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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 …

Daily News Egypt

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 …

Daily News Egypt

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 …

Daily News Egypt

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

Daily News Egypt

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 …

Daily News Egypt

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.

Mostafa Salem

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 …

Daily News Egypt

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

Daily News Egypt

Personal loans increase as inflation and price of goods rise

The value of personal loans made in November 2012 increased by EGP 900m from the month of October. The total value of loans in local currency was EGP 111.2bn for the month of November 2012, as opposed to EGP 110.2bn in October 2012. During the same period, loans made in foreign currency increased from EGP …

Daily News Egypt

Swimming against the current

The government’s prescription to treat the economic recession we’re currently enduring has been a two-fold solution of increasing foreign investment and seeking more international loans. The monetary policy of maintaining the stability of the Egyptian pound against depreciation is a top priority. But how long can the state keep this up? How overvalued is the …

Mohamed El-Bahrawi