Latest in Tag: debt Highlight
Latest in Tag: debt
External debt decreases by 10.3% in December: CBE
Decrease due to repaying facilities and loans, as well as fall back on value of most currencies of borrowing versus US dollar
There will never be a perfect timing for summit: Former Finance Minister
Government was sluggish in launching new investment law, investors were not given enough time to do their homework, says former Finance Minister Samir Radwan
Egypt looking to mend economy with energy moves
By Oxford Business Group Egypt has been making impressive progress in straightening up its balance sheet in recent months. Steep cuts in energy subsidies coupled with a drop in world oil prices have given the Middle East’s most populous country some fiscal breathing space, following three years of increasing budget deficits, mounting debt and …
Qalaa reduces losses by 67% to EGP 59.6m in Q3 2014
Investment company seeking shift to profitability in 2016, expects to reduce debt to $260m by year end, down from $300m last year
Government hopes to pay full debts owed to foreign partners over coming 6 months
Debts owed to foreign companies have plagued all governments since 2008
AU panel discusses Sudan stability, security issues
Shoukry underlines efforts made to enable Libyan government restore stability
Government prepares new economic stimulus package: Finance Ministry
The new package aims to revitalise and expand the activities of the private sector through removing the “bottlenecks” facing economic key sectors.
Returns on treasury bills rise, negative impact on economic growth expected
Prices jumped 1% for returns on treasury bills in the hours after central bank raised the interest rates by same amount
Petroleum companies operating in Egypt have reduced gas production: Ministry report
Delayed payment of debts to foreign partners threatens Egyptian gas production, says report
Dues owed to foreign oil and gas companies reach $6.3bn in July
Dues owed to foreign oil companies reached a total of $6.3bn this July, compared to $6bn at the end of April, according to Tareq Al-Mula, president of the Egypt General Petroleum Corporation (EGPC). The government will pay at least $1.5bn of these receivables to these foreign companies by the end of the year 2014, according …
Q3 of FY 2013/2014 witnessed rises in foreign and domestic debt
Foreign debt recorded at $45.3bn, while domestic debt reached EGP 1.7tn
Budget under review, hearing to be held Wednesday: PM media adviser
Cabinet to hold weekly meeting Wednesday, Prime Minister to hear ministers’ proposals on budget development
Domestic public debt rises to 83.3% of GDP in first quarter of 2014: CBE
Central bank reports estimates net external debt rose by 5.8%, as a result of increased borrowing and higher exchange rates against the dollar
EGP 1.7tn debts issue must be resolved with speed: Al-Sisi
“Future generations should not inherit this debt,” the presidential candidate says
Egyptian petroleum companies owe $6bn to foreign companies at end of April: EGAS president
Egypt is facing a serious issue as a result of the government’s inability to pay its debts to foreign partners in light of the poor economic situation.
Egypt’s debt to foreign oil firms up at $5.7bn
Reuters – Egypt’s debts to foreign oil companies operating in the country rose to $5.7bn by the end of March, the head of the state-run oil company told Reuters, up $800m from the government’s last reported figure despite recent repayments. Money owed to foreign oil majors including BP and BG Group totalled $4.9bn in December, indicating Cairo’s debts to …
Egypt to pay some $1bn owed oil firms within two months: Minister
Reuters – Egypt will pay about $1bn of the money it owes to foreign oil companies within the next two months, the state’s MENA news agency said, quoting Oil Minister Sherif Ismail. Egypt says it owes some $6.3bn to those companies. It last year said it paid $1.5bn of the money it owes the international firms as part of …
Egypt will return $3bn to Qatar this year
Reuters – Egypt will return $3 billion that were invested in bonds to Qatar when the debt matures by the end of the year, a central bank source told Reuters on Thursday. “We will return $500 million to Qatar in October and $2.5 billion in November (for) the bonds,” the source said. Three years of political instability have left the Egyptian …
Egypt’s debt in Focus
Egypt has diversified debt instruments, but still has the same creditors
Interest rate sharply reduced but the government’s options remain limited
The government is ignoring Sukuk and depending on Arabs to meet urgent needs
Egypt agrees on timetable to pay $3bn to oil firms
Reuters – Egypt has agreed on a timetable to pay $3 billion of the $6.3 billion it says it owes foreign oil companies, the state news agency reported, as part of the drive to revive confidence in its economy hammered by nearly three years of political turmoil. The most populous Arab state struck deals to pay the amount in …
Outside looking in: An international perspective on Egypt’s economy
Reform is needed to boost investor confidence and bring back higher levels of FDI
Bessma Momani has a PHD in political science with a focus on international political economy. She is an associate professor at the Balsillie School of International Affairs at the University of Waterloo and authored the book IMF-Egyptian Debt Negotiations.
Momani highlighted three key areas investors view as intersecting with politics: confidence, perception and reform.
Yields on Egyptian T-Bills inch up at auction
Reuters – Yields on Egyptian treasury bills rose at an auction on Thursday and the central bank sold all the debt it had offered. The average yield on 182-day treasury bills increased to 11.174 percent at Thursday’s auction from 11.133 percent last week, the central bank said. The yield on 357-day T-bills edged up to …
World worries despite temporary truce in polarised US
The bad news for America’s worried friends is that new stalemates over budgets and borrowing are looming early next year.
Greek ‘haircut’ could trigger ‘domino effect’
Merkel’s comments to Focus news weekly come a month before elections in Europe’s biggest economy and days after the woes of debt-mired Greece lurched onto the campaign trail.
Moody’s: Market-based risk deteriorating in Egypt
The global research company says that civil unrest in Egypt has increased the country’s market-based probability of default
Moody’s: Gulf aid is “credit positive”
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Finance ministry affirms commitment to timely foreign debt payment
On Monday, the advisor of the finance minister, Hamdy Samir,confirmed the ministry’s commitment to timely debt payment.
Credit default swaps hit alarming levels amid nationwide protests
Domestic public debt hit EGP 1.387tn (about $200bn) in April, foreign debt at $42bn
Egypt’s shift to large fuel suppliers “normal”, experts say
Egypt forced to change fuel suppliers as debt compiles
EU aid to Egypt under attack
Minister of Planning and International Cooperation Amr Darrag discussed a €200m grant to support Egypt’s public budget (currently running a 10.6% of GDP deficit) with EU delegation head James Moran