________________ 1 The Herfindahl-Hirschman Index, which traditionally a measure of concentration within industries, is specified in formula as:

[ ]∑ ∑=

==

n

i

n

iXiXiHHI

1

2

1/

, Where i is a particular origin country, n is the total number of origin countries, and xi is the total

number of visitors from origin country i. The value of HHI will fall between 0 and 1. It will be 1 if visitors to Egypt are completely concentrated in one origin country and will approach 0 as the tourist origins become more diversified.



Definitions and Terminology 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 Rescheduling Agree-ments: agreements that are reached bilaterally between the debtor and creditor countries. Egypt's Paris Club Rescheduling Agreement was signed on May, 25, 1991. Buyer’s Credit: a financial arrange-ment, in which a bank or financial institution 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. Capital Account: a BOP account that covers capital transfers and the acquisition or disposal of non-produced, non-financial items, such as; patents. Creditor Country: the country in which the creditor resides. In Paris Club terminology, it is an official bilateral creditor. Current Account: a BOP account that covers all transactions in goods, services, income, and current transfers between residents and nonresidents. 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. Ac-cordingly, Egypt's external debt is divided into rescheduled and non-rescheduled. Debt Instruments: they include debt securities, loans, trade credit,

(buyers' and suppliers' credits) and currency and deposits. Debt Service: payments in respect of both principal and interest. Scheduled debt service is the set of payments, including principal and interest that is required to be made through the life of the debt. Actual debt service is the set of payments actually made. Financial Account: a BOP account that covers transactions between residents and nonresidents in direct, portfolio, and other investments, 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. Gross External Debt: the out-standing amount of those actual current, and not contingent, liabi-lities that require payments of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy. International Investment Position (IIP): Egypt's (IIP) is a financial statement setting out the value and composition of Egypt's external financial assets and liabilities. Egypt's IIP is based on the BPM5. According to SDDS requirements, it's been reported to the IMF on an annual basis since 2004.


Long and Short-term debt: one way of classifying external debt is into long and short-term. Long term debt is defined as debt with an original maturity of more than one year, while short term debt is defined as debt repayments on demand or with an original maturity of one year or less. Multilateral and Bilateral Debt: Multilateral creditors are primarily multilateral institutions, such as the IMF, World Bank and African Development Bank (ADB) etc. Bilateral creditors are sovereign countries, with whom sovereign and non-sovereign entities enter into one-to-one loan arrangements. Official Development Assistance (ODA) Loan: has a maturity of over one year, with a grant element of at least 25 percent (using a fixed 10 percent rate of discount), provided by governments or official agencies, and for which repayment is required in convertible currencies or in kind. Original Maturity: the period of time from when the financial asset/liability was created to its final maturity date.

74 Remaining (Residual) Maturity: the period of time until debt payments fall due. It is recom-mended that short-term remaining 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 to be paid in one year or less. Paris Club: an informal group of creditor governments that has met regularly in Paris since 1956 to reschedule bilateral debts. 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. Supplier's Credit: refers to credit extended directly from the exporter to the importer who pays a down payment ranging between 15% - 20% of the total value of the imported goods and services.

central bank of egypt · (fob) decreased by 0.1 percent to us$ 27.0 billion, due to the decline in...

Documents