Egypt's External Position

Central Bank of Egypt
External Position of the Egyptian Economy
FY 2015/16
Volume No. (54)

Central Bank of Egypt – External Position
Preface
The External Position of the Egyptian Economy Report is a series
produced by the Economic Research Sector in the Central Bank of
Egypt (CBE). The report tracks, on 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 7 sections. The first two give a performance
portrait of the key components of Egypt's Balance of Payments (BOP)
and the tourism sector performance. The third and fourth review
developments related to the International Investment Position (IIP) and
external liquidity. The fifth and sixth show Egypt's external debt in
its different classifications and the exchange rate developments. The
last section is a statistical part that provides more details on the above
mentioned six sections. This is in addition to a glossary.
The report is downloadable from CBE website www.cbe.org.eg
Hard copies can be obtained from the Economic Research Sector, 8th
floor, 54 El Gomhoreya Street, Cairo.
Table of Contents
Page
Overview
Section I: Balance of Payments (BOP)
BOP Performance. 1
1-Current Account 1
2-Capital and Financial Account 4
Section II: Tourism Sector Performance Summary: 7
A- Tourism Sector Performance 7
B- Hotel Sector Performance 8
Section III: International Investment Position (IIP) 11
Section IV: External Liquidity
A -Net International Reserves (NIR) 13
B -Net Foreign Assets of Banks (NFA) 13
Section V: External Debt
A - Breakdown by Maturity 15
B - Breakdown by Type 16
C - Breakdown by Currency 16
D - Breakdown by Creditor 17
E - Breakdown by Debtor 17
F- External Debt Indicators 18
Section VI: Exchange Rate Developments 19
Section VII:
Statistics 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- Foreign Exchange Rates 31
Appendix II
A- Outstanding External Debt 35-49
B- Projected Medium & Long-Term Deposits
for United Arab Emirates 50-68
C- Exchange Rates of the Currencies of
External Debt versus US Dollar 69
Appendix III
Box. (1): Egypt's Subscription to SDDS and
Data Quality Dimensions 73
Box. (2): Egypt's Data Quality Dimensions 74
Box. (3): Doing Business in Egypt 75
Box. (4): Tourism Market Diversification 76
Glossary 77
Overview
E gypt's transactions with the

external world recorded an overall
The decrease was an outcome of the
decline of foreign currencies by
BOP deficit of about US$ 2.8 billion about US$ 2.3 billion, and SDRs by
during FY 2015/16 (versus a surplus US$ 0.4 billion, and the rise of gold
of about US$ 3.7 billion a year by US$ 0.2 billion. During the
earlier). report’s preparation, NIR reached
US$ 19.0 billion at end of October
The current account deficit 2016.
widened to some US$ 18.7 billion
Banks' net foreign assets declined
(from about US$ 12.1 billion), and
by around US$ 8.3 billion during FY
the capital and financial account
2015/2016.
registered a higher net inflow of US$
19.9 billion (compared with US$
Foreign currency deposits with
17.9 billion).
banks increased by 5.7 percent during
The current account deficit was the period concerned, reaching US$
mainly traceable to a roughly US$ 36.6 billion at end of June 2016. As a
37.6 billion deficit in the trade percentage of total deposits, they
balance (against about US$ 39.1 made up 18.5 percent.
billion), and to the retreat in net
unrequited current transfers to Total external debt increased by
about US$ 16.9 billion in the
about 16.0 percent to about US$
reporting year (compared with
55.8 billion at end of June 2016,
about US$ 21.9 billion ). Also, the
services & income balance surplus from US$ 48.1 billion at end of June
fell to around US$ 2.1 billion (from 2015.
about US$ 5.0 billion).
The external debt remained within
The capital and financial account manageable limits and its position
revealed net inflows of around continued to have a favorable
US$ 19.9 billion (against about structure, as 87.4 percent of the debt
US$ 17.9 billion). are medium and long-term.
Egypt's International Investment
Position (IIP)* at end of June 2016 The weighted average of the inter-
recorded net external liabilities bank foreign exchange market rate
(assets minus liabilities) of about revealed that the Egyptian pound
US$ 113.4 billion, up by 2.6 percent inter-bank rate depreciated by 14.2
compared to March 2016. percent during FY 2015/2016, as
the EGP reached 8.7800 per US
Net International Reserves (NIR) dollar at end of June 2016, against
decreased by US$ 2.5 billion during EGP 7.5301 per US dollar at end of
FY 2015/2016 to reach US$ 17.5 June 2015.
billion at end of June 2016, thus
covering 3.7 months of merchandise
imports.
__________________
* IIP statement was first introduced in Volume 20 of the External Position Report. It used to be updated on an
annual basis, but it is currently updated on a quarterly basis according to SDDS requirements.
Section I
Balance of Payments (BOP)

Central Bank of Egypt – External Position 1
BOP Performance
E gypt's BOP recorded an overall 1.1: Trade on Goods
deficit of some US$ 2.8 billion The trade volume decreased by 10.2
during FY 2015/16 (versus a surplus percent, to reach US$ 75.0 billion
of about US$ 3.7 billion a year (22.3 percent of GDP) during FY
earlier). 2015/16.
The current account registered a The trade deficit decreased by US$
deficit of some US$ 18.7 billion 1.5 billion, to US$ 37.6 billion (11.2
(against about US$ 12.1 billion). percent of GDP) from US$ 39.1
billion (11.7 percent of GDP), due to
The capital and financial account the following developments:
registered a net inflow of around
US$ 19.9 billion (compared with Merchandise exports decreased by
about US$ 17.9 billion). 15.9 percent to US$ 18.7 billion,
due to the decrease in both oil
Chart (1) shows developments in exports by 36.2 percent to reach US$
Egypt’s BOP main components, on 5.7 billion (30.3 percent of total
quarterly basis.
exports) and in non-oil exports by 2.4
percent to reach US$ 13.0 billion
Chart (1) : Egypt's BOP Main Components (69.7 percent of total exports). As a
US$ bn
14 result, the exports/ imports ratio
12 decreased to 33.2 percent, from 36.3
10
8 percent.
6
4 Merchandise imports decreased by
2
0 8.1 percent to US$ 56.3 billion, due
-2 to the decrease in both oil imports by
-4
-6 24.8 percent to reach US$ 9.3 billion
-8
(16.5 percent of total imports), and
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
in non-oil imports by 3.9 percent to
2014/2015 2015/2016
reach US$ 47.0 billion (83.5 percent
Capital & Financail Account Current Account Overall Balance of total imports).
Chart (2): Oil & Non-oil Exports and Imports

Fiscal Years
US$ bn
25
1- Current Account 15
5
-5
The current account deficit was -15
-25
due to the roughly US$ 37.6 billion -35
deficit in the trade balance (against -45
-55
about US$ 39.1 billion), and the -65
2013/2014 2014/2015 2015/2016
decline in net unrequited current
oil exports non-oil exports
transfers to about US$ 16.9 billion oil imports non-oil imports
in the reporting year (compared Trade balance
with about US$ 21.9 billion). Add

to this, the fall in the surplus of the The following charts illustrate the
services & income balance to distribution of commodity exports by
around US$ 2.1 billion (from about degree of processing and imports by
US$ 5.0 billion). degree of use, during FY 2015/16.
Chart (6) Imports by Geographical Distribution

Chart (3): Proceeds of Merchandise Exports
FY 2015/2016
US$ 18.7 bn
African Other
Countries Countries
10.2% EU
1.3% 30.9%
Asian
Countries
20.3%
Fuel, Raw Semi- Finished
mineral materials finished goods Other EU
oils & 8.6 % goods 46.2% Countries
products 14.4% Arab 7.2%
30.8% Countries Russian
USA Federation
18.5%
4.6% & C.I.S
7.0%
Chart (4): Payments for Merchandise Imports

US$ 56.3 bn, of which
- As for imports, Egypt's trade
partners were China, UAE,
Germany, Russia, Saudi Arabia,
USA, France, Italy, Turkey, UK,
and Switzerland . These countries,
Fuel, Raw Inter- Invest- Con- combined, accounted for some
mineral materials mediate ment sumer
oils & 11.2 % goods goods goods 52.8 percent of total imports.
products 25.4% 17.1% 26.2%
17.0%
1.2: Services & Income Balance
Hereunder is the geographical distri- The surplus of services & income

bution of merchandise exports and balance fell to about US$ 2.1 billion
imports: (against US$ 5.0 billion) due to the
fact that the decline in the services &
Chart (5) Exports by Geographical Distribution income receipts outpaced that in the
FY 2015/2016 services & income payments, as
African
follows:
Countries Other EU
2.7% Countries 32.3%
8.0%
Asian
Countries
Chart (7): Services & Income Balance
11.0% US$ bn
Other EU
Countries
8
7.1%
6
Arab
Countries 4
30.8% Russian
USA Federation 2
6.8% &C.I.S
1.3% 0
-2
-4
- Egypt's main trade partners, in -6
terms of exports, were UAE, Italy, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
USA, UK, Saudi Arabia, India,
2014/2015 2015/2016
and Turkey. These countries, Services & Income Receipts Services & Income Payments
combined, accounted for some Services & Income Balance
50.2 percent of total exports.
1.2.1: Services & income receipts abroad, and interest and dividends on
fell by 25.2 percent, to some US$ bonds and securities.
16.5 billion (against about US$ 22.0
billion), driven by the decrease in 1.2.2: Services & income payments
most of their items as follows: fell by 15.1 percent, to about US$
14.4 billion (against about US$ 17.0
 Tourism revenues by 48.9 percent billion). This was attributed to the
to about US$ 3.8 billion (from fall in most of their items as follows:
some US$ 7.4 billion), as a result of
the 47.8 percent fall in tourist  Other services payments by 37.5
nights, which scored 51.8 million percent, to some US$ 3.3 billion
nights (versus 99.2 million). (see (against about US$ 5.3 billion),
Box 4) driven by lower contractor &
 Government services receipts to construction services payments,
US$ 378.0 million (against some salaries of public & private emplo-
US$ 1.4 billion), reflecting the fall yees, communication services, and
in other government receipts and fees for entertainment, culture &
expenses of Egyptian embassies recreational services.
abroad.
 Other services receipts by 25.2  Investment income payments by
percent to about US$ 2.4 billion 17.7 percent to some US$ 4.9
(against some US$ 3.2 billion), due billion (against about US$ 5.9
to the fall in the receipts of billion), as a result of lower
contractor & construction services, transfers of foreign companies
advertisements, computer services, (petroleum & non-petroleum), and
and other services receipts. transfers of interest and dividends
on bonds and securities.
 Transportation receipts by 3.2
percent to about US$ 9.5 billion
(against some US$ 9.9 billion), due Chart (9): Income Balance
US$ bn
to the fall in Suez Canal dues to 0.5
about US$ 5.1 billion (against some 0.0
US$ 5.4 billion), which decreased, -0.5
in turn, as a result of the 2.1 percent
-1.0
fall of SDR against the dollar. Add
to this the fall in receipts from -1.5
abroad on account of charter flight. -2.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
US$ bn
Chart (8): Service Balances 2014/2015 2015/2016
Income Receipts Income Payments Income Balance
5.0
4.0
3.0
2.0  Transportation payments by 12.8
1.0 percent, to around US$ 1.3 billion
0.0
-1.0
(against some US$ 1.5 billion), due
-2.0 to the decline in amounts remitted
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 abroad on account of transportation
2014/2015 2015/2016 services, and amounts transferred
Other Services Balance Government Services Balance by foreign navigation & freight
Tourism Services Balance Transportation Services Balance
Services Balance companies.
On the other hand, investment  Government services payments by
income receipts rose to US$ 396.9 9.0 percent to US$ 777.1 million
million (from US$ 212.8 million), (from US$ 854.1 million), reflec-
mainly due to the increase in profits ting the decrease in other govern-
from Egyptian companies' branches ment expenditure, and salaries of
abroad, interest on deposits held government employees abroad.
On the other hand, travel pay- 2- Capital and Financial Account

ments rose by 22.6 percent to some The capital and financial account
US$ 4.1 billion (against about US$ registered a higher net inflow of
3.3 billion), due to the rise of visa
card payments, pilgrimage expen- about US$ 19.9 billion (compared
diture, and the sales of Saudi riyal with some US$ 17.9 billion) as an
to the Egyptians. outcome of:
A- The rise in net inflows of
1.3: Unrequited current transfers (Net) foreign direct investment in
Egypt from about US$ 6.4 billion
As shown in chart (10), unrequited
to some US$ 6.8 billion. Such a
current transfers (net) decreased by rise in FDI in Egypt was an
22.8 percent, to about US$ 16.9 outcome of the increase in net
billion, (from some US$ 21.9 inflows for greenfield investments
billion). This was mainly due to the to post some US$ 4.5 billion
drop in net official transfers (cash & (versus about US$ 3.8 billion), and
commodity) to US$ 101.5 million the rise in the proceeds from
(from some US$ 2.7 billion), and net selling local entities to non-
private transfers to about US$ 16.8 residents to US$ 261.2 million
billion (against some US$ 19.2 (against US$ 111.3 million). On
billion) as a result of the fall in the other hand, the transfers for
workers' remittances by 11.7 percent. buying real estates in Egypt by
non-residents decreased to US$
Chart (10): Unrequited Current Transfers (net) 459.4 million (from US$ 776.2
US$ bn million), and the net inflow for oil
6.0
sector investments decreased to
5.0
about US$ 1.6 billion (versus US$
4.0
1.7 billion).
3.0
2.0
The sectorial breakdown of total FDI
1.0
inflows as depicted in chart (12)
0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
shows that the oil sector has the
biggest share of 53.2 percent. As
2014/2015 2015/2016
Private Transfers (Net) Official Transfers (Net) Workers' Remittances regards the other sectors, the
majority of FDI went to the services
Against this background, some of the sectors, with the 10.5 percent dis-
external balance indicators decreased tributed as follows: the financial
as shown in chart (11). sector (3.8 percent), the real estate
sector (3.7 percent), other services
Chart (11): External Balance Indicators sectors (2.2 percent), the communi-
%
140 cations & information technology
120 2014/2015
100 (0.5 percent), and the tourism sector
80 2015/2016 (0.3 percent). The share of the
60
40 manufacturing sector was 3.4 percent
20
0 and the construction sector 1.5
Current Receipts Current Receipts / Services Receipts / Merchandise percent. The remaining portion was
(excluding official Current Payments Services Payments Exports / acquired by undistributed sectors.
transfers) / Current Merchandise
Payments Imports
B- The net outflows of portfolio outcome of the rise in total

investment in Egypt registered disbursements to some US$ 3.0
around US$ 1.3 billion (against billion (against about US$ 2.1
about US$ 638.6 million). The billion), and the rise in total
outflow was mainly a result of the repayments to about US$ 2.7 billion
repayment of bonds of about US$ (from about US$ 2.3 billion).
1.25 billion worth, which were
issued in 2005. Also, foreigners’ D- Short term suppliers' credit
net investments on the EGX fell to realized net drawings of about US$
achieve net purchases of US$ 5.8 billion (against about US$ 5.3
157.1 million (against US$ 481.2 billion).
million).
E- Other assets & liabilities
C- Medium- & long-term loans realized a net inflow of about US$
realized net drawings of US$ 351.2 8.3 billion (against some US$ 7.5
million, (against net repayments of billion).
US$ 224.6 million). This was an
Chart (12) Total FDI in Egypt by Economic Sector

Manufacturing sector 2015/2016
3.4%
Construction sector
1.5% Real estate sector
3.7%
Undistributed sector
31.4%
Other 10.5% Financial sector 3.8%
Tourism sector 0.3%

Other services 2.2%
Communications &
Petroleum sector information
53.2% technology 0.5%
Section II
Tourism Sector Performance

Summary
The regional comparison shows that
Tourism Sector Performance Egyptian hotels offered lower prices
during 2015/2016:
during the period.
The data accumulated for the year
2015/2016 point to a drop in tourist Tourism Market Diversification:
arrivals, nights, and receipts when According to the number of tourist
compared with the previous year levels. arrivals over the 1989/90-2015/16
This indicates a sharp decline in the period, Egypt's tourism market
tourism sector. Average expenditure per witnessed a shift from diversification
night* declined from US$ 74.3/night in towards concentration in favor of
the previous year to US$ 72.8/night in European region, as the Herfindahl-
2015/2016. Hirschman Index (HHI) reached 0.45.
Tourism Sector Performance This draws attention to the fact that
during Q4 2015/2016: necessary steps should be taken towards
a more diversified tourism market to be
According to the balance of able to mitigate any future demand
payments data, tourism receipts shocks. Nevertheless, Egypt's market is
recorded a decrease of US$ 1390 still more diversified when compared to
million or 73.1 percent to US$ 510.4 some neighboring countries in the
million, due to the negative growth in MENA region. (See Box 4, Appendix
tourist nights (74.3 percent), despite the III).
increase in the average expenditure per
night (4.5 percent). A- Tourism Sector Performance:
Egypt's tourism sector activity Ministry of Tourism figures show
witnessed a sharp decline Q-over-Q. In that a total of 1186 thousand tourists
the fourth quarter of 2015/16, it came from all over the world and spent
witnessed a decrease in both the number 6646 thousand nights in Q4 of
of tourist arrivals (55.1 percent), and 2015/2016, with a decrease of 55.1
tourist nights (74.3 percent). On the percent in the number of tourist arrivals
other hand, the average expenditure per and an increase of 74.3 percent in the
night increased from US$ 73.5/night to number of nights, compared with the
US$ 76.8/night. same period of the previous year. The
Data show a decrease in the number decline in tourist arrivals resulted from
of average tourist nights (5.6 nights per less visitors coming from the European
person, compared to 9.8 nights per countries (101.1 percent of total de-
person). Tourists coming from the crease), Middle East region (0.8
Middle East region and European percent), the Americas (0.4 percent).
countries headed the list in terms of the Meanwhile, the number of arrivals from
length of stay per visitor (6.6 and 5.4 African countries and Asia and the
nights per visitor, respectively). Pacific region increased (+2.3 percent &
+0.3 percent, respectively ).
Hotel Sector Performance:
Chart(1):Tourist arrivals (In Thousands)
As regards hotel sector performance
4000
and its regional comparison during
January/July 2016, Cairo hotels ex- 3000
perienced a noticeable increased in 2000
terms of "average daily rate per room",
"revenue per available room", and 1000
"occupancy rate". Q1 Q2 Q3 Q4
________________________________
*
Average expenditure per tourist night calculated as a number of
2012/2013 2013/2014 2014/2015 2015/2016
tourism receipts divided by tourist night.
In contrast, the average expenditure During Q4 of 2015/2016, data show

per night increased to US$ 76.8/night that visitors stayed less nights,
in Q4 of 2015/2016 from US$ 73.5/ registering an average of 5.6 nights per
night a year earlier (table 1, line 7). person, compared to 9.8 nights per
person in the corresponding quarter a
Chart(2): Travel & Tourism Receipts (USD million) year earlier (table 1, line 6). Tourists
4000 coming from the Middle East countries
headed the list in terms of the length of
3000
stay per visitor with an average of 6.6
2000 nights. The European countries were the
1000 runner up with 5.4 nights/visitor,
0
followed by Asia & Pacific region
Q1 Q2 Q3 Q4
(5.2 nights/visitor), the Americas (4.8
nights/ visitor), and Africa (4.7
2012/2013 2013/2014 nights/visitor).
2014/2015 2015/2016
B- Hotel Sector Performance:
The negative growth in the number According to the Ministry of
of tourist nights (74.3 percent), is Tourism data, the average occupancy
attributed to the decrease in tourism rate at hotels in Egypt reached 30.2
receipts by US$ 1390 million or 73.1 percent during Q4 of 2015/2016, against
percent to US$ 510.4 million Q-over-Q 37.9 percent in Q4 a year earlier,
in the fourth quarter of 2015/16 (table 1, indicating a slowdown in the sector.
line 1), despite the positive growth in (table 1, line 9). The following chart
average expenditure per night (+4.5 shows that the average occupancy rate at
percent). Egyptian hotels was an outcome of its
trends in key cities. Major cities, headed
by Sharm El-Sheikh and Hurghada
registered the largest decline in hotel
occupancy rates, and to a lesser extent,
came Cairo when compared to Q4 of
2014/2015.
Chart(4): Occupancy Rate at Egypt's Hotel

80.0
60.0
In terms of Q-over-Q comparison, 40.0
the data on travel receipts and the
number of tourist nights and arrivals 20.0
over the period from Q1 of 2012/2013
0.0
to Q4 of 2015/2016, reaffirmed the
Q4 Q4 Q4 Q4 Q4 Q4
same seasonal pattern, as the fourth
quarter is seasonally the runner up, 2011 2012 2013 2014 2015 2016
coming after the first quarter which is Hurghada Sharm El-Sheikh Cairo
the strongest season of the year, while
the third quarter is seasonally the
weakest. Driven by unfavorable shocks 2
It can be calculated usin Total
in the following years, the seasonal
pattern has been violated, particularly in
tourism nights and receipts.
In order to make a sound judgment Such improvements came mainly on

on hotel sector financial performance the back of better outlook in terms of
over the time and across key Arab cities, economic and political situation, as
one should combine occupancy rate illustrated by the economic summit that
with average daily rate per room was held in March 2015.
(ADR)1 and revenue per available room
(RevPAR)2. Table 2 shows an increase Not surprisingly, Cairo ADR and
of 18.5 percent on average ADR & 50 RevPAR were the lowest in the region
percent on average RevPAR for Cairo, at US$ 127 and US$ 77, respectively,
during Jan./July 2016. indicating that Egypt's hotels offered
low prices during the period.
The revenue per available room
provides a convenient snapshot of how As to regional comparison, table 2
well a hotel is filling its rooms, as well shows that only Beirut (Lebanon), Doha
as how much it is able to charge. As a (Qatar), and Abu Dhabi (UAE) ex-
matter of fact, there is a sharp increase perienced negative results in the three
in RevPAR during Jan.-July 2016, as key performance metrics, while only
compared to the same period of the Cairo (Egypt) hotels witnessed positive
previous year. Hotels' revenue-per- results. Meanwhile, hotels of other cities
available-room at Cairo City increased experienced mixed results.
to reach US$77 and the average daily
rate per room increased to US$ 127.
_______________________________
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.
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 the number of available rooms in same
period. (ii) Average daily room rate multiplied by occupancy
rate
Table (1): Indicators of Tourism Activity
2013/2014 2014/2015 2015/2016

2012/13 2013/14 2014/15
Q4 Q4 Q3 Q4
1. Tourism Receipts (USD mn) 5073 7370 3768 1624 1900 550.5 510.4
1186.
7968.0 10242.5 6875 2414.0 2639.0 1152.0
2. Stay-over Visitors (x 1.000) 0
3. Market Shares (% of Tourist Arrivals) 100 100 100 100 100 100 100
a. European Countries 76.0 75.6 62.8 76.6 75.7 49.9 44.5
b. Middle East Countries 13.4 13.9 20.7 13.3 13.0 28.0 28.0
c. African Countries 4.6 4.0 6.6 4.4 4.5 7.8 12.8
d. The Americas 2.7 2.7 4.1 2.6 3.0 5.1 6.0
e. Asia & the Pacific 3.1 3.5 5.5 2.8 3.6 8.9 8.4
f. Other Countries 0.2 0.3 0.2 0.2 0.2 0.3 0.3
4. Market Shares (% of Tourist Nights) 100 100 100 100 100 100 100
a. European Countries 70.7 76.9 65.2 74.7 77.5 47.7 43.2
b. Middle East Countries 20.0 15.5 21.5 17.0 14.3 33.1 32.7
c. African Countries 4.3 3.0 5.4 3.7 3.5 6.5 11.1
d. The Americas 2.6 2.5 3.8 1.9 2.3 5.5 5.0
e. Asia & the Pacific 2.2 2.0 4.0 1.7 2.1 7.2 7.9
f. Other Countries 0.1 0.1 0.1 0.1 0.1 0.1 0.2
5. Visitor Nights (x 1.000) 72,919 99,246 51,780 21,733 25,857 6,864 6,646
6. Average Nights Spent (per Visitor) 9.2 9.7 7.5 9.0 9.8 6.0 5.6
7. Receipts per Vistor Nights (USD/night) 69.6 74.3 72.8 74.4 73.5 80.2 76.8
8. The Herfindahl-Hirschman Index 0.57 0.60 0.45 0.61 0.59 0.34 0.30
9. Average Occupancy Rate 27.4 37.8 36.2 32.2 37.6 31.6 30.2
Luxor 8.7 11.5 15.8 10.1 11.5 24.9 12.2
Aswan 15.2 20.1 16.4 13.3 13.3 26.1 15.8
Sharm El-Sheikh 39.7 52.5 32.1 46.6 54.8 17.4 17.9
Hurghada 44.4 60.5 46 56.8 62.3 35.1 29.4
Cairo 31.8 43.4 42.6 40.9 41.3 40.4 51.3
Alexandria 44.0 56.9 53.8 58.1 60.6 45.8 55.7
10. Contribution to Current Receipts % 9.0 16.6 10.5 11.8 18.7 6.5 5.2
Sources: CBE, MOT, and CAPMAS.
Table (2): Hotels' Performance in key Arab Cities in (January- July) of 2016
Occupancy ADR RevPAR

Country Change % Change % Change %
Rate (US$) (US$)
Cairo (Egypt) 60% 13 127 18.5 77 50
Manama (Bahrain) 50% 3 203 -7.9 102 -2.4
Amman (Jordan) 48% -7 159 1.5 77 -10.6
Kuwait (Kuwait) 39% -12 271 3.5 107 -20.9
Beirut (Lebanon) 56% -1 137 -18.3 77 -20.8
Doha (Qatar) 63% -4 219 -14.5 140 -19
Jeddah (Saudi Arabia) 75% -2 286 2.6 215 0.0
Abu Dhabi (UAE) 75% -2 127 -15.1 97 -17.2
Source: Ernst & Young benchmark survey of Middle East hotel sector.
Section III
International Investment Position (IIP)

International Investment Position (IIP)

At end of June 2016*
Egypt’s IIP at end of June 2016 Total financial liabilities amounted to

recorded net external liabilities US$ 155.9 billion, increasing by
(assets minus liabilities) of about about US$ 3.5 billion or 2.3 percent,
US$ 113.4 billion, up by 2.6 percent compared to March 2016.
compared to end-March 2016. As
such, Egypt’s foreign assets Assets and Liabilities by Component:
represented about 27.3 percent of its
foreign liabilities. 1- Assets increased by 1.4 percent to
Chart (1)
reach US$ 42.5 billion at end of
US$ billion International Investment Position (IIP) June 2016, from US$ 41.9 billion
End of
100 at end of March 2016.
43.1 42.5 41.9 42.5
50
0
Chart (2)
-50 -97.7 -101.5 Breakdown of Assets by Component
-110.5 -113.4
-100 Direct
investment
-150 -140.8 -144.0 -152.4 155.9 abroad
-200 16.7%
Q3 Q4 Q1 Q2 Reserve
assets Portfolio
2015 2016 40.2% investment
Assets Liabilities Net IIP Assets Assets
June 2016 3.1%
Source: Appendix I, table (2).
Other
investment
Egypt's preliminary IIP data at end 40.0%
of June 2016 showed an increase in

Egypt's total assets and an increase
in total liabilities, compared to the This increase was mainly due to
position at end- March 2016, to the following developments:
achieve net liabilities of about US$
113.4 billion versus US$ 110.5 - Reserve assets increased by 6.9
billion. percent to about US$ 17.1 billion.
Egypt's total financial assets
increased by US$ 0.6 billion, to reach - Meanwhile, portfolio investment
US$ 42.5 billion in June 2016, up by decreased by about 7.1 percent to
1.4 percent compared to March reach US$ 1.3 billion.
2016.
- Other investments' assets
decreased by about 2.3 percent to
reach about US$ 17.0 billion.
* Released in September 2009 according to SDDS

requirements.
- Foreign direct investment abroad - Portfolio investment in Egypt

remained unchanged at US$ 7.1 increased by 3.6 percent to
billion compared to March 2016. about US$ 5.7 billion.
2- Liabilities to non-residents - Other investments' liabilities

increased by 2.3 percent to increased by 4.6 percent to
about US$ 155.9 billion at end about US$ 52.2 billion.
of June 2016.
Indicators:
Chart(3)
Breakdown of Liabilities by Component
- Net IIP to Egypt’s GDP at end
of June 2016, increased to
Other
investment about 36.7 percent, versus
33.4 %
about 35.8 percent at end of
Liabilities
June 2016 Direct
March 2016.
investment - Assets to liabilities at end of
Portfolio in Egypt
investment 62.9%
June 2016, decreased from
Liabilities about 27.5 percent, to about
3.7%
27.3 percent.
Chart (4)
% Egypt's net IIP to GDP and Assets/Liabilities
This increase was mainly due to End of
the following developments: 0
-10
-30.6 -29.5 -27.5 -27.3
- FDI in Egypt increased by 1.0 -20 -27.8 -28.9 -36.7
percent to about US$ 98.0 -30 -35.8
-40
billion. Q3 Q4 Q1 Q2
2015 2016
Net IIP / GDP Assets / Liabilities
Section IV
External Liquidity
External Liquidity
A-Net International Reserves (NIR) During the report’s preparation, NIR

In order to curb dollar speculations, reached US$ 19.0 billion at end of
the CBE continued its management October 2016.
of the Forex market through the FX (US$ mn)
auctions mechanism that has been June June
End of
applied as of December 2012, along- 2015 2016
side the dollar interbank system. Net International
Reserves (1-2) 20082 17546
During FY 2015/2016, NIR de- 1- Gross Official Reserves 20104 17570
creased by US$ 2.5 billion (against Gold 2420 2602
SDRs 1168 793
an increase of US$ 3.4 billion a year Foreign Currencies 16453 14128
earlier) to reach US$ 17.5 billion, Loans to IMF 63 47
thus covering 3.7 months of 2- Reserve Liabilities 22 24
merchandise imports at end of June Reserves/Months of
Imports 3.9 3.7
2016.
B- Net Foreign Assets of Banks
Chart (1): NIR & Months of Imports Covered
(NFA)
( Balance at End of Month )
(US$ bn) (Month)
5.0
Banks' net foreign assets declined by
21.0
around US$ 8.3 billion during FY
18.0 2015/2016 (against US$ 8.0 billion a
4.0
15.0 year earlier).
12.0
3.0 Chart (2): Foreign Assets & Liabilities
9.0 of Banks
(US$ bn) (End of Month)

6.0 2.0 25.0
Assets Liabilities
3.0
0.0 1.0 20.0

Jun-13 Jun-14 Jun-15 Jun-16
Foreign Currencies
Loans to IMF
15.0
Gold
Reserves/Months of Imports
10.0
The decrease was an outcome of the

decline of foreign currencies by 5.0
about US$ 2.3 billion, the decrease of

SDRs by US$ 0.4 billion, and the rise 0.0
of gold by US$ 0.2 billion.
Foreign currency deposits with banks Chart (3): Developments in Deposits by Local and
Foreign Currencies
increased by 5.7 percent during the
(LE bn) ( End of Month) (%)
period concerned, reaching US$ 36.6
2000 25.0
billion at end of June 2016. Likewise, 1800
local currency deposits increased by 1600 20.0
1400
17.7 percent. 1200 15.0
1000
As such, the ratio of foreign currency 800 10.0
600
deposits to total deposits at end of
400 5.0
June 2016, made up 18.5 percent. 200
0 0.0
Foreign Currency Deposits
Local Currency Deposits
Growth Rate of Foreign Currency Deposits
Growth Rate of Local Currency Deposits
Section V
External Debt
External Debt
By residual maturity1, medium-
Egypt's external debt of all
and long-term external debt
maturities increased by US$ 7.7
decreased, as it represented 75.4
billion (16.0 percent), to post US$
percent of the total debt. In
55.8 billion at end of June 2016
comparison, they accounted for 87.4
(compared with US$ 48.1 billion at
percent of the total by original
end of June 2015). This came as a
maturity. Meanwhile, short-term
result of the rise in net disbursements
debt showed an increase, as it
of loans and facilities by US$ 7.4
represented 24.6 percent, compared
billion, alongside the appreciation of
to 12.6 percent classified by original
most currencies of borrowing versus
maturity.
the US dollar by US$ 0.3 billion.
External Debt by Residual (US$

A- Breakdown by Maturity Maturity at end of June 2016 million)
By original maturity, external debt 1. Short-term debt by original
maturity 7017.7
reaffirmed, its usual pattern of long-
2. Medium- & long-term debt
term external debt predominance at maturing within one year 6703.8
end of June 2016. Long-term
3. External debt by residual
external debt accounted for US$ maturity up to 1 year (1+2) 13721.5
32.4 billion or 58.1 percent of the
total, whereas medium-term ex- Percentage to Total External Debt 24.6%
ternal debt reached US$ 16.4 billion

Percentage to NIR 78.2%
or 29.3 percent and short-term
4. Medium- & long-term debt by
external debt accounted for the residual maturity 42042.9
smallest portion of US$ 7.0 billion or
12.6 percent. Percentage to Total External Debt 75.4%
chart (1)
External Debt Structure by Original
Maturity
End of June 2016
long term
Short- term
debt
debt
58.1%
12.6%
1
While the analytical presentation of external debt
Medium-
term debt by original maturity is the norm recommended in
29.3% the External Debt Statistics Guide, residual
maturity presentation still draws significant
attention. In other words, compilation of external
debt statistics based on original maturity helps in
understanding the nature of capital flows; while
the remaining maturity provides a profile of debt
service payments, especially those falling due in
the near term, and of potential liquidity risks
facing the economy. Short-term debt by residual
maturity comprises all components of short-term
debt with original maturity of up to one year, and
the amounts falling due -under medium-and long-
term debt by original maturity- within one year or
less.
B- Breakdown by Type
Medium- and long-term external  Non-guaranteed medium- and

debt accounted for 87.4 percent of long-term debt of the private
total debt, of which: sector registered US$ 195.4
million (about 0.4 percent of
 Paris Club members' debt total debt).
reached about US$ 8.8 billion or
Short-term debt increased by about
15.8 percent of total debt.
* US$ 4.4 billion to about US$ 7.0
 Buyers' & Suppliers’ credit
billion or 12.6 percent of total debt.
reached about US$ 4.0 billion (of
which US$1.3 billion were owed Chart (2)
External Debt Structure
to Paris Club members) or 7.2 Priv ate
End of June 2016
Sector ( Non Short -term
percent of total debt. guaranteed)
0.4%
debt
12.6% Rescheduled
 Non-Paris Club members' debt Long- term

Deposits
bilateral debt
9.4%
amounted to about US$ 1.9 29.2% Other

bilateral debt
9.7%
billion or 3.3 percent of total
Suppliers' &
debt. buy ers'
credits
Egy ptian 7.2%
 International and regional bonds and
notes
International
& regional
6.2% organizations
organizations' debt reached about 25.3%
US$ 14.1 billion or 25.3 percent

of total debt. C- Breakdown by Currency
 Government bonds and notes Measuring the currency composition
reached about US$ 3.5 billion or of Egypt's external debt is an
6.2 percent of total debt at end important indicator that sheds light
of June 2016 . These include: (i) on the external debt exposure,
US$ 797.8 million of sovereign arising from currency markets'
notes issued in April 2010; (ii) volatility.
US$ 500.0 million of the 5–year
A breakdown of the currency
Treasury bonds issued in June composition of external debt
2012; (iii) US$ 1.0 billion of the indicates that the US dollar is the
Euro-Medium Term Notes main borrowing currency, with a
(EMTN) issued in May 2013; relative importance of 71.8 percent
and (iv) US$ 1.2 billion of the of the total. This upward biased
Global Medium Term Notes share of US dollar largely reflects
(GMTN) issued in 2015. the fact that there are other
 Long-term deposits that have outstanding obligations in US dollar
been placed at the CBE by some to creditors other than the USA (such
Arab countries valued at US$ as the African Development Bank
16.3 billion (29.2 percent of (AFDB) and the International Bank
total debt). for Reconstruction and Development
_________________ IBRD).
 Including the Liquidity Support Facility (LSF)
from China Development Bank (CDB) to CBE
about US$ 0.9 billion .
Other important currencies ac-

counted for 25.9 percent of the total E- Breakdown by Debtor
debt, as follows: the Euro which is
the runner-up (12.4 percent) , the The structure of Egypt’s external
Japanese yen (4.7 percent) , the debt by debtor reveals that the
Special Drawing Rights* (4.5 central and local government is the
percent), and the Kuwaiti dinar (4.3 main debtor, with a share of US$
percent). 24.4 billion at end of June 2016,
Chart (3) compared with about US$ 25.7
External Debt Structure by Currencies
End of June 2016 billion at end June 2015.
Euro
12.4% Chart (5)
US dollar (US$ bn) External Debt by Debtor
71.8% End of June
Japanese 60
yen
4.7% 50
SDRs 40
4.5%
Kuw aiti 30
Other dinar
currencies 4.3% 20
2.3%
10
0
2014 2015 2016
D- Breakdown by Creditor Central & Local G overnment Monetary Authority
Distribution by creditor country Ban ks Other Sectors
indicates that 18.4 percent of Egypt's

external debt came from five
- Monetary authority's external
countries; namely Germany (6.8
debt at end of June 2016
percent), Japan (4.5 percent), USA
increased by US$ 5.9 billion to
(3.8 percent), France (2.5 percent),
US$ 22.2 billion.
and UK (0.8 percent). Meanwhile,
- Banks' external debt increased by
34.8 percent was owed to Arab
US$ 1.6 billion to US$ 4.0
countries (mainly Saudi Arabia**,
billion.
Kuwait and United Arab Emirates)
- Other sectors' debt increased by
and 25.3 percent was owed to
US$ 1.5 billion to US$ 5.2
international organizations*** (mainly
billion.
the World Bank 9.2 percent, EIB 3.0
percent and ADF & AFDB 4.0
percent). Chart (6)
External Debt by Debtor
Chart (4) Share in total increase/decrease
(US$ bn)
External Debt by Creditor End of June
8
End of June 2016 5.9
6 5.3
United Other International
Kingdom countries organizations 4
0.8% 15.2% 25.3% 1.6
France 1.9 1.5
2.5% 2 0.4 0.8
0.6
USA
0
3.8% Egyptian
Japan bonds and (0.1)
-2 (1.3)
4.5% notes
6.3% (0.8)
-4 (4.0)
Germany
2013/2014 2014/2015 2015/2016
6.8% Arab countries
34.8%
Central & Local Government Monetary Authority Banks Other Sectors
 Including Egypt’s allocation of SDRs by the IMF.

 It does not include the US$ 500 million which is classified
as a 5-year Treasury bond issued in June 2012 to Saudi Fund
for Development.
 International Bank for Reconstruction and Development
(IBRD), European Investment Bank ( EIB), African
Development Fund (ADF), and African Development Bank
(AfDB).
F- External Debt Indicators* Medium- and long-term debt service

reached US$ 5.2 billion during FY
The ratio of short-term external debt 2015/2016 (US$ 4.3 billion for
to net international reserves increased principal repayments and US$ 0.9
to 40.0 percent at end of June 2016
billion for interest payments).
from 12.8 percent at end of June
2015. In addition, its ratio to total
debt registered 12.6 percent (against
5.4 percent). Chart (7)
External Debt Indicators
FY
The external debt per capita increased %
to US$ 573.1 at end of June 45
2016 from US$ 513.5 at end of June 40 40.0
2015.
35
30
As for the external debt in terms of
international comparison, debt is 25
within manageable limits. Based on 20 14.6
IMF classification**, comparing 15

12.6
Egypt's key debt indicators with 10
those of other regional country 5 9.9
groups shows that:- 0
2013/2014 2014/2015 2015/2016
- Egypt's debt stock to GDP (18.1
Debt Service / Current Receipts
percent) is among the world's (including transfers)
Short-term Debt / Net International
best levels (16.3 percent for Reserves
Asian developing countries and Short-term Debt / Total External Debt
68.3 percent for East and Central Debt Service / Exports of Goods and
Services
Europe).
- Egypt's medium- and long-term (US$)
%
external debt to total external 573.1
debt at end of June 2016 580
represented 87.4 percent (94.1 90
560
percent for Sub-Saharan Africa 75
and 61.3 percent for Asian 540
60 43.8
developing countries). 520
45
- Egypt's debt service ratio***
30 500
registered 14.6 percent during
FY 2015/2016 (57.5 percent for 15 18.1 480
East and Central Europe, and 0 460
20.1 percent for Sub-Saharan
Africa). 2013/2014 2014/2015 2015/2016
__________________________________ Government External Debt / External Debt
* For more indicators, refer to appendix I, table
No 6.
External Debt /GDP
** Source: World & Regional Economic Outlook External Debt per capita (US$) (right axis)
Reports, Oct. 2016, and CBE database.
*** Debt-Service Ratio: The ratio of debt service
(interest and principal payments due) during a
year, expressed as a percentage of exports
(typically of goods and services) for that year.
This ratio is considered to be a key indicator of
a country’s debt burden.
Section VI
Exchange Rate Developments

1
(i) Inter-bank Rate : Kuwaiti dinar by 16.8 percent, the
Saudi riyal by 16.5 percent , the US
During FY 2015/2016, the weighted
dollar & UAE dirham by 16.4
average of the US dollar in the
percent each, the euro by 16.1
Egyptian inter-bank market ap-
percent, the Swiss franc by 11.1
preciated by about 16.6 percent
percent, and the Chinese yuan by 8.8
against the Egyptian pound (EGP).
percent. On the other hand, the pound
This brought the rate to EGP 8.7800
sterling decreased by 0.4 percent.
at end of June 2016, from EGP
7.5301 at end of June 2015.
EGP Chart (1):Exchange Rate of USD & Euro against EGP
(ii) Market Rate: (End of Period)
12.0
At end of June 2016, and according
to the foreign exchange market 10.0
(buying price), the Egyptian pound 8.0
depreciated against the Japanese 6.0
yen (100 yens) by 39.3 percent, the
4.0
2.0
0.0
Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16
USD Interbank rate(average) USD market rate(buying price)
Euro market rate(buying price)
__________________________
1
The inter-bank foreign exchange market was
launched in Egypt in December 2004.
1
(i) Inter-bank Rate : Kuwaiti dinar by 16.8 percent, the
Saudi riyal by 16.5 percent , the US
During FY 2015/2016, the weighted
dollar & UAE dirham by 16.4
average of the US dollar in the
percent each, the euro by 16.1
Egyptian inter-bank market ap-
percent, the Swiss franc by 11.1
preciated by about 16.6 percent
percent, and the Chinese yuan by 8.8
against the Egyptian pound (EGP).
percent. On the other hand, the pound
This brought the rate to EGP 8.7800
sterling decreased by 0.4 percent.
at end of June 2016, from EGP
7.5301 at end of June 2015.
EGP Chart (1):Exchange Rate of USD & Euro against EGP
(ii) Market Rate: (End of Period)
12.0
At end of June 2016, and according
to the foreign exchange market 10.0
(buying price), the Egyptian pound 8.0
depreciated against the Japanese 6.0
yen (100 yens) by 39.3 percent, the
4.0
2.0
0.0
Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16
USD Interbank rate(average) USD market rate(buying price)
Euro market rate(buying price)
__________________________
1
The inter-bank foreign exchange market was
launched in Egypt in December 2004.
Section VII
Statistics
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 ……………………………………. 6 29
External Debt by Debtor ……………………………………. 7 30
VI- Exchange Rate Developments
Foreign Exchange Rates 8 31

Central Bank of Egypt - External Position 23
Table (1) Balance of Payments
(US$ mn)
Fiscal Year
2014/2015* 2015/2016*
Trade Balance -39060.4 -37606.2
Exports** 22245.1 18704.6
Petroleum 8891.9 5674.3
Other Exports 13353.2 13030.3
Imports** -61305.5 -56310.8
Petroleum -12366.1 -9293.6
Other Imports -48939.4 -47017.2
Services (Net) 5042.0 2061.7
Receipts 22024.6 16476.2
Transportation, of which : 9850.3 9534.6
Suez Canal 5361.7 5121.6
Travel 7370.4 3767.5
Investment Income 212.8 396.9
Government receipts 1381.5 378.0
Other 3209.6 2399.2
Payments 16982.6 14414.5
Transportation 1535.0 1339.1
Travel 3338.2 4091.0
Investment Income, of which 5913.7 4868.2
Interest Paid 643.6 751.6
Government Expenditures 854.1 777.1
Other 5341.6 3339.1
Balance of Goods & Services -34018.4 -35544.5
Transfers 21875.8 16885.1
Private Transfers (Net) 19205.4 16783.6
Official Transfers (Net) 2670.4 101.5
Current Account Balance -12142.6 -18659.4
Table (1) Balance of Payments (contd.)
(US$ mn)
Fiscal Year
2014/2015* 2015/2016*
Capital & Financial Account 17928.9 19851.5
Capital Account -122.9 -141.4
Financial Account 18051.8 19992.9
Direct Investment Abroad -223.3 -164.2
Direct Investment in Egypt (Net) 6379.8 6838.2
Portfolio Investment Abroad (Net) 47.2 192.1
Portfolio Investment in Egypt (Net), of which: -638.6 -1286.8
Bonds -1147.5 -1444.8
Other Investment (Net) 12486.7 14413.6
Net Borrowing 5036.2 6134.9
M&L-Term Loans (Net) -482.5 -506.6
Drawings 1753.5 2080.8
Repayments -2236.0 -2587.4
MT-Suppliers' Credit (Net) 257.9 857.8
Drawings 313.0 935.6
Repayments -55.1 -77.8
ST-Suppliers' Credit (Net) 5260.8 5783.7
Other Assets -1220.6 -3739.9
Central Bank -28.0 -104.4
Banks 4774.3 2163.2
Other -5966.9 -5798.7
Other Liabilities 8671.1 12018.6
Central Bank 5474.1 5857.7
Banks 3197.0 6160.9
Net Errors & Omissions -2061.4 -4005.1
Overall Balance 3724.9 -2813.0
Change in CBE Reserve Assets ,Increase(-) -3724.9 2813.0
* Preliminary.
** Include free zones exports and imports.
Central Bank of Egypt - External Position
Table(2) International Investment Position (IIP)
(US$ millions)
End of March 2016* June 2016*
Assets Liabilities Assets Liabilities

Total 41857.4 152419.2 42471.9 155944.4
1-Direct investment 7068.3 97017.9 7119.0 97987.9
2-Portfolio investments 1386.0 5470.4 1272.7 5685.1
Equity security 757.1 1915.8 752.8 2131.5
Debt security 628.9 3554.6 519.9 3553.6
3-Other investments 17365.3 49930.9 16983.4 52271.4
Trade credits 1526.2 1905.0
General government
Long-term
Short-term
Other sectors 1526.2 1905.0
Long-term
Short-term 1526.2 1905.0
Loans 1019.4 27693.5 983.3 28134.0
Monetary authorities 1392.7 1419.7
Use of Fund credit & loans from the Fund
Other long-term 1392.7 1419.7
Short-term
General government 20953.7 20943.7
Long-term 20953.7 20943.7
Short-term
Banks 1019.4 2465.4 983.3 2484.9
Long-term 579.6 1700.9 561.0 2050.5
Short-term 439.8 764.5 422.3 434.4
Long-term 2881.7 3285.7
Short-term
Currency and deposits 16345.9 19445.4 16000.1 20978.3
Long-term 14900.0 16300.0
Short-term 3200.0 3200.0
General government
Banks 7722.9 1345.4 6944.1 1478.3
Other assets / Liabilities 1265.8 1254.1
Long-term 1265.8 1254.1
Short-term
General government
Banks
Long-term
Short-term
Other sectors
4-Reserves assets 16037.8 17096.8
25
*Preliminary
Table(3) Egypt's Coordinated Portofolio Investement Survey (CPIS) at end of June 2016
Breakdown of portfolio investment Assets by country of residence of the Issuers
(US$ millions)
Country of non-resident issuers Equities long-term debt securities short-term debt securities Total
Bahamas 14.3 14.3

Bahrain 12.4 7.7 20.1
Cayman Islands 9.8 9.8
China, P.R. Mainland 2.3 2.3
Ethiopia 3.4 3.4
France 6.2 21.6 3.9 31.7
Germany 2.4 2.4
India 0.2 0.2
Indonesia 8.3 8.3
Ireland 2.5 2.5
Italy 32.6 32.6
Japan 11.4 11.4
Jordan 2.0 2.1 4.1
Kuwait 0.1 0.1
Lebanon 5.3 6.0 0.7 12.0
Luxembourg 9.9 9.9
Malaysia 16.0 28.9 44.9
Malta 9.6 9.6
Mauritius 7.7 7.7
Morocco 0.3 0.3
Mozambique 0.9 0.9
Netherlands
Nigeria 11.0 11.0
Qatar 62.5 18.3 80.8
Saudi Arabia 273.2 29.4 13.4 316.0
Singapore 5.3 5.3
Sudan 1.7 1.7
Swaziland 5.4 5.4
Syrian Arab Republic 2.3 2.3
Tunisia 1.6 0.1 1.7
Turkey 5.1 0.1 5.2
United Arab Emirates 9.8 10.0 0.8 20.6
United Kingdom 44.5 40.9 9.3 94.7
United States 23.1 200.2 30.0 253.3
International Organizations 238.2 7.9 0.1 246.2
Total 752.8 420.2 99.7 1272.7
Table (4): Net International Reserves & Net Foreign Assets at Banks
US $ mn
End of June 2011 2012 2013 2014 2015 2016
Net International Reserves (1-2) 26564 15534 14936 16687 20082 17546
1-Gross Official Reserves 26593 15556 14960 16710 20104 17570
Gold 2743 3303 2463 2662 2420 2602
SDRs 1311 1243 1233 1274 1168 793
Foreign Currencies 22450 10926 11181 12695 16453 14128
Loans to IMF 89 84 83 79 63 47
2- Reserve Liabilities 29 22 24 23 22 24
Banks' Net Foreign Assets 17809 13462 12121 11452 3481 -4844
27
Assets 23312 18947 16885 16224 11450 9286
Liabilities 5503 5485 4764 4772 7969 14130
Table (5) External Debt by Type
(US$ mn)
End of June 2011 2012 2013 2014 2015 2016+
Total External Debt* 34905.7 34384.5 43233.4 46067.1 48062.9 55764.4

1- Medium & Long term debt : 32148.2 31482.6 36187.3 42416.1 45487.6 48746.7
Rescheduled bilateral debt ** 12860.6 10983.3 9479.5 8440.5 6242.9 5249.6
ODA 7271.6 6654.6 5915.1 5624.7 4637.2 4524.5
Non-ODA 5589.0 4328.7 3564.4 2815.8 1605.7 725.1
Other bilateral debt 5214.5 5074.2 5982.2 6104.0 5491.7 5399.9
Paris Club countries 4211.3 3960.7 3589.1 3646.1 2200.9 3553.5
Other countries 1003.2 1113.5 2393.1 2457.9 3290.8 1846.4
International & regional Organizations 10808.6 11068.1 11963.3 12228.6 12246.3 14089.9
Suppliers' & buyers' credits 426.0 405.0 586.4 546.4 1546.5 4018.9
Egyptian bonds and notes 2821.0 2900.7 5158.6 6085.3 4937.7 3493.0
Long- term deposits 0.0 1000.0 3000.0 9000.0 15000.0 16300.0
Private sector debt (non-guaranteed) 17.5 51.3 17.3 11.3 22.5 195.4
2- Short-term debt 2757.5 2901.9 7046.1 3651.0 2575.3 7017.7
Deposits 972.7 913.7 5293.4 1392.5 1295.3 1478.3
Other short-term facilities 1784.8 1988.2 1752.7 2258.5 1280.0 5539.4
28
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.
Table (6) External Debt Indicators
(%)

FY 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16
External Debt / Exports (G & S) % 71.4 74.8 87.9 105.5 108.6 160.3
Debt Service * (Principal & Interest) (US$ mn.) 2799.2 2903.8 3089.3 3198.9 5609.1 5084.7
Debt Service / Exports (G & S) % 5.7 6.3 6.3 7.3 12.7 14.6
Debt Service / Current Receipts % 4.5 4.5 4.5 4.3 8.5 9.9
Interest / Exports (G & S) % 1.3 1.4 1.3 1.6 1.5 2.4
External Debt /GDP (at current market prices) 15.2 12.4 16.3 15.4 14.8 18.1
Short-term Debt / External Debt 7.9 8.5 16.3 7.9 5.4 12.6
Short-term Debt / Net International Reserves 10.4 18.7 47.2 21.9 12.8 40.0
External Debt per capita (US$) 413.6 387.7 475.3 506.4 513.5 573.1
29
* includes interest payments on US dollar-denominated bonds and notes holding by nonresedents
Central Bank of Eygpt - External P0sition 30
Table (7) External Debt by Debtor
(US$ mn)
End of June 2015 % June 2016 * % Change (-) %
External Debt 48062.9 100.0 55764.4 100.0 7701.5 16.0

Total Medium- & Long-Term 45487.6 94.6 48746.7 87.4 3259.1 7.2
Total Short-Term 2575.3 5.4 7017.7 12.6 4442.4 172.5
Central & Local Government 25707.2 53.5 24436.7 43.9 (1270.5) (4.9)
Medium- & Long-Term 25707.2 53.5 24436.7 43.9 (1270.5) (4.9)
Bonds & Notes 4937.7 10.3 3493.0 6.3 (1444.7) (29.3)
Loans 20769.5 43.2 20943.7 37.6 174.2 0.8
Currency and Deposits
Other Liabilities
Short-Term 0.0 0.0 0.0 0.0 0.0 0.0
Money Market Instruments
Loans
Other Liabilities
Monetary Authority 16317.5 33.9 22173.8 39.6 5856.3 35.9
Medium- & Long-Term 16317.5 33.9 18973.8 33.9 2656.3 16.3
Bonds & Notes
Loans 56.7 0.1 1419.7 2.5 1363.0 2403.9
Currency and Deposits 15000.0 31.2 16300.0 29.2 1300.0 8.7
Other Liabilities 1260.8 2.6 1254.1 2.2 (6.7) (0.5)
Short-Term 0.0 0.0 3200.0 5.7 3200.0 0.0
Loans 0.0 0.0 3200.0 5.7 3200.0 0.0
Other Liabilities
Banks 2386.9 4.9 3963.2 7.2 1576.3 66.0
Medium- & Long-Term Loans 937.2 1.9 2050.5 3.7 1113.3 118.8
Bonds & Notes
Loans 937.2 1.9 2050.5 3.7 1113.3 118.8
Other Liabilities
Short-Term Loans 1449.7 3.0 1912.7 3.5 463.0 31.9
Loans 154.4 0.3 434.4 0.8 280.0 181.3
Other Liabilities
Other Sectors 3651.3 7.7 5190.7 9.3 1,539.4 42.2
Medium- & Long-Term 2525.7 5.3 3285.7 5.9 760.0 30.1
Loans from Direct Investors
Bonds & Notes
Trade Credits
Loans 2525.7 5.3 3285.7 5.9 760.0 30.1
Other Liabilities
Short-Term 1125.6 2.4 1905.0 3.4 779.4 69.2
Loans from Direct Investors
Trade Credits 1125.6 2.4 1905.0 3.4 779.4 69.2
Loans
Other Liabilities
* Provisional.
Table (8) Foreign Exchange Rates (In LE per foreign currency unit )

End of June 2015 June 2016
First: Interbank Rates *
Minimum 7.5301 8.7800
Maximum 7.5301 8.7800
Weighted average 7.5301 8.7800
Second : Market Rates Buy Sell Buy Sell
US Dollar 7.6061 7.6289 8.8571 8.8800
Euro 8.4527 8.4803 9.8172 9.8479
Pound Sterling 11.9386 11.9773 11.8960 11.9312
Swiss Franc 8.1375 8.1653 9.0434 9.0696

100 Japanese Yens 6.1884 6.2094 8.6226 8.6491
Saudi Riyal 2.0279 2.0347 2.3616 2.3680
Kuwaiti Dinar 25.1227 25.2395 29.3350 29.4342
UAE Dirham 2.0709 2.0771 2.4114 2.4183
Chinese Yuan 1.2250 1.2288 1.3331 1.3367
31
Source: CBE daily exchange rates.
* The interbank rates were launched on December 23, 2004.
Appendix II
Table Page
I- Outstanding External Debt
Outstanding Stock …………………………………………………………… 1 35
1. Medium & Long-term Public and Publicly Guaranteed External Debt ...... 2 37
a. Paris Club Bilateral Debt ……………………………………………. 3 39
(1) Rescheduled Debt………………………………………………… 4 40
(2) Non-Rescheduled Debt…………………………………............... 5 41
b. Supplier's Credit………………………………………………........... 6 43
c. Non-Paris Club Debt …………………………………………............ 7 44
d. Multilateral Institutions………………………………………………. 8 45
2. Medium & Long-term Private Sector, Non-Guaranteed ………………… 9 47
3. Short-Term Debt ……………………………............................................ 10 48
II- Disbursed and Undisbursed Amounts for Signed Loans & Deposits 11 49
III- Projected Medium-and Long-Term External Debt Service

Public and Publicly Guaranteed……………………………………………. 12 50
1. Paris Club Debt…………...…………………………………….......... 13 52
a. Rescheduled Debt ………………………………………….…....... 14 54
b. Non-Rescheduled Debt………… ……………………………….... 15 55
2. Supplier's Credit………………………………………………............ 16 56
3. Non-Paris Club Debt……………………………………………......... 17 57
4. Multilateral Institutions………………………………………............. 18 58
5. Projected Sovereign Notes ………………………………………....... 19 60
6. Projected Saudi Bond ………………………………………………... 20 61
7. Projected Euro-Medium Term Notes (EMTN)………………………. 21 62
8. Projected Global Medium Term Notes (GMTN)....…………………... 22 63
9. Projected Medium Term Loans for African Export – Import Bank 23 64
10. Projected Medium & Long-Term Deposits for Kuwait 24 65
11. Projected Medium Term Deposits for Libya 25 66
12. Projected Medium & Long-Term Deposits for Saudi Arabia 26 67
13. Projected Medium & Long-Term Deposits for United Arab Emirates 27 68
IV- Exchange Rates of the Currencies of External Debt Versus
US Dollar 28 69
Table ( 1 )
Outstanding Stock as at End of June

(US$ million)
Total Debt
2013 2014 2015 2016
1- Medium-and Long-Term Public
& Publicly Guaranteed Debt 36,169.96 42,404.75 45,465.09 48,551.33
A. Paris Club Debt 13,640.69 12,622.51 9,983.91 10,089.33
1-Rescheduled Debt 9,479.41 8,440.47 6,242.90 5,249.64
2-Non Rescheduled Debt 4,161.28 4,182.04 3,741.01 4,839.69
B- Supplier's Credit 14.26 10.52 6.33 5.81
C. Non-Paris Club Debt 2,393.09 2,457.86 3,290.82 4,573.31
(1)
D. Multilateral Institutions 11,963.31 12,228.58 12,246.30 14,089.93
E. Bonds &Notes 5,158.61 6,085.28 4,937.73 3,492.95
1-Guaranteed Notes 1,250.00 1,250.00 1,250.00 0.00
2-Sovereign Notes 908.61 835.28 837.73 797.78
3-Saudi Bond 500.00 500.00 500.00 500.00
4-Euro-Medium Term Notes ( E.M.T.N.) 2,500.00 3,500.00 1,000.00 1,000.00 (2)
5-Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,350.00 1,195.17 (3)
F. Deposits 3,000.00 9,000.00 15,000.00 16,300.00 (4)
2- Medium and Long-Term
Private Sector Non-Guaranteed 17.29 11.36 22.50 195.44
3- Short-Term Debt 7,046.13 3,651.02 2,575.34 7,017.66
Deposits (Non-Residents) 793.38 892.53 1,295.36 4,678.31 (5)
Trade Credits 1,752.75 2,258.49 1,125.64 1,904.97
Qatar Deposits 4,500.00 500.00 0.00 0.00
Loans 0.00 0.00 154.34 434.38
Grand Total 43,233.38 46,067.13 48,062.93 55,764.43
Using end of period exchange rate.
(1) Includes US$ 1,254.12 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.
(2) Representing the second subscription of Euro-Medium Term Notes ( E.M.T.N.) amounted US$ 1000 million due in July 2016 .
(3) Representing Global Medium Term Notes ( G.M.T.N.) with nominal value US$ 1500 million ( non-residents' subscriptions amounted US$ 1195.17 million).
(4) Representing Saudi, Libya, United Arab Emirates Kuwait & African Export-Import Bank deposits amounted to US$ 4800, 2000 ,5000 , 4000 and 500 million respectively .
(5) Includes African Export-Import Bank Treasury Deposits Amounted US$ 3,200 million .
Figure 1-1
External Debt
( US$bn )
60.5
55.5
50.5
45.5
40.5
35.5
30.5
25.5
2010 2011 2012 2013 2014 2015 2016
Figure 1-2
Figure 1-2 Medium-and Long-Term

Public and Publicly Guaranteed External Debt
Outstanding Stock as at End of June 2016
Supplier's Credit
Non-Paris Club Debt 0.02%
9.42% Paris Club Debt
20.78%
Deposits
33.57% Multilateral Institutions
29.02%
Bonds & Notes

7.19%
36
Table ( 2 )
Medium and Long-Term
Public & Publicly Guaranteed External Debt
(US$ million){1}
Total Debt
2013 2014 2015 2016
Creditor Countries
Germany 3,328.04 3,450.20 2,805.71 3,605.82

Japan 3,066.66 2,816.24 2,212.88 2,458.25
China 336.12 344.06 337.49 1,940.55
United States 2,537.61 2,284.82 2,026.01 1,761.16
France 2,686.98 2,363.06 1,588.48 1,198.86
Kuwait 939.45 988.87 901.21 918.26
Turkey 1,000.00 1,000.00 1,000.00 600.00
Italy 306.96 244.83 361.23 396.34
Bahrain 0.00 0.00 0.00 255.00
Spain 503.57 431.25 314.06 246.05
Saudi Arabia 95.71 103.98 103.08 129.30
Denmark 228.25 208.83 148.80 122.59
Austria 250.82 205.85 120.03 66.11
The Netherlands 82.38 83.89 65.93 63.17
Switzerland 257.18 207.39 133.33 60.03
Canada 134.74 112.19 78.61 52.66
Qatar 0.00 0.00 0.00 50.00
United Kingdom 113.10 100.63 66.51 31.72
Australia 92.68 69.98 37.48 12.68
Belgium 41.91 35.49 20.88 12.12
Finland 0.00 0.00 0.00 3.21
Sweden 19.69 14.84 7.70 2.70
Norway 4.39 3.55 2.60 1.67
{2}
Multilateral Institutions 11,963.31 12,228.58 12,246.30 14,089.93
Deposits , Bonds and Notes
{3}
Deposits 3,000.00 9,000.00 15,000.00 16,300.00
Global Medium Term Notes ( G.M.T.N.) 0.00 0.00 1,350.00 1,195.17
Euro-Medium Term Notes ( E.M.T.N.) 2500.00 3500.00 1000.00 1000.00
Sovereign Notes 908.61 835.28 837.73 797.78
Saudi Bond 500.00 500.00 500.00 500.00
Guaranteed Notes 1,250.00 1,250.00 1,250.00 0.00
Grand Total 36,169.96 42,404.75 45,465.09 48,551.33

(1) Using end of period exchange rate.
(2) Includes US$ 1,254.12 million representing SDR allocations by IMF to its member countries, Egypt’s share is SDR 898.45 MN.
(3) Representing Saudi, Libya, United Arab Emirates Kuwait & African Export-Import Bank deposits
amounted to US$ 4800, 2000 ,5000 , 4000 and 500 million respectively .
Figure 2

China
4%
Multilateral Institutions
29%
Deposits
34%
Others
6%
Kuwait
2% France
2%
United States
Bonds & Notes Japan Germany 4%
7% 5% 7%
38
Table ( 3 ) {1}
Public & Publicly Guaranteed External Debt By Creditor Country
Paris Club Debt
{2}
(US$ million)
Total Debt
Country
2013 2014 2015 2016
Germany 3,328.04 3,450.20 2,805.70 3,605.82
Japan 3,060.16 2,813.06 2,212.88 2,458.25
United States 2,537.61 2,284.82 2,026.01 1,761.16
France 2,686.98 2,363.06 1,588.48 1,198.86
Italy 306.83 244.74 361.17 396.33
Spain 503.57 431.25 314.06 246.05
Denmark 228.25 208.83 148.80 122.58
Austria 250.83 205.85 120.04 66.11
The Netherlands 82.38 83.89 65.93 63.17
Switzerland 257.18 207.39 133.33 60.04
Canada 127.09 104.93 72.34 46.87
United Kingdom 113.10 100.63 66.50 31.71
Australia 92.68 69.98 37.48 12.68
Belgium 41.91 35.49 20.88 12.12
Finland 0.00 0.00 0.00 3.21
Sweden 19.69 14.84 7.70 2.70
Norway 4.39 3.55 2.61 1.67
Grand Total 13,640.69 12,622.51 9,983.91 10,089.33

{1} This table sums up tables 4 and 5.
{2} Using end of period exchange rate.
Figure 3
Paris Club Debt
20.0
15.0
( US$bn )
10.0
5.0
0.0
2010 2011 2012 2013 2014 2015 2016
Table ( 4 )
Paris Club Debt
Rescheduled Debt
(US$ million){1}
Total Debt
Country
2013 2014 2015 2016
Japan 2,115.59 1,880.97 1,390.46 1,462.75

United States 2,110.54 1,887.42 1,658.28 1,423.11
Germany 1,803.31 1,837.24 1,444.66 1,385.09
France 1,830.53 1,494.20 862.29 459.42
Spain 338.42 267.55 189.11 107.31
Italy 210.38 167.71 119.31 70.08
The Netherlands 82.38 83.89 65.93 63.17
Austria 247.89 203.34 115.81 62.39
Denmark 104.30 98.66 71.44 60.83
Switzerland 241.20 193.72 120.62 49.81
Canada 127.09 104.93 72.34 46.87
United Kingdom 113.07 100.61 66.49 31.71
Australia 92.68 69.98 37.48 12.68
Belgium 38.04 31.93 18.40 10.06
Sweden 19.60 14.77 7.67 2.69
Norway 4.39 3.55 2.61 1.67
Grand Total 9,479.41 8,440.47 6,242.90 5,249.64

Figure 4
Paris Club Debt
Rescheduled Debt
15.0
( US$bn )
10.0
5.0
0.0
2010 2011 2012 2013 2014 2015 2016
Table ( 5 )
Paris Club Debt
Non-Rescheduled Debt
(US$ million){1}
Total Debt
Country
2013 2014 2015 2016
Germany 1,524.73 1,612.96 1,361.04 2,220.73

Japan 944.57 932.09 822.42 995.50
France 856.45 868.86 726.19 739.44
United States 427.07 397.40 367.73 338.05
Italy 96.45 77.03 241.86 326.25
Spain 165.15 163.70 124.95 138.74
Denmark 123.95 110.17 77.36 61.75
Switzerland 15.98 13.67 12.71 10.23
Austria 2.94 2.51 4.23 3.72
Finland 0.00 0.00 0.00 3.21
Belgium 3.87 3.56 2.48 2.06
Sweden 0.09 0.07 0.03 0.01
United Kingdom 0.03 0.02 0.01 0.00
Grand Total 4,161.28 4,182.04 3,741.01 4,839.69

Figure 5-1
Paris Club Debt
5,000
4,000
( US$mn )
3,000
2,000
1,000
0
2010 2011 2012 2013 2014 2015 2016
Figure 5-2

Paris Club Debt
48%
Rescheduled Debt
52%
42
Table ( 6 )
Supplier's Credit
{1}
(US$ million)
Total Debt
Country
2013 2014 2015 2016
Canada 7.64 7.25 6.27 5.79
Italy 0.12 0.09 0.06 0.02
Japan 6.50 3.18 0.00 0.00
Grand Total 14.26 10.52 6.33 5.81
Figure 6

Public &Publicly Guaranteed External Debt
Supplier's Credit
30.00
25.00
20.00
( US$mn )
15.00
10.00
5.00
0.00
2010 2011 2012 2013 2014 2015 2016
Table ( 7 )
Non-Paris Club Debt
(US$ million){1}
Total Debt
Country
2013 2014 2015 2016
{2}
China 336.12 344.06 337.49 1,940.55
Kuwait 939.45 988.87 901.21 918.26
Turkey 1,000.00 1,000.00 1,000.00 600.00
Bahrain 0.00 0.00 0.00 255.00
Saudi Arabia 95.72 103.98 103.08 129.30
Qatar 0.00 0.00 0.00 50.00
Grand Total 2,393.09 2,457.86 3,290.82 4,573.31

(2) Includes US$ 900 million representing China facility agreement .
Figure 7

Non-Paris Club Debt
5,000
4,000
( US$mn )
3,000
2,000
1,000
0
2010 2011 2012 2013 2014 2015 2016
Table ( 8 )
(US$ million){1}
Total Debt
Creditor
2013 2014 2015 2016
IBRD 3,296.22 3,566.03 4,260.71 5,105.81

African Development Bank 1,520.52 1,645.03 1,568.22 2,054.36
European Investment Bank 1,933.14 1,875.80 1,670.92 1,669.10
Arab Fund for Economic and Social Development 1,474.89 1,553.63 1,512.93 1,472.21
{2}
IMF 1,351.24 1,388.91 1,260.79 1,254.12
IDA 1,197.04 1,151.22 995.36 890.11
Arab Monetary Fund 345.24 267.00 134.99 519.17
Islamic Development Bank 212.92 227.06 287.79 320.06
OPEC 150.49 172.24 206.84 220.39
African Development Fund 209.98 205.91 176.02 176.08
International Fund for Agricultural Development 106.63 104.04 96.80 107.61
European Bank For Reconstruction and Development 0.00 0.00 0.00 107.03
Arab Trade Financing Program 65.00 64.90 56.69 73.84
African Export - Import Bank 0.00 0.00 0.00 70.00
Clean Technology Fund 0.00 6.81 18.24 50.04
Arab International Bank 100.00 0.00 0.00 0.00
Grand Total 11,963.31 12,228.58 12,246.30 14,089.93

(2) Representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.
Figure 8-1
15,000
( US$mn )
10,000
5,000
0
2010 2011 2012 2013 2014 2015 2016
Figure 8 - 2

IMF IDA European

9% 6% Investment Bank
12%
African Development Bank

15%
AFESD
10%
Others
IBRD 12%
36 %
46
Table ( 9 )
Private Sector Non-Guaranteed External Debt By Creditor Country
(US$ million){1}
Total Debt
Country
2013 2014 2015 2016
Multilateral Institutions 17.29 11.36 22.50 195.44
Grand Total 17.29 11.36 22.50 195.44

Figure 9

Private Sector Non-Guaranteed External Debt
200.00
180.00
160.00
140.00
( US$mn )
120.00
100.00
80.00
60.00
40.00
20.00
0.00
2010 2011 2012 2013 2014 2015 2016
Table ( 10 )
Short-Term Debt
(US$ million)
Total Debt
2013 2014 2015 2016
Short-Term Debt
{1}
Deposits (Non-Residents) 793.38 892.53 1,295.36 4,678.31
Trade Credits 1,752.75 2,258.49 1,125.64 1,904.97
Loans 0.00 0.00 154.34 434.38
Qatar Deposits 4,500.00 500.00 0.00 0.00
Grand Total 7,046.13 3,651.02 2,575.34 7,017.66
(1) Includes African Export-Import Bank Treasury Deposits Amounted US$ 3,200 million .
Figure 10
Short-Term Debt
8,000
7,000
6,000
5,000
( US$mn )
4,000
3,000
2,000
1,000
0
2010 2011 2012 2013 2014 2015 2016
Table ( 11 )
Disbursed and Undisbursed Amounts for Signed Loans and Deposit
from 1/7/2013 to 30/6/2016
(US$ million){1}
Signed Amount Disbursed Undisbursed
1- Medium and Long-Term Public
& Publicly Guaranteed Debt 29,504.69 19,792.64 9,813.52
A. Paris Club Debt 5,779.19 1,328.38 4,450.81

Non-Rescheduled Debt 5,779.19 1,328.38 4,450.81
B. Non-Paris Club Debt 3,428.97 2,603.57 825.40
C. Multilateral Institutions 6,796.53 2,360.69 4,537.31
D. Deposits 13,500.00 13,500.00 0.00
2- Medium and Long-Term Private 412.06 249.51 162.55

Sector Non-Guaranteed Debt
Grand Total 29,916.75 20,042.15 9,976.07

Figure 11
Medium and Long-Term Disbursed and Undisbursed Amounts

for Signed Loans and Deposits
from 1/7/2009 to 30/6/2016
12,000.00
10,000.00
( US$mn )
8,000.00
6,000.00
4,000.00
2,000.00
0.00
2010 2011 2012 2013 2014 2015 2016
Signed Loans and Deposit Disbursed Undisbursed

Table ( 12 )
Projected Medium and Long-Term Public & Publicly Guaranteed
External Debt Service
as of July 1, 2016
(1)
(US$ million)
Period Principal Interest Total Period Principal Interest Total
(2)
2016/H2 3192.92 481.86 3,674.78 2034/H1 144.69 19.87 164.56
(3)
2017/H1 2426.23 436.81 2,863.04 2034/H2 132.22 18.95 151.18
2017/H2 1948.25 436.48 2,384.73 2035/H1 123.81 18.17 141.98
(4)
2018/H1 4654.36 396.98 5,051.34 2035/H2 118.13 17.41 135.54
2018/H2 (5) 7506.18 372.78 7,878.97 2036/H1 91.60 16.72 108.33
(6)
2019/H1 3820.15 330.02 4,150.17 2036/H2 90.52 16.20 106.72
2019/H2 1560.26 290.85 1,851.11 2037/H1 77.94 15.68 93.62
2020/H1 (7) 4206.38 266.92 4,473.30 2037/H2 72.59 15.20 87.79
2020/H2 1413.53 215.07 1,628.60 2038/H1 59.10 14.73 73.83
2021/H1 1532.39 191.23 1,723.63 2038/H2 38.46 14.48 52.93
2021/H2 1134.49 178.08 1,312.57 2039/H1 28.63 14.32 42.95
2022/H1 969.37 159.59 1,128.96 2039/H2 28.15 14.21 42.36
2022/H2 966.69 153.24 1,119.93 2040/H1(9) 405.11 14.10 419.21
2023/H1 894.52 138.04 1,032.56 2040/H2 24.77 0.99 25.77
2023/H2 920.76 131.67 1,052.42 2041/H1 18.00 0.89 18.89
2024/H1 803.11 116.56 919.67 2041/H2 17.71 0.83 18.55
2024/H2 692.45 111.13 803.59 2042/H1 16.30 0.76 17.06
2025/H1 (8) 1852.84 101.15 1,953.99 2042/H2 14.39 0.71 15.10
2025/H2 648.56 62.81 711.37 2043/H1 13.96 0.65 14.62
2026/H1 617.02 54.15 671.18 2043/H2 13.20 0.61 13.81
2026/H2 590.18 50.59 640.77 2044/H1 9.82 0.56 10.38
2027/H1 374.09 43.63 417.71 2044/H2 9.35 0.52 9.88
2027/H2 352.87 42.44 395.31 2045/H1 8.50 0.49 8.99
2028/H1 288.53 38.27 326.80 2045/H2 8.33 0.46 8.79
2028/H2 288.71 36.85 325.57 2046/H1 7.51 0.43 7.93
2029/H1 254.52 33.76 288.28 2046/H2 5.72 0.40 6.12
2029/H2 247.87 32.29 280.15 2047/H1 4.60 0.38 4.98
2030/H1 222.60 30.02 252.62 2047/H2 4.44 0.37 4.81
2030/H2 215.68 28.62 244.30 2048/H1 3.79 0.35 4.14
2031/H1 197.66 27.11 224.77 2048/H2 3.42 0.34 3.76
2031/H2 195.59 25.77 221.37 2049/H1 1.28 0.32 1.60
2032/H1 191.89 24.49 216.38 2049/H2 0.82 0.32 1.14
2032/H2 188.38 23.21 211.58 2050/H1 0.65 0.31 0.96
2033/H1 177.96 21.98 199.94 2050/H2 0.40 0.32 0.71
2033/H2 152.28 20.81 173.10
(10) (11)
Grand Total 47,297.21 5,326.36 52,623.57
(1) The exchange rate of June 30, 2016 .
(2) Includes US$ 1000.00 million Euro-Medium Term Notes ( E.M.T.N.) maturing 2016.
(3) Includes US$ 500.00 million Saudi bond maturing 2017.
(4) Includes US$ 3098.67 million deposits maturing 2018.
(5) Includes US$ 6100.00 million deposits maturing 2018.
(6) Includes US$ 2433 million deposits maturing 2019.
(7) Includes US$ 419.56 million sovereign notes & US$ 2435 million deposits maturing 2020.
(8) Includes US$ 1195.17 million Global Medium Term Notes ( G.M.T.N.) maturing 2025.
(9) Includes US$ 378.22 million sovereign notes maturing 2040.
(10) Excludes US$ 1254.12 million representing SDR allocation by IMF to its member countries, Egypt’s share is SDR 898.45 MN.
(11) Includes US$ 21.85 million representing forecast interest of SDR allocation.
Figure 12
Medium and Long-Term Public and Publicly Guaranteed External Debt

US$ mn Service as of July 1 , 2016
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Principal Interest Total
51
Table ( 13 )
Paris Club Debt
as of July 1, 2016
(US$ million){1}
2016/H2 832.51 98.05 930.56 2034/H1 34.93 1.85 36.77
2017/H1 417.80 85.46 503.26 2034/H2 33.68 1.72 35.40
2017/H2 449.30 88.96 538.26 2035/H1 32.90 1.59 34.50
2018/H1 433.48 75.38 508.86 2035/H2 31.66 1.47 33.13
2018/H2 465.25 78.47 543.72 2036/H1 29.65 1.35 31.01
2019/H1 597.23 65.18 662.41 2036/H2 28.77 1.24 30.01
2019/H2 672.26 66.22 738.48 2037/H1 26.71 1.13 27.84
2020/H1 635.10 52.47 687.57 2037/H2 25.91 1.03 26.95
2020/H2 565.79 52.45 618.24 2038/H1 24.67 0.94 25.61
2021/H1 483.40 40.42 523.82 2038/H2 22.19 0.85 23.05
2021/H2 471.51 40.71 512.22 2039/H1 19.20 0.77 19.97
2022/H1 307.74 30.22 337.96 2039/H2 18.76 0.70 19.46
2022/H2 327.38 31.98 359.36 2040/H1 18.11 0.64 18.75
2023/H1 255.13 24.42 279.55 2040/H2 17.70 0.57 18.27
2023/H2 269.62 25.92 295.54 2041/H1 16.22 0.51 16.73
2024/H1 252.77 19.52 272.29 2041/H2 15.93 0.45 16.38
2024/H2 270.29 20.56 290.85 2042/H1 14.51 0.40 14.91
2025/H1 253.46 14.70 268.17 2042/H2 12.61 0.34 12.95
2025/H2 275.06 15.06 290.12 2043/H1 12.18 0.30 12.48
2026/H1 255.83 9.89 265.72 2043/H2 11.88 0.26 12.13
2026/H2 272.34 9.39 281.72 2044/H1 8.97 0.21 9.18
2027/H1 82.29 4.83 87.12 2044/H2 8.50 0.18 8.68
2027/H2 100.75 5.99 106.74 2045/H1 7.65 0.15 7.80
2028/H1 70.38 4.01 74.39 2045/H2 7.47 0.12 7.59
2028/H2 81.81 4.66 86.47 2046/H1 6.65 0.10 6.75
2029/H1 63.25 3.45 66.70 2046/H2 4.86 0.07 4.94
2029/H2 63.27 3.67 66.94 2047/H1 3.74 0.06 3.80
2030/H1 52.71 3.02 55.73 2047/H2 3.59 0.04 3.63
2030/H2 62.60 3.03 65.62 2048/H1 3.20 0.03 3.23
2031/H1 42.91 2.68 45.59 2048/H2 3.17 0.02 3.19
2031/H2 42.47 2.54 45.00 2049/H1 1.03 0.01 1.04
2032/H1 41.63 2.39 44.02 2049/H2 0.57 0.01 0.57
2032/H2 40.24 2.25 42.49 2050/H1 0.40 0.00 0.40
2033/H1 37.39 2.11 39.50 2050/H2 0.40 0.00 0.40
2033/H2 36.08 1.98 38.05
Grand Total 10,089.33 1,011.18 11,100.51
{1} The exchange rate of June 30, 2016 .
Figure 13
Medium and Long-Term Public and Publicly Guaranteed External Debt

Service as of July 1 , 2016
Paris Club Debt
US$ mn
1600
1400
1200
1000
800
600
400
200
53
2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050

Table ( 14 )
External Debt Service as of July 1, 2016
Paris Club Debt
Rescheduled Debt
(US$ million){1}
2016/H2 653.43 62.10 715.53 2022/H1 154.10 19.63 173.72
2017/H1 277.82 57.58 335.40 2022/H2 156.45 17.62 174.08
2017/H2 281.25 53.50 334.75 2023/H1 158.83 15.92 174.75
2018/H1 295.11 50.49 345.60 2023/H2 161.25 13.89 175.14
2018/H2 298.62 46.25 344.87 2024/H1 163.48 12.09 175.58
2019/H1 300.50 42.92 343.42 2024/H2 161.43 10.07 171.50
2019/H2 304.10 38.70 342.80 2025/H1 163.79 8.16 171.95
2020/H1 306.07 35.24 341.30 2025/H2 166.38 6.09 172.47
2020/H2 309.75 31.12 340.87 2026/H1 168.81 4.20 173.01
2021/H1 312.03 27.40 339.43 2026/H2 168.28 1.91 170.19
2021/H2 288.16 23.21 311.37

Grand Total 5,249.64 578.10 5,827.74
Table ( 15 )
Paris Club Debt
(US$ million){1}
2016/H2 179.09 35.94 215.03 2034/H1 34.93 1.85 36.77
2017/H1 139.98 27.87 167.85 2034/H2 33.68 1.72 35.40
2017/H2 168.05 35.46 203.51 2035/H1 32.90 1.59 34.50
2018/H1 138.37 24.89 163.25 2035/H2 31.66 1.47 33.13
2018/H2 166.63 32.22 198.85 2036/H1 29.65 1.35 31.01
2019/H1 296.73 22.26 318.99 2036/H2 28.77 1.24 30.01
2019/H2 368.16 27.52 395.68 2037/H1 26.71 1.13 27.84
2020/H1 329.03 17.24 346.27 2037/H2 25.91 1.03 26.95
2020/H2 256.03 21.34 277.37 2038/H1 24.67 0.94 25.61
2021/H1 171.37 13.02 184.39 2038/H2 22.19 0.85 23.05
2021/H2 183.35 17.50 200.85 2039/H1 19.20 0.77 19.97
2022/H1 153.64 10.59 164.24 2039/H2 18.76 0.70 19.46
2022/H2 170.93 14.35 185.28 2040/H1 18.11 0.64 18.75
2023/H1 96.30 8.50 104.80 2040/H2 17.70 0.57 18.27
2023/H2 108.37 12.03 120.40 2041/H1 16.22 0.51 16.73
2024/H1 89.29 7.43 96.72 2041/H2 15.93 0.45 16.38
2024/H2 108.87 10.49 119.36 2042/H1 14.51 0.40 14.91
2025/H1 89.67 6.55 96.22 2042/H2 12.61 0.34 12.95
2025/H2 108.68 8.97 117.65 2043/H1 12.18 0.30 12.48
2026/H1 87.03 5.69 92.71 2043/H2 11.88 0.26 12.13
2026/H2 104.06 7.47 111.53 2044/H1 8.97 0.21 9.18
2027/H1 82.29 4.83 87.12 2044/H2 8.50 0.18 8.68
2027/H2 100.75 5.99 106.74 2045/H1 7.65 0.15 7.80
2028/H1 70.38 4.01 74.39 2045/H2 7.47 0.12 7.59
2028/H2 81.81 4.66 86.47 2046/H1 6.65 0.10 6.75
2029/H1 63.25 3.45 66.70 2046/H2 4.86 0.07 4.94
2029/H2 63.27 3.67 66.94 2047/H1 3.74 0.06 3.80
2030/H1 52.71 3.02 55.73 2047/H2 3.59 0.04 3.63
2030/H2 62.60 3.03 65.62 2048/H1 3.20 0.03 3.23
2031/H1 42.91 2.68 45.59 2048/H2 3.17 0.02 3.19
2031/H2 42.47 2.54 45.00 2049/H1 1.03 0.01 1.04
2032/H1 41.63 2.39 44.02 2049/H2 0.57 0.01 0.57
2032/H2 40.24 2.25 42.49 2050/H1 0.40 0.00 0.40
2033/H1 37.39 2.11 39.50 2050/H2 0.40 0.00 0.40
2033/H2 36.08 1.98 38.05
Grand Total 4,839.69 433.08 5,272.77
Table ( 16 )
Supplier's Credit
as of July 1, 2016
(US$ million){1}
2016/H2 0.15 0.00 0.15 2028/H2 0.13 0.00 0.13
2017/H1 0.13 0.00 0.13 2029/H1 0.13 0.00 0.13
2017/H2 0.13 0.00 0.13 2029/H2 0.13 0.00 0.13
2018/H1 0.13 0.00 0.13 2030/H1 0.13 0.00 0.13
2018/H2 0.13 0.00 0.13 2030/H2 0.13 0.00 0.13
2019/H1 0.13 0.00 0.13 2031/H1 0.13 0.00 0.13
2019/H2 0.13 0.00 0.13 2031/H2 0.13 0.00 0.13
2020/H1 0.13 0.00 0.13 2032/H1 0.13 0.00 0.13
2020/H2 0.13 0.00 0.13 2032/H2 0.13 0.00 0.13
2021/H1 0.13 0.00 0.13 2033/H1 0.13 0.00 0.13
2021/H2 0.13 0.00 0.13 2033/H2 0.13 0.00 0.13
2022/H1 0.13 0.00 0.13 2034/H1 0.13 0.00 0.13
2022/H2 0.13 0.00 0.13 2034/H2 0.13 0.00 0.13
2023/H1 0.13 0.00 0.13 2035/H1 0.13 0.00 0.13
2023/H2 0.13 0.00 0.13 2035/H2 0.13 0.00 0.13
2024/H1 0.13 0.00 0.13 2036/H1 0.13 0.00 0.13
2024/H2 0.13 0.00 0.13 2036/H2 0.13 0.00 0.13
2025/H1 0.13 0.00 0.13 2037/H1 0.13 0.00 0.13
2025/H2 0.13 0.00 0.13 2037/H2 0.04 0.00 0.04
2026/H1 0.13 0.00 0.13 2038/H1 0.04 0.00 0.04
2026/H2 0.13 0.00 0.13 2038/H2 0.04 0.00 0.04
2027/H1 0.13 0.00 0.13 2039/H1 0.04 0.00 0.04
2027/H2 0.13 0.00 0.13
2028/H1 0.13 0.00 0.13
Grand Total 5.81 0.00 5.81
Table ( 17 )
Non-Paris Club Debt
(US$ million){1}

2016/H2 283.53 71.96 355.49 2027/H2 26.36 1.69 28.05
2017/H1 311.98 78.40 390.38 2028/H1 23.56 1.33 24.89
2017/H2 293.12 75.19 368.32 2028/H2 17.17 1.01 18.18
2018/H1 487.96 72.80 560.76 2029/H1 7.43 0.79 8.22
2018/H2 331.59 63.46 395.05 2029/H2 5.18 0.71 5.89
2019/H1 252.78 57.47 310.25 2030/H1 5.18 0.66 5.83
2019/H2 248.94 51.70 300.64 2030/H2 5.18 0.61 5.78
2020/H1 260.09 46.69 306.78 2031/H1 5.18 0.55 5.73
2020/H2 337.55 41.12 378.67 2031/H2 5.28 0.50 5.78
2021/H1 220.08 33.98 254.06 2032/H1 5.28 0.45 5.73
2021/H2 187.24 29.11 216.35 2032/H2 5.28 0.40 5.67
2022/H1 205.07 25.34 230.41 2033/H1 4.54 0.34 4.88
2022/H2 190.48 21.01 211.49 2033/H2 3.81 0.30 4.11
2023/H1 201.04 17.12 218.16 2034/H1 3.81 0.26 4.07
2023/H2 232.10 12.94 245.04 2034/H2 3.81 0.22 4.03
2024/H1 148.63 7.73 156.35 2035/H1 3.81 0.18 3.99
2024/H2 45.58 4.80 50.37 2035/H2 3.81 0.15 3.95
2025/H1 49.22 4.01 53.23 2036/H1 2.15 0.11 2.26
2025/H2 36.69 3.49 40.18 2036/H2 2.15 0.09 2.24
2026/H1 46.82 2.96 49.78 2037/H1 2.15 0.06 2.22
2026/H2 29.44 2.48 31.92 2037/H2 2.15 0.04 2.20
2027/H1 27.98 2.07 30.05 2038/H1 2.15 0.02 2.17

Grand Total 4,573.31 736.28 5,309.59
Table ( 18 )
(US$ million){1}
2016/H2 476.72 108.94 585.66 2033/H2 105.82 4.76 110.58
2017/H1 596.32 105.47 701.78 2034/H1 94.60 4.02 98.61
2017/H2 605.69 100.02 705.70 2034/H2 86.97 3.39 90.36
2018/H1 634.12 94.46 728.57 2035/H1 82.53 2.80 85.33
2018/H2 609.21 88.77 697.99 2035/H2 59.66 2.26 61.92
2019/H1 537.01 83.05 620.07 2036/H1 59.47 1.87 61.34
2019/H2 538.93 78.21 617.13 2036/H2 48.95 1.48 50.44
2020/H1 456.50 73.38 529.88 2037/H1 44.48 1.12 45.60
2020/H2 510.05 69.16 579.21 2037/H2 32.23 0.77 33.00
2021/H1 495.44 64.54 559.98 2038/H1 16.22 0.62 16.85
2021/H2 475.61 60.15 535.76 2038/H2 9.39 0.55 9.94
2022/H1 456.42 55.92 512.35 2039/H1 9.39 0.51 9.90
2022/H2 448.70 52.15 500.84 2039/H2 8.78 0.46 9.24
2023/H1 438.21 48.39 486.60 2040/H1 7.07 0.42 7.49
2023/H2 418.90 44.69 463.60 2040/H2 1.79 0.38 2.17
2024/H1 401.58 41.20 442.78 2041/H1 1.79 0.38 2.17
2024/H2 376.45 37.67 414.12 2041/H2 1.79 0.37 2.16
2025/H1 354.85 34.32 389.17 2042/H1 1.79 0.37 2.15
2025/H2 336.68 31.26 367.94 2042/H2 1.79 0.35 2.14
2026/H1 314.23 28.30 342.54 2043/H1 1.33 0.35 1.68
2026/H2 288.27 25.73 314.00 2043/H2 0.86 0.34 1.20
2027/H1 263.69 23.72 287.41 2044/H1 0.86 0.34 1.20
2027/H2 225.63 21.76 247.39 2044/H2 0.86 0.34 1.19
2028/H1 194.46 19.93 214.39 2045/H1 0.86 0.34 1.19
2028/H2 189.60 18.19 207.79 2045/H2 0.86 0.33 1.19
2029/H1 183.70 16.52 200.23 2046/H1 0.86 0.33 1.19
2029/H2 179.29 14.90 194.19 2046/H2 0.86 0.32 1.18
2030/H1 164.58 13.35 177.93 2047/H1 0.86 0.33 1.18
2030/H2 147.77 11.99 159.76 2047/H2 0.59 0.32 0.91
2031/H1 149.44 10.87 160.32 2048/H1 0.25 0.32 0.57
2031/H2 147.72 9.74 157.45 2048/H2 0.25 0.31 0.57
2032/H1 144.85 8.65 153.50 2049/H1 0.25 0.32 0.57
2032/H2 142.72 7.56 150.29 2049/H2 0.25 0.31 0.56
2033/H1 135.90 6.53 142.42 2050/H1 0.00 0.32 0.32
2033/H1 112.27 5.54 117.80 2050/H2 0.00
(2) (3)
Grand Total 12,835.81 1,546.83 14,382.64
(2) Excludes US$ 1,254.12 million representing SDR allocations by IMF to its member countries; Egypt’s share is SDR 898.45 MN.
(3) Includes US$ 21.85 million representing forecast interest of SDR allocation.
Figure 18
Total Medium and Long-Term Public and Publicly Guaranteed External Debt Service
as of July 1, 2016
US$ mn
1600
1400
1200
1000
800
600
400
200
0
2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050
59
Table ( 19)
(*)
Projected Sovereign Notes
Debt Service as of Julyl 1, 2016
(US$ million)

2016/H2 0.00 25.06 25.06 2028/H2 0.00 13.00 13.00
2017/H1 0.00 25.06 25.06 2029/H1 0.00 13.00 13.00
2017/H2 0.00 25.06 25.06 2029/H2 0.00 13.00 13.00
2018/H1 0.00 25.06 25.06 2030/H1 0.00 13.00 13.00
2018/H2 0.00 25.06 25.06 2030/H2 0.00 13.00 13.00
2019/H1 0.00 25.06 25.06 2031/H1 0.00 13.00 13.00
2019/H2 0.00 25.06 25.06 2031/H2 0.00 13.00 13.00
2020/H1 419.56 25.06 444.62 2032/H1 0.00 13.00 13.00
2020/H2 0.00 13.00 13.00 2032/H2 0.00 13.00 13.00
2021/H1 0.00 13.00 13.00 2033/H1 0.00 13.00 13.00
2021/H2 0.00 13.00 13.00 2033/H2 0.00 13.00 13.00
2022/H1 0.00 13.00 13.00 2034/H1 0.00 13.00 13.00
2022/H2 0.00 13.00 13.00 2034/H2 0.00 13.00 13.00
2023/H1 0.00 13.00 13.00 2035/H1 0.00 13.00 13.00
2023/H2 0.00 13.00 13.00 2035/H2 0.00 13.00 13.00
2024/H1 0.00 13.00 13.00 2036/H1 0.00 13.00 13.00
2024/H2 0.00 13.00 13.00 2036/H2 0.00 13.00 13.00
2025/H1 0.00 13.00 13.00 2037/H1 0.00 13.00 13.00
2025/H2 0.00 13.00 13.00 2037/H2 0.00 13.00 13.00
2026/H1 0.00 13.00 13.00 2038/H1 0.00 13.00 13.00
2026/H2 0.00 13.00 13.00 2038/H2 0.00 13.00 13.00
2027/H1 0.00 13.00 13.00 2039/H1 0.00 13.00 13.00
2027/H2 0.00 13.00 13.00 2039/H2 0.00 13.00 13.00
2028/H1 0.00 13.00 13.00 2040/H1 378.22 13.00 391.22
Grand Total 797.78 720.48 1,518.26
(*) Consists of Two Notes
The Sovereign Note Nominal Value Amounted US$ 1000 MM , Interest Rate is Fixed 5.75 % issued on 29/4/2010 and due on 29/4/2020 .
The Sovereign Note Nominal Value Amounted US$ 500 MM , Interest Rate is Fixed 6.875 issued on 30/4/2010 and due on 30/4/2040 .
Table ( 20 )
Projected Saudi Bond (*)

Debt Service as of July 1, 2016
(US$ million)
Period Principal Interest Total
2016/H2 0.00 12.50 12.50
2017/H1 500.00 12.50 512.50

Grand Total 500.00 25.00 525.00
(*) The Applicable Interest Rate is Fixed : 5.00 % , issued on 1/6/2012 and due on 1/6/2017 .
Table ( 21 )
(*)
Projected Euro-Medium Term Notes ( E.M.T.N.)
Debt Service as of July 1, 2016
(US$ million)
2016/H2 1,000.00 17.50 1,017.50
Grand Total 1,000.00 17.50 1,017.50
(*) The Applicable Interest Rate is Fixed : 3.50 % , issued on 1/7/2013 and due on 1/7/2016 .
Table ( 22 )
Projected Global Medium Term Notes (G.M.T.N.) (*)
Debt Service as of July1, 2016
(US$ million)
2016/H2 0.00 35.11 35.11

2017/H1 0.00 35.11 35.11
2017/H2 0.00 35.11 35.11
2018/H1 0.00 35.11 35.11
2018/H2 0.00 35.11 35.11
2019/H1 0.00 35.11 35.11
2019/H2 0.00 35.11 35.11
2020/H1 0.00 35.11 35.11
2020/H2 0.00 35.11 35.11
2021/H1 0.00 35.11 35.11
2021/H2 0.00 35.11 35.11
2022/H1 0.00 35.11 35.11
2022/H2 0.00 35.11 35.11
2023/H1 0.00 35.11 35.11
2023/H2 0.00 35.11 35.11
2024/H1 0.00 35.11 35.11
2024/H2 0.00 35.11 35.11
2025/H1 1,195.17 35.11 1,230.28
Grand Total 1,195.17 631.98 1,827.15
(*)The Global Medium Term Notes (G.M.T.N.) Nominal Value Amounted US$ 1500 MM ,The Applicable
Interest Rate is Fixed : 5.875 % , issued on 11/6/2015 and due on 11/6/2025 .
Table ( 23 )
Projected Medium Term Loans for African Export-Import Bank
as of July 1, 2016
(US$ million)
2016/H2 0.00 4.14 4.14
2017/H1 0.00 4.11 4.11
2017/H2 0.00 4.14 4.14
2018/H1 500.00 4.11 504.11
(*)
Grand Total 500.00 16.50 516.50
(*) Applicable Interest Rate is Fixed 1.65 % , deposited on 31/5/2016 and due on 31/5/2018 (Interest Paid on Quarterly basis).
Table ( 24 )
Projected Medium and Long-Term Deposits for Kuwait

as of July 1, 2016
(US$ million)
2016/H2 0.00 42.48 42.48
2017/H1 0.00 25.28 25.28
2017/H2 0.00 42.53 42.53
2018/H1 666.00 25.28 691.28
2018/H2 2,000.00 34.02 2,034.02
2019/H1 667.00 16.86 683.86
2019/H2 0.00 8.48 8.48
2020/H1 667.00 8.48 675.48
(*)
Grand Total 4,000.00 203.40 4,203.40
(*) Consists of Two Deposits :

The First Deposit Amounted US$ 2000 MM , Interest Rate is Libor 12 months deposited on 24/9/2013 and
due on 24/9/2018 Paid on annual basis .
The Second Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 21/4/2015 and due on 21/4/2018, 21/4/2019
and 21/4/2020 ( Three installment) Interest Paid on Semi-annual basis.
Table ( 25 )
Projected Medium Term Deposits for Libya
as of July 1, 2016
(US$ million)
2016/H2 500.00 0.00 500.00
2017/H1 500.00 0.00 500.00
2017/H2 500.00 0.00 500.00
2018/H1 500.00 0.00 500.00
(*)
Grand Total 2,000.00 0.00 2,000.00
(*) No Interest Rate, deposited on 12/4/2013 and due from 11/7/2016 up to 11/4/2018 Quarterly (Each quarter amount: US$ 250 MM).
Table ( 26 )
Projected Medium and Long-Term Deposits for Saudi Arabia
as of July 1, 2016
(US$ million)
2016/H2 100.00 28.00 128.00
2017/H1 100.00 27.50 127.50
2017/H2 100.00 27.35 127.35
2018/H1 766.00 26.87 792.87
2018/H2 2,100.00 18.24 2,118.24
2019/H1 766.00 17.81 783.81
2019/H2 100.00 9.14 109.14
2020/H1 768.00 8.81 776.81
(*)
Grand Total 4,800.00 163.72 4,963.72
(*) Consists of Three Deposits :

The First Deposit Amounted US$ 1000 MM (Outstanding now is US$ 800 MM) , Interest Rate is Libor 3 months deposited on 9/5/2012
and due from 9/11/2015 up to 9/5/2020 (Equal 10 semiannual installment, USD 100 MM).
The Second Deposit Amounted US$ 2000 MM , no Interest Rate deposited on 19/7/2013 and due on 19/7/2018.
The Third Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 22/4/2018, 22/4/2019
Table ( 27 )
Projected Medium and Long-Term Deposits for United Arab Emirates
as of July 1, 2016
(US$ million)
2016/H2 0.00 38.13 38.13
2017/H1 0.00 37.92 37.92
2017/H2 0.00 38.13 38.13
2018/H1 666.67 37.92 704.58
2018/H2 2,000.00 29.65 2,029.65
2019/H1 1,000.00 29.47 1,029.47
2019/H2 0.00 16.94 16.94
2020/H1 1,000.00 16.92 1,016.92
2020/H2 0.00 4.24 4.24
2021/H1 333.33 4.19 337.52
(*)
Grand Total 5,000.00 253.50 5,253.50
(*) Consists of Three Deposits :

The First Deposit Amounted US$ 2000 MM , no Interest Rate deposited on 17/7/2013 and due on 17/7/2018
The Second Deposit Amounted US$ 2000 MM , Interest Rate is Fixed 2.50 % deposited on 22/4/2015 and due on 22/4/2018, 22/4/2019
The Thered Deposit Amounted US$ 1000 MM , Interest Rate is Fixed 2.50 % deposited on 31/5/2016 and due on 30/5/2019, 30/5/2020
and 30/5/2021 (Three installment) Interest Paid on Semi-annual basis.
Table ( 28 )
Exchange Rates of the Currencies of External Debt Versus US Dollar
as at End of June
Country Currency 2013 2014 2015 2016
United States USD 1.00 1.00 1.00 1.00
Switzerland CHF 0.95 0.88 0.94 0.98
Denmark DKK 5.82 5.41 6.71 6.71
Egypt EGP 6.78 6.95 7.52 8.77
Sweden SEK 6.53 6.49 8.32 8.51
Japan JPY 94.25 103.23 122.90 102.70
India INR 54.39 60.03 63.92 67.74
United Kingdom GBP 0.66 0.60 0.64 0.75
Canada CAD 1.02 1.10 1.24 1.30
Australia AUD 0.96 1.08 1.31 1.35
Norway NOK 5.85 5.99 7.91 8.43
Euro EURO 0.78 0.73 0.90 0.90
Special Drawing Rights SDR 0.67 0.65 0.71 0.72
Kuwait KWD 0.29 0.28 0.30 0.30
United Arab Emirates AED 3.67 3.67 3.67 3.67
Saudi Arabia SAR 3.75 3.75 3.75 3.75

Appendix III
Box Page
I- Egypt's Subscription to SDDS and Data Quality Dimensions……………… 1 73
II- Egypt's Data Quality Dimensions…………………………………………... 2 74
III- Doing Business in Egypt…………………………………………………… 3 75
IIII- Tourism Market Diversification …. ………………………………………. 4 76
- Glossary……………………………………………………………………. 77
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 category,
providing coverage for 4 sectors (real, financial, fiscal and external) of the economy and
prescribes minimum timeliness and frequency standard, summarized in 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 that cover 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). Also, these data are included in the CBE main
publications; quarterly Economic Review, Annual Report and monthly Bulletins. As the title
indicates, 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) Quarterly 1 quarters
External debt Quarterly 1 Quarter
Exchange rates Daily *No timeliness standard set
Source: IMF Statistics 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 (BBSC 2016) will be an appropriate way to show how reliable are the Egyptian
official data.
Egypt ranked 15th on World Bank's Bulletin Board on Statistical Capacity index on 147 developing
countries and 1st on the MENA and African regions, with an overall statistical capacity index of 87.8
points, compared to 91.1 in 2015. This score puts Egypt among the top 15 country group score list,
ranging between 90-100 points. These countries can be distinguished and noticed easily on the map
by countries colored dark green, as shown above.
Statistical Capacity Indicator 2015

(on a scale of 0-100)
Indicator Egypt All Countries
Overall 87.8 69.0
Methodology 80 58.4
Source Data 100 67.0
Periodicity & timeliness 83.3 81.7
A country's statistical capacity means its ability to extract and publish reliable and timely statistical
data, easily accessible by the public. The statistical capacity index, issued annually by the World
Bank, consists of three sub-indicators which include; 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 can be accessed by the public. It is
worth mentioning that, aiming to improve the statistical capacity of 147 developing countries, the
World Bank provides information on various aspects of national statistical systems through the
BBSC indicator at its website.
0 20 40 60 80 100
Overall
Methodology
Source Data
Periodicity & Timeliness
Egypt All Countries
As can be seen from the table and its 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, 2016.
Box. (3): Doing Business in Egypt:

One of the most important indices and reports that is closely related to investment climate and
investor’s decisions is Doing Business. The Report 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 190 economies worldwide. The 2017 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.
Doing Business encompasses 2 types of data. The first is “Legal scoring indicators” that provides a
measure of legal provisions in the laws and regulations. The other 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 nations (the ease of doing
business ranking) and over time (the distance to frontier score), Doing Business encourages
countries to compete towards more efficient regulation; offers measurable benchmarks for reform;
and serves as a resource for policymakers and other interested parties.
Topic Rankings 2017 Rank 2016 Rank Change in Rank

Overall index 122 131 +9
Distance to frontier score* 56.64 54.43 2.21
Starting a Business 39 73 +34
Dealing with Construction Permits 64 113 +49
Getting Electricity 88 144 +56
Registering Property 109 111 +2
Getting Credit 82 79 -3
Protecting Investors 114 122 +8
Paying Taxes 162 151 -11
Trading Across Borders 168 157 -11
Enforcing Contracts 162 155 -7
Resolving Insolvency 109 119 +10
* The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics.
During 2015/2016, Egypt made starting a business easier by merging procedures at the one-stop
shop and strengthened minority investor protections by increasing shareholder rights and role in
major corporate decisions and by clarifying ownership and control structures. Egypt overall index
stepped up 9 ranks to occupy the 122nd rank in 2017.
Area of Reform Year Reform Actions
The minimum capital required to start a business was cut from EGP 50,000 to EGP
2008
1,000, and halved start-up time and cost.
It was made easier by reducing the paid-in minimum capital requirement by more
2009
than 80%, abolishing bar association fees, and automating tax registration.
Starting a Business 2010 The minimum capital required to start a business was removed.
2011 Egypt reduced the cost to start a business.
Egypt made starting a business easier by merging procedures at the one-stop shop
2017 by introducing a follow-up unit in charge of liaising with the tax and labor authority on
behalf of the company.
2008 The cost of dealing with licenses was reduced.
A new building code introduced in 2008 is aimed at reducing the procedures and time
Dealing with 2009 required to deal with construction permits by establishing a single window for
Construction Permits processing construction-related approvals.
Construction permits were made easier by issuing executive articles for the 2008
2010
construction law and eliminating most pre-approvals for construction permits.
Enforcing Contracts 2010 Contract enforcement was expedited with the creation of commercial courts.
Thanks to new regulations issued by the Central Bank, borrowers have the right to
2009
inspect their data in the private credit bureau.
Getting Credit
Access to credit information has expanded with the addition of retailers to the
2010
database of the private credit bureau.
2008 Registering property was reduced from 3% of the property value to a low fixed fee.
Registering Property Simplified administrative procedures for registering property and new time limits have
2009 reduced the time to transfer property in Cairo from 193 days to 72.
New one-stop shops were launched for traders at the ports, cutting the time to import
2008
by 7 days and the time to export by 5.
Trading Across Alexandria port continued to upgrade its facilities and speed customs clearance,
2009
Borders reducing the time to export by 1 day and the time to import by 3.
Egypt made trading easier by introducing an electronic system for submitting export
2011
and import documents.
Protecting Minority New listing rules for the Cairo Stock Exchange strengthened protections for minority
Investors 2009 shareholders: now an independent body must assess transactions between
interested parties before they are approved.
Additional requirements have been introduced to strengthen minority investor
2015 protections; An approval of related-party transactions and greater requirements for
disclosure of such transactions to the Egyptian Exchange.
2016 by barring subsidiaries from acquiring shares issued by their parent company.
2017 by increasing shareholder rights and role in major corporate decisions and by
clarifying ownership and control structures.
Trading Across 2011 Egypt made trading easier by introducing an electronic system for submitting export
Borders and import documents.
Source: www.doingbusiness.org, accessed in December 2016.
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 1989/90-2015/16 period. As can be observed from the following chart,
despite the HHI has been fluctuating, it took an upward trend over the entire period, from
0.31 in 1989/90 to 0.45 in 2015/2016. It dropped from 2013/2014 in which it recorded 0.60.
This indicates a continued market concentration in favor of 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 76.0 percent in 2013/2014. However, it fell to 62.8
percent in 2015/2016.
Tourism Market Diversification

(HHI Index)
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
This corresponds to the trends reflected in tourism data: a slight fall in number of incoming
visitors from European countries and African region and an increase of tourists from other
regions, especially from the Middle East and Asia and Pacific regions. Such a marginal
downward trend of the HHI index still 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. Nevertheless, the HHI index never exceeded 0.61, indicating more
diversified tourism market, especially when compared to some of neighboring countries in
the MENA region.
Market Shares of Tourist Arrivals (1989/90-2015/2016):
Market Shares of Tourist Arrivals Market Shares of Tourist Arrivals

1989/90 2015/2016
Middle Middle
Africa East
East
10.3% 20.7%
35.0%
America
7.5% Africa
6.6%
Eurozone
Eurozone Asia & 62.8%
41.5% Pacific America
5.6% 4.1%
Others Asia &

0.04% Pacific
Others 5.5%
0.2%
______________________________________________________
Glossary
Balance of Payments: a statistical from future restructuring (subordi-
statement that summarizes, for a nation strategy). In exceptional
specific period of time, the economic cases, arrears on post-cutoff-date
transactions of an economy with the debt can be deferred over short
rest of the world. periods of time in restructuring
agreements.
Bilateral Debt: Loans extended by a
bilateral creditor. Debt Instruments: Existing debt
instruments typically arise out of
Bilateral Rescheduling Agree- contractual relationships under
ments: Rescheduling agreements which an institutional unit (the
reached bilaterally between the debtor) has an unconditional liability
debtor and creditor countries. These to another institutional unit (the
are legally the equivalent of new creditor) to repay principal with or
loan agreements. After a Paris Club without interest, or to pay interest
rescheduling, such agreements are without principal. These instruments
required to put into effect the debt include debt securities, loans, trade
restructuring set forth in the credit, and currency and deposits.
multinational Agreed Minute. Debt instruments may also be
created by the force of law—in
Buyer’s Credit: A financial ar- particular, obligations to pay taxes
rangement in which a bank or or to make other compulsory pay-
financial institution, or an export ments— or through rights and
credit agency in the exporting obligations that results in a debtor
country, extends a loan directly to a accepting an obligation to make
foreign buyer or to a bank in the future payment(s) to a creditor.
importing country to pay for the
purchase of goods and services from Debt Service: Refers to payments in
the exporting country. Also known respect of both principal and interest.
as financial credit. This term does Actual debt service is the set of
not refer to credit extended directly payments actually made to satisfy a
from the buyer to the seller (for debt obligation, including principal,
example, through advance payment interest, and any late payment fees.
for goods and services). Scheduled debt service is the set of
payments, including principal and
Capital Account: a BOP account interest, which is required to be
that covers capital transfers and the made through the life of the debt.
acquisition or disposal of non-
produced non-financial items, such Debt Sustainability Analysis: A
as; patents. study of a country’s medium- to
long-term debt situation. A country’s
Current Account: a BOP account eligibility for support under the
that covers all transactions in goods, HIPC Initiative is determined on the
services, income, and current basis of such an analysis, jointly
transfers between residents and undertaken by the staffs of the IMF,
nonresidents. the World Bank, and the country
Cutoff Date: The date (established concerned.
at the time of a country’s first Paris
Club debt reorganization / restruc- External Debt: Gross external debt,
turing) before which loans must have at any given time, is the outstanding
been contracted in order for their amount of those actual current, and
debt service to be eligible for not contingent, liabilities that require
restructuring. New loans extended payment(s) of interest and/or prin-
after the cutoff date are protected cipal by the debtor at some point(s)
in the future and that are owed to concessional in character with a

nonresidents by residents of an grant element of at least 25 percent
economy. (using a fixed 10 percent rate of
discount). By convention, ODA
Financial Account: a BOP account
flows comprise contributions of
that covers transactions between
donor government agencies, at all
residents and nonresidents in direct,
levels, to developing countries
portfolio, and other investment,
("bilateral ODA") and to multilateral
financial derivatives, and reserve
institutions. ODA receipts comprise
assets.
disbursements by bilateral donors
Gross Domestic Product (GDP): and multilateral institutions. Lending
the value of an economy's total by export credit agencies—with the
output of goods and services, less pure purpose of export promotion—
intermediate consumption, plus net is excluded.
taxes on products and imports. It can
be broken down by output, ex- Original Maturity: the period of
penditure, or income components. time from when the financial
The main expenditure aggregates are asset/liability was created to its final
final consumption of household and maturity date.
government, gross fixed capital Paris Club: An informal group of
formation, changes in inventories creditor governments that has met
and imports and exports of goods regularly in Paris since 1956 to
and services. reschedule bilateral debts; the French
International Investment Position treasury provides the secretariat.
(IIP): The IIP is the stock of external Creditors meet with a debtor country
financial assets and liabilities on a to reschedule its debts as part of the
specified reference date, usually the international support provided to a
end of the quarter or year. The country that is experiencing debt
change in position between two end- servicing difficulties and is pursuing
periods reflects financial trans- an adjustment program supported by
actions, valuation changes, and other the IMF. The Paris Club does not
adjustments occurring during the have a fixed membership, and its
period. meetings are open to all official
creditors that accept its practices and
Long-Term External Debt: Ex- procedures. The core creditors are
ternal debt that has a maturity of mainly OECD member countries, but
more than one year. Maturity can be other creditors attend as relevant for
defined either on an original or a debtor country. Russia became a
remaining basis. member in September 1997.
Multilateral Creditors: These Remaining (Residual) Maturity:

creditors are multilateral institutions The period of time until debt
such as the IMF and the World payments fall due. In the External
Bank, as well as other multilateral Debt Guide, it is recommended that
development banks. short-term remaining maturity of
outstanding external debt be
Official Development Assistance measured by adding the value of
(ODA): Flows of official financing outstanding short-term external debt
administered with the promotion of (original maturity) to the value of
the economic development and outstanding long-term external debt
welfare of developing countries as (original maturity) due to be paid in
the main objective, and which are one year or less.

Egypt&#39;s External Position

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Egypt&#39;s External Position

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Central Bank of Egypt

External Position of the Egyptian Economy

Volume No. (54)

Enthused by the CBE keenness to enhance its disclosure,

E gypt's transactions with the

Balance of Payments (BOP)

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

with about US$ 21.9 billion). Add

Chart (6) Imports by Geographical Distribution

Chart (4): Payments for Merchandise Imports

1.2: Services & Income Balance

Hereunder is the geographical distri- The surplus of services & income

On the other hand, travel pay- 2- Capital and Financial Account

B- The net outflows of portfolio outcome of the rise in total

Chart (12) Total FDI in Egypt by Economic Sector

Other 10.5% Financial sector 3.8%

Tourism sector 0.3%

Tourism Sector Performance

In contrast, the average expenditure During Q4 of 2015/2016, data show

Chart(4): Occupancy Rate at Egypt's Hotel

In order to make a sound judgment Such improvements came mainly on

Table (1): Indicators of Tourism Activity

2013/2014 2014/2015 2015/2016

Sources: CBE, MOT, and CAPMAS.

Occupancy ADR RevPAR

International Investment Position (IIP)

International Investment Position (IIP)

Egypt’s IIP at end of June 2016 Total financial liabilities amounted to

of June 2016 showed an increase in

* Released in September 2009 according to SDDS

- Foreign direct investment abroad - Portfolio investment in Egypt

2- Liabilities to non-residents - Other investments' liabilities

A-Net International Reserves (NIR) During the report’s preparation, NIR

(US$ bn) (End of Month)

0.0 1.0 20.0

The decrease was an outcome of the

about US$ 2.3 billion, the decrease of

External Debt by Residual (US$

ternal debt reached US$ 16.4 billion

Medium- and long-term external  Non-guaranteed medium- and

 Non-Paris Club members' debt Long- term

amounted to about US$ 1.9 29.2% Other

US$ 14.1 billion or 25.3 percent

Other important currencies ac-

Distribution by creditor country Ban ks Other Sectors

indicates that 18.4 percent of Egypt's

Central & Local Government Monetary Authority Banks Other Sectors

 Including Egypt’s allocation of SDRs by the IMF.

F- External Debt Indicators* Medium- and long-term debt service

within manageable limits. Based on 20 14.6

IMF classification**, comparing 15

Exchange Rate Developments

Exchange Rate Developments

Exchange Rate Developments

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

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

External Debt Indicators ……………………………………. 6 29

External Debt by Debtor ……………………………………. 7 30

Egypt's External Position

Egypt's External Position