external position of the egyptian economy · the external position of the egyptian economy report...

Central Bank of Egypt

External Position of the Egyptian Economy

Fiscal Year 2005/06

Quarterly Report

Volume No. (14)

September 2006

Foreword

The External Position of the Egyptian Economy Report is one of a series

released by the Central Bank of Egypt (CBE) on a quarterly basis to shed light on the performance of Egypt's external sector during the reporting period. It reviews the Balance Of Payments (BOP) performance, external debt, external liquidity and exchange rate developments.

The report at hand, the fourteenth in this series, covers Fiscal Year 2005/06.

The Central Bank of Egypt hopes that this report will be of value and of interest to both specialized and non-specialized readers.

Governor

Central Bank of Egypt

Table of Contents

Page

Overview

Section I: Balance of Payments 1

Section II: External Liquidity 9

• Net International Reserves 9

• Net Foreign Assets of Banks 10

Section III : External Debt 11

Section IV : Exchange Rate Developments 17

Appendices :

A - Main Statistics 19

B - Detailed Tables & Charts of the External Debt 29

Overview

The external position of the Egyptian economy during FY 2005/06 compared

with FY 2004/05 can be briefly reviewed as follows: Egypt's BOP achieved an overall surplus of US$ 3.3 billion during FY

2005/06, (against US$ 4.5 billion a year earlier). The current account showed a surplus of US$ 1.8 billion (compared with US$ 2.9 billion), resulting from a services surplus of US$ 8.2 billion, a rise in net unrequited transfers to US$ 5.6 billion and a higher trade deficit amounting to US$ 12.0 billion. The services surplus was mainly attributed to a rise in travel revenues and Suez Canal receipts, the two main revenue generators, by 12.5% and 7.6%, respectively. In the meantime, the capital and financial account achieved a net inflow of US$ 3.5 billion (compared with US$ 3.4 billion during FY 2004/05), mainly because foreign investments in Egypt (direct and portfolio) recorded net inflows of US$ 8.9 billion (compared with US$ 4.7 billion).

Net international reserves (NIR) increased by US$ 3.6 billion during FY

2005/06, to reach US$ 22.9 billion at end of June 2006, covering 9.0 months of commodity imports. During the printing process of this report, NIR registered US$ 23.9 billion at end of August 2006.

Banks' net foreign assets reached US$ 12.5 billion at end of June 2006,

increasing by US$ 5.0 billion. Foreign currency deposits with banks augmented by 13.5%, to post US$ 23.8 billion at end of June 2006. As a result of the stability of the foreign exchange market, the ratio of foreign currency deposits to total deposits rose to 28.2% at end of June 2006, against 28.1% at end of June 2005.

Egypt's external debt (public and private) totaled US$ 29.6 billion at end of

June 2006, increasing by 2.2%, or by about US$ 0.6 billion compared with its level at end of June 2005. The rise was an outcome of a net disbursement of US$ 0.4 billion on the one hand, and the exchange rate effects (depreciation of the US dollar vis-à-vis other currencies of borrowing) amounting to US$ 0.2 billion on the other hand.

The external debt position continued to be solid and well structured, as the

medium and long-term debt accounted for 94.5% of total debt, the public sector is the major obligor, carrying 95.2% of Egypt's external debt. External debt as a ratio of GDP decreased to reach 27.6% at end of June 2006, against 31.1% at end of June 2005.

The weighted average rate of the interbank foreign exchange market stood at

PT 575.8 per US dollar at end of June 2006, compared with PT 578.2 at end of June 2005. Accordingly, the Egyptian pound exchange rate appreciated by around 0.4%. This appreciation bears witness to the success of the interbank foreign exchange market that was launched by the end of December 2004. During the printing process of this report, the interbank rate reached PT 573.9 /US dollar at end of August 2006.

Section I

Balance of Payments

- 1 -

Developments in the Balance of Payments* During FY 2005/06

Introduction

Table (1) reveals the transactions on the balance of payments throughout FY 2005/06, compared with FY 2004/05. The current account balance showed a surplus of US$ 1.8 billion, equivalent to 1.6% of GDP. Services surplus and unrequited transfers (net) improved, while the trade deficit widened. The capital and financial account achieved net inflows of US$ 3.5 billion. The overall balance (surplus) stood at US$ 3.3 billion (compared to US$ 4.5 billion), leading to an equivalent rise in the foreign reserve assets with the CBE.

Table (1) Balance of Payments*

(US$ mn) Fiscal Year 2004/05 2005/06**

Current Account 2910.6 1751.9 Current Account (Excluding Transfers) -2517.2 -3795.2 Trade Balance -10359.4 -11985.9 Exports*** 13833.4 18455.1

Oil 5299.0 10222.4 Other Exports 8534.4 8232.7

Imports*** -24192.8 -30441.0 Oil -3975.3 -5359.2 Other Imports -20217.5 -25081.8 Service Balance 7842.2 8190.7 Receipts 15029.6 17437.9 Payments -7187.4 -9247.2 Transfers 5427.8 5547.1 Official (net) 1056.1 571.7 Private (net) 4371.7 4975.4 Capital and Financial Account 3377.7 3511.3 Capital Account 0.0 -37.6 Financial Account 3377.7 3548.9 Direct investment abroad -39.0 -145.3 Direct investment in Egypt (net)+ 3901.8 6111.4 Portfolio investment abroad 540.6 -729.1 Portfolio investment in Egypt (net), of which: 831.1 2764.0 Bonds 25.9 2690.2 Other investments (net) -1856.8 -4452.1 Net Errors and Omissions -1810.6 -2009.8 Overall Balance 4477.7 3253.4 Change in Reserve Assets, Increase (-)

-4477.7 -3253.4

* Compiled according to the Fifth Edition of the IMF's Balance of Payments Manual, September 1993. ** Preliminary figures. *** Including exports and imports of free zones. + Including net investment in the petroleum sector amounting to US$ 1.8 billion in FY 2005/06, against US$ 2.5

billion in FY 2004/05.

- 2 -

1 - Current Transactions 1.1: Trade Balance

As shown in Figure (1) the trade balance has demonstrated a rise in both

exports and imports. Import payments totaled US$ 30.4 billion, indicating a rise of US$ 6.2 billion or 25.8%. This was driven by a 24.1% increase in non-oil imports, to reach US$ 25.1 billion (mostly investment and intermediate goods) and a 34.8% increase in oil imports, to reach US$ 5.3 billion.

Commodity export proceeds totaled about US$ 18.4 billion, up by US$ 4.6

billion, or 33.4%. This pickup was due to a 92.9% rise in oil export proceeds (mainly exports of liquefied natural gas), to reach US$ 10.2 billion, while non-oil exports fell down by US$ 301.7 million or 3.5% to stand at US$ 8.2 billion.

As the increase in imports surpassed that of exports, the trade deficit widened

by 15.7%, to reach about US$ 12.0 billion. However, the coverage ratio of export proceeds to import payments increased to 60.6% in FY 2005/06, against 57.2% in FY 2004/05. Figure (1)

Commodity TransactionsFiscal Year

0

5

10

15

20

25

30

2004 / 2005 2005 / 2006 2004 / 2005 2005 / 2006

( US$ bn )

Oil

Non Oil

Exports Imports

1.2: Services Balance and Transfers

Table (2) reveals that the services balance has shown a surplus of US$ 8.2

billion, increasing by 4.4% over the previous year. This surplus is attributed to a rise in service receipts by 16.0%, to reach US$ 17.4 billion, accompanied by a rise in service payments by 28.7%, to record US$ 9.2 billion.

- 3 -

Table (2) Services Balance

(US$ mn) Fiscal Year

2004/05 2005/06 Change (-)

Services Balance 7842.2 8190.7 348.5 Receipts 15029.6 17437.9 2408.3 Transportation 4259.6 4947.1 687.5 Travel 6429.8 7234.6 804.8 Investment Income 910.6 2001.8 1091.2 Government Receipts 157.2 358.2 201.0 Other Receipts 3272.4 2896.2 (376.2) Payments 7187.4 9247.2 2059.8 Transportation 902.4 1214.9 312.5 Travel 1438.3 1619.6 181.3 Investment Income 1164.4 1471.1 306.7 Government Payments 656.6 1319.9 663.3 Other Payments 3025.7 3621.7 596.0

As shown in Table (2) and Figure (2), the rise in services receipts doubled,

being contributed by all items, except the other receipts. Transportation increased by 16.1%, as a result of a 7.6% pickup in Suez Canal earnings, which amounted to US$ 3.6 billion (as an outcome of the increase in ships' number & net tonnage, and the 3.0% increase in Suez canal tolls effective as from March 15, 2006), and in the receipts of the Egyptian airline and navigation companies. Travel receipts* (tourism revenues) rose as well, by 12.5%, to reach US$ 7.2 billion. Investment income doubled to US$ 2.0 billion, due to higher world interest rates on deposits abroad and to the increase in banks’ foreign assets. Government receipts also doubled to U$S 0.4 billion, due to higher expenditures of foreign embassies and international organizations in Egypt . On the other hand, other receipts fell by 11.5% due to a drop in invisible receipts of the petroleum sector, communications, and insurance services.

The rise in services payments was contributed by all items. Transportation surged by 34.6%, due to higher payments for SUMED pipeline services and transfers by Egyptian & foreign navigation and foreign airline companies, transfers for renting aircrafts from abroad, and repairing aircraft at ports abroad. Investment income payments rose by 26.3%, as a result of a rise in profit transfers of foreign petroleum companies working in Egypt and in interest and dividends payments. Government payments doubled, due to larger expenses of Egyptian embassies abroad, and the increase of salaries and expenditures of government employees abroad. Likewise, travel payments went up by 12.6%, owing to higher payments by tourism companies and hotels, as well as higher expenses of tourism and medical treatment abroad. Also, other payments rose by 19.7%, mainly due to higher transfers by Egyptian and foreign petroleum companies and higher payments for securities commissions and insurance services. _______________________________ ∗ Calculated on the basis of the number of tourist nights (85.1 million) multiplied by a tourist average spending per

night (US$ 85.0) in FY 2005/06 (against 85.7 million nights multiplied by US$ 75.0 in the FY 2004/05).

- 4 - Figure (2)

Services BalanceFiscal Year

0.0

4.0

8.0

12.0

16.0

20.0

2004 / 2005 2005/ 2006

(US$ bn )

Receipts

Payments

TravelReceipts

Table (3) below shows that net unrequited transfers surged by 2.2%, recording

US$ 5.6 billion in FY 2005/06. Private transfers scaled up by 13.8%, to reach US$ 5.0 billion, as a result of the increase in workers' remittances by 16.3%. Meanwhile, official transfers decreased by 45.9%, due to a drop in both cash & commodity grants.

Table (3)

Unrequited Transfers (US$ mn)

Fiscal Year 2004/05 2005/06 Change (-)

Total 5427.8 5547.1 119.3 1. Official Transfers (net) 1056.1 571.7 -484.4

− Inward cash grants 436.2 190.2 -246.0 − Other inward grants 653.4 409.6 -243.8 − Outward grants -33.5 -28.1 5.4

2. Private Transfers (net) 4371.7 4975.4 603.7 − Workers' remittances 4329.5 5034.2 704.7 − Other transfers 61.3 48.1 -13.2 − Foreigners’ transfers abroad -19.1 -106.9 -87.8

- 5 -

The BOP current account indicates a rise of US$ 7.1 billion or 20.8% in current receipts, to reach US$ 41.4 billion. This rise is due to a pickup in all of their components, except official transfers. Export proceeds rose by 33.4%, service receipts by 16.0%, private transfers by 13.8%, whereas official transfers fell by 45.9%. On the other hand, current payments scaled up by 26.5%, to post US$ 39.7 billion, due to a rise of 25.8% in import payments and of 28.7% in service payments. (See Table [4] below) Table (4)

Summary of Current Receipts and Payments (US$ mn)

Fiscal Year

2004/05 % 2005/06 % Change (-)

Current Receipts 34290.8 100.0 41440.1 100.0 7149.3 Export Proceeds (FOB) 13833.4 40.3 18455.1 44.5 4621.7 Service Receipts 15029.6 43.8 17437.9 42.1 2408.3 Private Transfers (net) 4371.7 12.8 4975.4 12.0 603.7 Official Transfers (net)

1056.1 3.1 571.7 1.4 (484.4)

Current Payments 31380.2 100.0 39688.2 100.0 8308.0 Import Payments (CIF) 24192.8 77.1 30441.0 76.7 6248.2 Service Payments 7187.4

22.9 9247.2 23.3 2059.8

Such developments affected the external balancing indicators, as shown in

Table (5) below.

Table (5)

Current Receipts/Current Payments Coverage Ratio (%)

Fiscal Year 2004/05 2005/06

Commodity Exports/Commodity Imports 57.2 60.6 Invisible Receipts/Invisible Payments 209.1 188.6 Current Receipts (excluding official transfers)/ Current Payments 105.9 103.0

Current Receipts/Current Payments 109.3 104.4

- 6 - 2 - Capital and Financial Account

As shown in Fig. (3) and Table (6) below, the capital and financial account has achieved a net inflow of US$ 3.5 billion during FY 2005/06, (compared with US$ 3.4 billion a year earlier).

Figure (3)

Capital & Financial AccountFiscal Year

0

3

6

9

12

15

2004/2005 2005/2006

(US$ bn)

Capital Inflow

Capital Outf low

FDI

Table (6)

Capital and Financial Account (US$ mn)

Fiscal Year 2004/05 2005/06∗ Capital and Financial Account 3377.7 3511.3 Capital Account 0.0 -37.6 Financial Account 3377.7 3548.9 Direct Investment Abroad -39.0 -145.3 Direct Investment in Egypt (net) 3901.8 6111.4 Portfolio Investment Abroad (net) 540.6 -729.1 Portfolio Investment in Egypt (net), of which 831.1 2764.0

Bonds 25.9 2690.2 Other Investments (net) -1856.8 -4452.1 − Disbursements 3124.3 3875.5

• Medium- & long- term loans 727.9 795.6 International & regional organizations 617.2 606.8 Bilateral loans 110.7 188.8

• Medium- and long-term suppliers’ & buyers’ credit 86.2 625.4 • Short-term suppliers’ & buyers’ credit (net) 2310.2 2454.5

− Repayments -2123.7 -2449.7 • Medium- & long-term loans -1511.7 -1723.1

International & regional organizations -654.5 -849.5 Bilateral loans -857.2 -873.6

• Medium- and long-term suppliers’ & buyers’ credit -612.0 -726.6 − Other Assets -3180.0 -5102.8

CBE 23.0 3.3 Banks -2171.6 -4197.7 Others -1031.4 -908.4 − Other Liabilities 322.6 -775.1

CBE 0.0 2.2 Banks 322.6 -777.3 ∗ Preliminary.

- 7 - The capital and financial account net inflows during FY 2005/06 were

influenced by the following factors: - Foreign investments in Egypt (direct and portfolio) realized total inflows of

US$ 24.4 billion and total outflows of US$ 15.5 billion, (compared with US$ 8.2 billion and US$ 3.5 billion, respectively during the previous year). Such transactions led to net inflows totalling US$ 8.9 billion (compared with US$ 4.7 billion during FY 2004/05).

• Foreign direct investments (FDI) in Egypt realized a net inflow of US$

6.1 billion, or 5.7% of GDP, of which, net investments in the petroleum sector accounted for US$ 1.8 billion and receipts from selling some local companies to foreign investors posted US$ 0.9 billion (compared with a net FDI inflow of US$ 3.9 billion, or 4.4% of GDP, including US$ 2.5 billion as net investments in the petroleum sector and US$ 0.4 billion as receipts from selling some local entities to foreigners in the FY 2004/05).

• Portfolio investment in Egypt unfolded net inflows of US$ 2764.0

million in FY 2005/06 (compared with US$ 831.1 million a year earlier). Foreigners' trading on the Egyptian stock market revealed net sales of US$ 73.8 million (compared with US$ 805.2 million). Total purchases amounted to US$ 12601.4 million (against US$ 4033.3 million), while total sales reached US$ 12527.6 million (against US$ 3228.1 million).

• Portfolio investment in Egypt also included net purchases of dollar

denominated sovereign bonds by resident financial institutions (banks and insurance companies) in the amount of US$ 1.7 million, (compared with net sales of US$ 25.9 million). The year under review also witnessed foreigners' subscriptions for other Egyptian bonds and notes in the amount of US$ 2691.9 million.

- Medium & long-term loans and suppliers' credit, during FY 2005/06

revealed net repayments of US$ 1.0 billion (against US$ 1.3 billion). Total repayments surged to US$ 2.4 billion from US$ 2.1 billion, and total drawings to US$ 1.4 billion from US$ 0.8 billion.

- Foreign assets of the banking system rose by US$ 4.2 billion in FY 2005/06,

(compared with US$ 2.1 billion in FY 2004/05). - The outflow of other assets totaled US$ 0.9 billion (against US$ 1.0 billion)

due to higher net purchases of banknotes. - Foreign liabilities of the banking system fell by US$ 775.1 million

(compared with an increase of US$ 322.6 million during the previous year).

- 8 -

3 - Overall Balance

The overall surplus amounted to US$ 3.3 billion during FY 2005/06, representing 3.0 % of GDP (against US$ 4.5 billion, and 5.0% of GDP in the corresponding FY). Table (7)

Balance of Payments: Summary

(US$ mn) Fiscal Year

2004/05 2005/06*

Current Account Balance 2910.6 1751.9 Capital & Financial Account 3377.7 3511.3

Capital Account 0.0 -37.6 Financial Account 3377.7 3548.9 Foreign Direct Investment (inflow-outflow) 3862.8 5966.1 Portfolio Investment (inflow-outflow) 1371.7 2034.9 Net Borrowing 1000.6 1425.8 CBE Non-reserve Foreign Assets** 23.0 3.3 CBE Short-term Liabilities 0.0 2.2 Net Foreign Assets of Banks** -1849.0 -4975.0 Other Assets -1031.4 -908.4

Net Errors & Omissions -1810.6 -2009.8 Overall Balance 4477.7 3253.4 Change in CBE's Reserve Assets** -4477.7 -3253.4

* Preliminary. ** Increase = Minus.

Section II

External Liquidity

• Net International Reserves • Net Foreign Assets of Banks

- 9 - 1- Net International Reserves (NIR)

During FY 2005/06, NIR increased by US$ 3.6 billion, against US$ 4.5 billion, to reach US$ 22.9 billion at end of June 2006. However, the NIR coverage ratio for commodity imports reached 9.0 months at end of June 2006. While this report was under preparation, the NIR reached US$ 23.9 billion at end of August 2006. For optimal management of the international reserves, the CBE has adopted a new investment policy that relies on new investing instruments instead of the conventional methods (deposits). In the context of this policy, foreign exchange reserve investments were distributed among other currencies (in addition to the US dollar) according to Egypt's external debt currency structure, and currency weights of Egypt's trade partners. Moreover, the CBE has sought the assistance of an international investment advisor in managing its foreign exchange reserves and in updating the electronic system for managing the country's reserves.

Table (8) (US$ mn)

End of June 2003

June 2004

June 2005

June 2006

Net International Reserves (1-2) 14809 14781 19302 22931 1- Gross Official Reserves 14845 14800 19322 22952 Gold 631 717 779 1119 Foreign Exchange 13837 13734 18210 21515 SDRs 51 73 93 112 Others 326 276 240 206 2- Reserve Liabilities 36 19 20 21

Reserves/Months Imports 12.0 9.7 9.6 9.0 Figure (4)

NIR and months imports covered

0.01.53.04.56.07.59.0

10.512.013.515.016.518.019.521.022.524.0

1999 2000 2001 2002 2003 2004 2005 2006

US$ bn

0.0

1.5

3.0

4.5

6.0

7.5

9.0

10.5

12.0

13.5

15.0

16.5

(Month)

Foreign ExchangeOtherGoldReserves/Months Imports

( Balance at end of June)

- 10 - 2- Net Foreign Assets of Banks (NFA) Banks’ net foreign assets increased by US$ 5.0 billion during FY 2005/06, to reach US$ 12.5 billion at end of June 2006. (See Figure [5]) Figure (5)

During FY 2005/06, foreign currency deposits with banks augmented by

13.5%, against 5.1% a year earlier, to reach US$ 23.8 billion at end of June 2006. On the other hand, local currency deposits increased by 12.8%, against 21.3%. Accordingly, the ratio of foreign currency deposits to total deposits rose from 28.1% at end of June 2005 to 28.2% at end of June 2006. (See Figure [6]) Figure (6)

Net Foreign Assets of Banks

0.02.04.06.08.0

10.012.014.016.018.0

1999 2000 2001 2002 2003 2004 2005 2006

US$ bn

Assets

Liabilities

( End of June)

Developments in Deposits by Local and Foreign Currencies

0

50

100

150

200

250

300

350

400

450

500

1999 2000 2001 2002 2003 2004 2005 2006

LE bn ( End of June)

Local Currency Deposits

Foreign Currency Deposits

Section III

External Debt

- 11 - 1 - Egypt’s External Debt

Egypt’s external debt (public and private) in US dollar reached US$ 29.6 billion at end of June 2006. It increased by 2.2%, or by about US$ 0.6 billion compared with the stock at end of June 2005. This was an outcome of a net disbursement of US$ 0.4 billion on the one hand, and the exchange rate effects of US$ 0.2 billion (depreciation of the US dollar vis-à-vis other currencies+ of borrowing) on the other.

Table (9) External Debt

(US$ mn) June 2005 June 2006 Change

End of Value % Value % (-)

External Debt 28948.8 100.0 29592.6 100.0 643.8

Rescheduled bilateral debt* 15734.1 54.4 15229.0 51.5 (505.1) ODA ** 7836.4 27.1 7610.6 25.7 (225.8) Non-ODA 7897.7 27.3 7618.4 25.8 (279.3) Other bilateral debt 4291.3 14.8 4295.5 14.5 4.2 Paris Club countries 3529.9 12.2 3590.4 12.1 60.5 Other countries 761.4 2.6 705.1 2.4 (56.3) International & regional organizations 5058.2 17.5 5205.0 17.6 146.8 Suppliers' & buyers' credit 781.6 2.7 979.5 3.3 197.9 Egyptian bonds and notes 613.6 2.1 1861.9 6.3 1248.3 Long-term Deposits 500.0 1.7 300.0 1.0 (200.0) Short-term debt*** 1854.8 6.4 1633.0 5.5 (221.8) Deposits 819.3 2.8 633.1 2.1 (186.2) Other facilities 1035.5 3.6 999.9 3.4 (35.6) Private sector (non-guaranteed) 115.2 0.4 88.7 0.3 (26.5)

* According to the agreement signed with Paris Club countries on 25/5/1991 ** Official Development Assistance *** It is not possible to calculate the effect of the exchange rate on the change of the short term total debt because

commercial banks provide the stocks evaluated in US$ (and not in the original currencies of denomination). A breakdown of Egypt’s external debt by creditor indicates that bilateral

loans owed to Paris Club members (rescheduled and non-rescheduled) accounted for 63.6% of the total, reaching US$ 18.8 billion at end of June 2006. Debt owed to non Paris Club members amounted to US$ 705.1 million, or 2.4%. The outstanding debt of suppliers’ and buyers’ credit amounted to US$ 979.5 million, or 3.3% of the total. Egypt’s debt to international and regional organizations reached US$ 5.2 billion at end of June 2006, accounting for 17.6% of the total.

_______________________________ + Main currencies of our external debt are US$, Euro, Japanese Yen, Kuwaiti Dinar and SDR’s.

- 12 -

The stock of government notes increased by US$ 1.2 billion, to reach US$ 1.9 billion or 6.3% at end of June 2006 (of which US$ 1250.0 million are guaranteed notes and US$ 611.9 million are sovereign bonds), against US$ 613.6 million at end of June 2005. Long–term deposits accounted for 1.0% of the total, reaching US$300.0 million at end of June 2006. Short-term debt decreased by US$ 221.8 million, to reach US$ 1.6 billion or 5.5% of the total. The non-guaranteed debt of the private sector decreased by US$ 26.5 million, to reach US$ 88.7 million or 0.3% of the total end of June 2006. Figure (7)

Data on external debt reveal an ongoing improvement in the external debt

structure, as medium- and long-term debt accounted for 94.5% of total debt, and short-term debt accounted for 5.5%. The public sector owed 95.2% of Egypt’s external debt, and the private sector owed 4.8%. (see Figure [8])

Figure (8)

External Debt By MaturityEnd of June 2006

5.5%94.5%

Medium & Long-term External DebtShort-term External Debt

External Debt By Debtor SectorEnd of June 2006

4.8% 95.2%

Public Sector Debt Private Sector Debt

External Debt by Type End of June

Short-term debt

International &Regional Organizations

Other bilateral debt

Rescheduled bilateral debt

Suppliers' & buyers' credits

Private sector debt (non-guaranteed)

Egyptian bondsand notes

Long -term deposits

0

5000

10000

15000

20000

25000

30000

35000

2004 2005 2006

(US $ mn)

- 13 -

The stock of medium- and long-term debt increased by US$ 0.9 billion, to

reach US$ 28.0 billion at end of June 2006, compared with US$ 27.1 billion at end of June 2005. The net disbursement made during fiscal year 2005/06 was an outcome of disbursements of US$ 3.1 billion and principal repayments of only US$ 2.7 billion.

2 - External Debt by Creditor

Distribution of external debt by creditor indicates that 53.6% of Egypt's external debt is owed to four countries, namely France (15.7%), USA (14.6%), Japan (12.1%), and Germany (11.2%), while 3.7% is owed to the Arab countries (the main countries are Kuwait, Saudi Arabia and United Arab Emirates). (See table [10]).

Table (10)

External Debt by Creditor (US$ mn)

June 2005 June 2006 Change End of Value % Value % (-)

Total External Debt 28948.8 100.0 29592.6 100.0 643.8 USA 4581.4 15.8 4318.6 14.6 (262.8) France 4763.3 16.5 4635.3 15.7 (128.0) Japan 4064.3 14.0 3587.9 12.1 (476.4) Germany 3355.5 11.6 3323.5 11.2 (32.0) Spain 824.0 2.8 831.8 2.8 7.8 Italy 802.7 2.8 761.0 2.6 (41.7) United Kingdom 574.7 2.0 1417.6 4.8 842.9 Austria 551.0 1.9 538.5 1.8 (12.5) Kuwait 469.4 1.6 535.5 1.8 66.1 Saudi Arabia 249.3 0.9 187.0 0.7 (62.3) United Arab Emirates 149.6 0.5 96.0 0.3 (53.6) Bahrain 146.8 0.5 8.6 0.0 (138.2) Other countries 2745.0 9.5 2284.4 7.7 (460.6) International & regional organizations 5058.2 17.5 5205.0 17.6 146.8 Egyptian bonds and notes 613.6 2.1 1861.9 6.3 1248.3

- 14 -

3 - External Debt by Debtor

According to table (11), the external debt data display an increase of US$ 0.6

billion in main institutional sectors at end of June 2006. The balance of central and local government increased by US$ 633.5 million, of other sectors by US$ 219.9 million and of banks by US$ 109.1 million. In contrast, there was a decrease in the balance of monetary authority (Central Bank) by US$ 318.7 million.

However, the structure of Egypt’s external debt by debtor has not seen any

significant change during the period under review. The central and local government, as shown in the table, has continued to be the main debtor, with US$ 18.9 billion or 63.8% of the total representing claims on the government. Table (11)

External Debt by Debtor (US$ mn)

June 2005 June 2006 End of

Value % Value % Change

(-) External Debt 28948.8 100.0 29592.6 100.0 643.8 Central & Local Government 18231.0 63.0 18864.5 63.8 633.5 Monetary Authority 983.0 3.4 664.3 2.2 (318.7) Banks 2010.5 6.9 2119.6 7.1 109.1 Other Sectors 7724.3 26.7 7944.2 26.9 219.9

4 - External Debt Indicators

External debt service payments increased by US$ 338.9 million during fiscal year 2005/06, to reach US$ 3.0 billion. This was a result of the US$ 326.0 million increase in principal repayments, to reach US$ 2.4 billion, and of the US$ 12.9 million increase in interest payments, to stand at US$ 591.0 million.

The debt service ratio to export proceeds of goods and services declined to

8.5% during fiscal year 2005/06, from 9.4% in the previous period. In the same manner, the ratio of debt service to current receipts (including transfers) went down to 7.3%, compared with 7.9%. This was mainly due to an increase in exports of goods and services and transfers by 20.8%. (See Table [12]).

- 15 -

In the meantime, the ratio of short-term debt to total debt decreased from 6.4%

to 5.5%, and its ratio to NIR decreased from 9.6% to 7.1%. This was mainly due to an increase in NIR by 19.3%. As a percentage of GDP, the external debt declined to 27.6% at end of June 2006, against 31.1% in the previous fiscal year. This improvement was an outcome of the increase in GDP by 14.7%, and in the external debt by 2.2%.

Table (12)

External Debt Indicators (%) Fiscal year

2003/04 2004/05 2005/06

Debt Service / Exports (G&S) 10.8 9.4 8.5 Debt Service / Current Receipts 9.2 7.9 7.3 Short-term Debt / External Debt (end of period) 6.6 6.4 5.5 Short-term Debt / NIR (end of period) 13.3 9.6 7.1 External Debt / GDP (end of period) 38.1 31.1 27.6 For more indicators see table no. (4) in the appendices (A. Main Statistic).

Section IV

Exchange Rate Developments

- 17 -

Exchange Rate Developments Since January 29, 2003, the Egyptian pound exchange rate has been liberalized. According to CBE Central Chamber for FX Statistics, the weighted average of the US dollar exchange rate in the interbank foreign exchange market reached PT 575.7900 at end of June 2006, against PT 578.2400 at end of June 2005. As such, the EGP exchange rate appreciated by about 0.4% during the year under review.

Table (12)

End of June USD/EGP

Weighted Average Rate (In Piasters)

Buy Sell Average 2004 619.9360 621.7842 620.8601* 2005 578.2400** 2006 575.7900** EGP appreciation (%) 0.4%

* Weighted average at all market participants including CBE. ** Weighted average of the interbank foreign exchange market. Figure (9)

US$ / EGP Weighted Average Rate (in Piasters) - End of June

570.0

580.0

590.0

600.0

610.0

620.0

630.0

June-04 June-05 June-06

Appendices

A. Main Statistics

Table Page

I- Balance of Payments

Balance of Payments (FY 2004/05 – 2005/06) ……… 1 21

Balance of Payments (contd.)…………………………… 22

II- External Liquidity

Net International Reserves & Net Foreign Assets of

Banking System……………………………………………

2

23

III- External Debt

External Debt…………………………………………… 3 24

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

External Debt by Debtor …………………………………

4

5

25

26

IV- Exchange Rate Developments

Exchange Rates ( in piasters per foreign currency unit )… 6 27

B. Detailed Tables and Charts of the External Debt Table Page

I- Total External Debt 1 31

A. Stock of Medium -and Long-Term

1. Public and Publicly Guaranteed

a. By Creditor ……………………………………………………... 2 33

b. Paris Club Bilateral Debt ……………………………………….. 3 35

(1) Third Stage of Agreed Minute of May 25, 1991 …………… 4 36

(2) Contracted after October 31, 1986 ………………………….. 5 37

c. Non-Paris Club Bilateral Debt ………………………………….. 6 39

d. Multilateral Agencies…………………………………………… 7 40

2. Private Sector, Non-Guaranteed …………………………………... 8 42

B. Outstanding External Short-Term Debt ……………………………… 9 43

C. Disbursed and Undisbursed Amounts of Contracted Loans …………. 10 44

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

A. Public and Publicly Guaranteed……………………………………… 11 45

1. Paris Club Bilateral Debt…………………………………………... 12 47

a. Third Stage of Agreed Minute of May 25, 1991 ………………. 13 49

b. Contracted after October 31,1986 ……………………………… 14 50

2. Non-Paris Club Bilateral Debt……………………………………... 15 51

3. Multilateral Agencies ……………………………………………… 16 52

B. Private Sector, Non-Guaranteed ……………………………………... 17 54

III- Exchange Rates of the Currencies of External Debt

Versus US Dollar

18

55

(US$ mn)

2004/05 2005/06*

Trade Balance -10359.4 -11985.9 Exports** 13833.4 18455.1 Petroleum 5299.0 10222.4 Other Exports 8534.4 8232.7 Imports** -24192.8 -30441.0 Petroleum -3975.3 -5359.2 Other Imports -20217.5 -25081.8Services (Net) 7842.2 8190.7Receipts 15029.6 17437.9 Transportation, of which : 4259.6 4947.1 Suez Canal (3306.8) (3558.8) Travel 6429.8 7234.6 Investment Income 910.6 2001.8 Government Services 157.2 358.2 Other 3272.4 2896.2Payments 7187.4 9247.2 Transportation 902.4 1214.9 Travel 1438.3 1619.6 Investment Income, of which 1164.4 1471.1 Interest Paid (583.7) (586.5) Government Expenditures 656.6 1319.9 Other 3025.7 3621.7Balance of Goods & Services -2517.2 -3795.2Transfers 5427.8 5547.1Private Transfers (Net) 4371.7 4975.4Official Transfers (Net) 1056.1 571.7Current Account Balance 2910.6 1751.9

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

- 21 -

Table (1) Balance of Payments

Fiscal Year

(US$ mn)

2004/05 2005/06*

Capital & Financial Account 3377.7 3511.3Capital Account 0.0 -37.6

Financial Account 3377.7 3548.9 Direct Investment Abroad -39.0 -145.3 Direct Investment in Egypt (Net) 3901.8 6111.4 Portfolio Investment Abroad 540.6 -729.1 Portfolio Investment in Egypt (Net), of which: 831.1 2764.0 Bonds 25.9 2690.2 Other Investment (Net) -1856.8 -4452.1 Net Borrowing 1000.6 1425.8 M&L -Term Loans (Net) -783.8 -927.5 Drawings 727.9 795.6 Repayments -1511.7 -1723.1 MT- Suppliers' Credit (Net) -525.8 -101.2 Drawings 86.2 625.4 Repayments -612.0 -726.6 ST- Suppliers' Credit (Net) 2310.2 2454.5 Other Assets -3180.0 -5102.8 Central Bank 23.0 3.3 Banks -2171.6 -4197.7 Other -1031.4 -908.4 Other Liabilities 322.6 -775.1 Central Bank 0.0 2.2 Banks 322.6 -777.3Net Errors & Omissions -1810.6 -2009.8Overall Balance 4477.7 3253.4Change in CBE Reserve Assets ,Increase(-) -4477.7 -3253.4

*Preliminary.

**Include US$ 1.8 billion as net investments inflows in petroleum sector and US$ 905.7 million as reciepts from

selling some local companies to foreign investors in FY 2005/06 (against US$ 2.5 billion and US$ 419.5 million respectively).

Fiscal Year

- 22 -

Table (1) Balance of Payments (contd.)

**

End of June-00 June-01 June-02 June-03 June-04 June-05 June-06

Net International Reserves(1-2) 15130.4 14244.0 14146.6 14808.6 14780.6 19302.0 22931.0 1- Gross Official Reserves 15160.6 14269.2 14179.1 14844.7 14800.1 19321.6 22952.7

Gold 511.1 488.2 570.7 631.2 716.9 779.3 1118.5

Foreign exchange 14220.9 13374.7 13228.1 13836.6 13734.8 18209.6 21515.3

SDRs 35.7 37.7 34.4 51.4 72.7 92.7 112.7

Other 392.9 368.6 345.9 325.5 275.7 240.0 206.2

2- Reserve Liabilities 30.2 25.2 32.5 36.1 19.5 19.6 21.7

Banks' Net Foreign Assets 2681.1 1394.3 1614.3 2169.5 5705.3 7554.3 12529.3

Assets 7347.4 6328.9 6102.8 6594.8 9188.1 11359.7 15557.4

Liabilities 4666.3 4934.6 4488.5 4425.3 3482.8 3805.4 3028.1

(US $ million)Table (2) :Net International Reserves & Net Foreign Assets of Banking System

- 23 -

Total External Debt* 27783.3 26560.0 28660.8 29396.2 29871.8 28948.8 29592.6Rescheduled bilateral debt ** 16291.8 14779.4 15336.4 16192.0 16384.8 15734.1 15229.0 ODA 7968.7 7345.1 7455.6 7900.0 8052.6 7836.4 7610.6 Non-ODA 8323.1 7434.3 7880.8 8292.0 8332.2 7897.7 7618.4

Other bilateral debt 4226.4 3894.4 4057.2 4350.0 4432.8 4291.3 4295.5 Paris Club countries 3677.0 3353.0 3405.0 3320.0 3263.4 3529.9 3590.4 Other countries 549.4 541.4 652.2 1030.0 1169.4 761.4 705.1International & regional institutions 4275.2 4310.4 4697.4 4904.0 5080.8 5058.2 5205.0Suppliers' & buyers' credits 980.6 896.0 923.8 1133.1 1333.0 781.6 979.5Egyptian bonds and notes 0.0 0.0 953.6 735.4 587.7 613.6 1861.9Long- term deposits # 0.0 0.0 0.0 0.0 0.0 500.0 300.0Short-term debt 1627.9 2207.0 2150.0 1864.5 1967.5 1854.8 1633.0 Deposits 656.5 1310.7 1338.5 1330.3 1267.5 819.3 633.1 Other short-term facilities 971.5 896.3 811.5 774.0 700.0 1035.5 999.9

Private sector debt (non-guaranteed) 381.4 472.8 542.4 217.2 85.2 115.2 88.7

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.# It has been agreed to consider the Arab International Bank deposits a medium- and long- term external debt.

End of June

Table (3) External Debt - 24 -

2000 2001 2002 2003 2004 2005 2006 +

(%)

1999/2000 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 +

External Debt / Exports (G & S) % 156.0 141.5 171.2 157.6 127.5 100.3 82.4

Debt Service (Principal & Interest) (US$ mn.) 1704.5 1642.4 2038.2 2257.8 2525.5 2701.8 3040.7

Debt Service / Exports (G & S) % 9.6 8.7 12.2 12.1 10.8 9.4 8.5

Debt Service / Current Receipts % 7.6 7.3 9.7 10.1 9.2 7.9 7.3

Interest / Exports (G & S) % 3.6 3.3 3.9 3.5 2.6 2.0 1.6

External Debt /GDP (at current market prices) 28.2 28.5 33.7 42.5 38.1 31.1 27.6

Short-term Debt / Net International Reserves 10.8 15.5 15.2 12.6 13.3 9.6 7.1

External Debt per capita (US$) 426.4 399.5 422.2 424.7 423.4 402.6 404.3+ Provisional* includes interest payments on US dollar-denominated bonds and notes holding by nonresedents

- 25 -

Table (4) External Debt Indicators

*

End of Jun-05 % Jun-06 % Change (-) %

External Debt 28948.8 100.0 29592.6 100.0 643.8 2.22Total Medium- & Long-Term 27094.0 93.6 27959.6 94.5 865.6 3.2Total Short-Term 1854.8 6.4 1633.0 5.5 (221.8) (12.0)

Central & Local Government 18231.0 63.0 18864.5 63.8 633.5 3.5 Medium- & Long-Term (of which) 18231.0 63.0 18864.5 63.8 633.5 3.5 Bonds & Notes 613.6 2.1 1861.9 6.3 1248.3 203.4 Loans 17617.4 60.9 17002.6 57.5 (614.8) (3.5) Currency and Deposits Other Liabilities Short-Term 0.0 0.0 0.0 0.0 0.0 0.0

Monetary Authority 983.0 3.4 664.3 2.2 (318.7) (32.4) Medium- & Long-Term 833.0 2.9 664.3 2.2 (168.7) (20.3) Bonds & Notes Loans 333.0 1.2 364.3 1.2 31.3 9.4 Currency and Deposits 500.0 1.7 300.0 1.0 (200.0) 0.0 Other Liabilities Short-Term 150.0 0.5 0.0 0.0 (150.0) (100.0) Money Market Instruments Loans Currency and Deposits 150.0 0.5 0.0 0.0 (150.0) (100.0) Other LiabilitiesBanks 2010.5 6.9 2119.6 7.1 109.1 5.4 Medium- & Long-Term Loans 1063.9 3.6 1358.9 4.6 295.0 27.7 Bonds & Notes Loans 1063.9 3.6 1358.9 4.6 295.0 27.7 Currency and Deposits Other Liabilities Short-Term Loans 946.6 3.3 760.7 2.5 (185.9) (19.6) Money Market Instruments Loans 31.5 0.1 9.0 0.0 (22.5) (71.4) Currency and Deposits 669.3 2.3 633.1 2.1 (36.2) (5.4) Other Liabilities 245.8 0.9 118.6 0.4 (127.2) (51.7)Other Sectors 7724.3 26.7 7944.2 26.9 219.9 2.8 Medium- & Long-Term 6966.1 24.1 7071.9 23.9 105.8 1.5 Loans from direct investors Bonds & Notes Trade credits Loans 6966.1 24.1 7071.9 23.9 105.8 1.5 Currency and Deposits Other Liabilities Short-Term 758.2 2.6 872.3 3.0 114.1 0.0 Loans from direct investors Money Market Instruments Trade credits 758.2 2.6 872.3 3.0 114.1 0.0 Loans Currency and Deposits Other Liabilities

* Provisional

- 26 -

Table (5) External Debt by Debtor (US$ mn)

**

First: Interbank Rates *MinimumMaximumWeighted average

Second : Market Rates Buy Sell Buy Sell

US Dollar 577.89 580.53 575.23 577.20

Euro 696.53 700.06 720.53 723.06

Pound Sterling 1036.39 1041.18 1041.97 1045.66

Swiss Franc 449.72 451.84 460.33 462.06

100 Japanese Yens 522.03 524.56 493.76 495.67

Saudi Riyal 154.08 154.79 153.37 153.91

Kuwaiti Dinar 1978.33 1988.05 1988.97 1996.48

UAE Dirham 157.33 158.08 156.61 157.16

Source: CBE daily exchange rates. * The Interbank Rates was launched on December 23, 2004.

End of June 2006June 2005

- 27 -

578.00578.34

578.24 575.79

575.76575.80

Table (6) Exchange Rates (In piasters per foreign currency unit )

2003 2004 2005 20061- Medium and Long-Term Public & Publicly Guaranteed Debt 27,314.49 27,819.19 26,978.83 27,870.87A. Paris Club Debt 20,645.05 20,981.29 20,045.63 19,798.89

1-May 1991 (Third Stage) 16,191.28 16,384.77 15,734.12 15,229.01 2-Post Cut-Off Date 4,453.77 4,596.52 4,311.51 4,569.88

B. Non- Paris Club Debt 1,030.00 1,169.40 761.36 705.12

C. Multilateral Agencies 4,904.04 5,080.80 5,058.24 5,204.96

D. Sovereign Bonds 735.40 587.70 613.60 611.90

E. Guaranteed Notes 0.00 0.00 0.00 1,250.00

F. Arab International Bank Deposits {2} 0.00 0.00 500.00 300.00

2- Private Sector Non-Guaranteed 217.18 85.20 115.16 88.72

3- Short-Term Debt 1,864.50 1,967.45 1,854.84 1,633.01 Deposits (Non Residents) 805.11 767.45 819.32 633.12 Arab International Bank Deposits 500.00 500.00 0.00 0.00

Other 559.39 700.00 1,035.52 999.89

Grand Total 29,396.17 29,871.84 28,948.83 29,592.60{1} Using end of period exchange rate.{2}As of December 2004, the deposit of the Arab International Bank was converted from a short- term debt to a long- term deposit .

Figure 1-1

- 31 -

(US$ million){1}

Table ( 1 )External Debt

Outstanding Stock as at End of June

Total Debt

External Debt Outstanding Stock as at End of June

25.5

26.5

27.5

28.5

29.5

30.5

31.5

2000 2001 2002 2003 2004 2005 2006

( US$bn )

- 32 -

Figure 1-2

Medium and Long-TermPublic and Publicly Guaranteed External Debt

Outstanding Stock as at End of June 2006

Sovereign bonds2%

Arab International Bank Deposit

1%Guaranteed Notes 4%

Non-Paris Club Debt3%

Multilateral Agencies19%

Paris Club Debt71%

2003 2004 2005 2006

Int'l Organizations 4,904.04 5,080.80 5,058.24 5,204.96France 4,888.18 4,918.41 4,627.33 4,574.73United States 5,074.80 4,803.08 4,541.87 4,267.43Japan 3,708.19 4,233.82 4,044.13 3,532.47Germany, Fed. Rep. of 2,974.76 3,156.52 3,130.99 3,259.49Guaranteed Notes 0.00 0.00 0.00 1,250.00Spain 840.54 820.00 816.98 824.89United Kingdom 362.59 288.32 267.43 804.79Italy 916.77 848.81 781.69 725.53Sovereign Bonds 735.40 587.70 613.60 611.90Austria 574.84 581.16 547.61 535.61Kuwait 391.83 409.41 427.24 488.09Switzerland 474.89 486.77 450.96 437.06Arab International Bank Deposit {2} 0.00 0.00 500.00 300.00Canada 207.61 203.07 210.70 218.33Australia 204.66 200.31 203.76 186.71Denmark 153.75 172.70 166.85 177.37China P. R. of 97.05 103.97 102.19 105.12The Netherlands 84.14 88.63 87.45 90.12Beligium 95.53 97.26 91.31 89.55United Arab Emirates 96.96 90.68 80.80 68.29Sweden 47.00 45.88 40.24 39.27Saudi Arabia 143.36 145.00 38.64 36.89Norway 36.80 36.54 36.33 35.54Bahrain 300.00 420.00 111.10 5.50Jordan 0.00 0.00 1.20 1.20Germany Dem. Rep. 0.03 0.03 0.03 0.03Taiwan 0.48 0.32 0.16 0.00Bulgaria 0.07 0.00 0.00 0.00Turkey 0.22 0.00 0.00 0.00

27,314.49 27,819.19 26,978.83 27,870.87{1} Using end of period exchange rate.{2}As of December 2004, the deposit of the Arab International Bank was converted from a short- term debt to a long- term deposit .

Country

- 33 -

Total Debt

Medium and Long-Term

Public & Publicly Guaranteed External Debtby Creditor Country


Table ( 2 )

(US$ million){1}

- 34 - Medium and Long-Term

Public and Publicly Guaranteed External Debt by Creditor Country

Outstanding Stock as at End of June 2006

Japan13%

United States15%

Int'l Organizations19%

Guaranteed Notes 4%

Germany, Fed. Rep. of12%

France 16%

Others21%

Figure 2

2003 2004 2005 2006

France 4,888.18 4,918.41 4,627.33 4,574.73United States 5,074.80 4,803.08 4,541.87 4,267.43Japan 3,708.19 4,233.82 4,044.13 3,532.48Germany, Fed. Rep. of 2,974.76 3,156.53 3,130.99 3,259.49Spain 840.54 820.00 816.98 824.88United Kingdom 362.59 288.32 267.43 804.80Italy 916.77 848.81 781.69 725.52Austria 574.84 581.16 547.61 535.61Switzerland 474.89 486.77 450.96 437.07Canada 207.61 203.07 210.70 218.33Australia 204.66 200.31 203.76 186.71Denmark 153.75 172.70 166.85 177.36The Netherlands 84.14 88.63 87.45 90.12Belgium 95.53 97.26 91.31 89.55Sweden 47.00 45.88 40.24 39.27Norway 36.80 36.54 36.33 35.54

Grand Total 20,645.05 20,981.29 20,045.63 19,798.89{1} This table sums up tables 4 and 5.{2} Using end of period exchange rate.

Country

- 35 -

Table ( 3 ) {1}

Medium and Long-TermPublic & Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of June

Total Debt(US$ million){2}

18.018.519.019.520.020.521.0

( US$

bn )

2000 2001 2002 2003 2004 2005 2006

Medium and Long-Term Public & Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of June

Figure 3

2003 2004 2005 2006

France 4,031.82 4,081.61 3,877.74 3,810.33United States 4,145.66 3,944.09 3,736.50 3,522.87Japan 2,774.58 3,026.95 2,943.32 2,754.85Germany, Fed. Rep. Of 1,831.62 1,930.60 1,906.10 1,965.29Spain 814.75 784.49 749.09 711.96Austria 538.25 548.15 520.55 513.47Italy 557.79 538.01 513.64 488.78Switzerland 443.33 457.57 427.69 416.86United Kingdom 254.47 271.38 261.33 254.72Canada 198.57 194.28 201.63 208.95Australia 204.66 200.31 203.76 186.71Denmark 148.96 153.96 148.14 148.60The Netherlands 83.82 88.34 87.22 89.92Belgium 87.89 88.94 84.13 82.55Sweden 38.31 39.55 36.95 37.61Norway 36.80 36.54 36.33 35.54

Grand Total 16,191.28 16,384.77 15,734.12 15,229.01{1} Using end of period exchange rate.

(US$ million){1}

Country

- 36 -

Total Debt

Table ( 4 )Medium and Long-Term

Public & Publicly Guaranteed External DebtParis Club Debt

Third Stage of the Agreed Minute on May 25,1991Outstanding Stock as at End of June

13.514.014.515.015.516.016.5

( US$

bn )

2000 2001 2002 2003 2004 2005 2006


Paris Club Debt Third Stage of the Agreed Minute on May 25,1991


Figure 4

2003 2004 2005 2006

Germany, Fed. Rep. Of 1,143.14 1,225.92 1,224.89 1,294.20Japan 933.61 1,206.87 1,100.81 777.63France 856.35 836.80 749.58 764.40United States 929.15 858.99 805.38 744.56United Kingdom 108.12 16.95 6.10 550.08Italy 358.99 310.80 268.05 236.74Spain 25.79 35.51 67.89 112.92Denmark 4.80 18.74 18.71 28.76Austria 36.58 33.01 27.06 22.14Switzerland 31.55 29.20 23.27 20.21Canada 9.04 8.79 9.07 9.38Belgium 7.64 8.32 7.17 7.00Sweden 8.69 6.33 3.29 1.66The Netherlands 0.32 0.29 0.24 0.20


Country

- 37 -

Table ( 5 ) Medium and Long-Term

Public & Publicly Guaranteed External DebtParis Club Debt

Contracted after October 31,1986 Outstanding Stock as at End of June


4,000

4,100

4,200

4,300

4,400

4,500

4,600

4,700

( US$

mn

)

2000 2001 2002 2003 2004 2005 2006


Contracted after October 31, 1986Outstanding Stock as at End of June

Figure 5-1

- 38 -

Medium and Long-Term Public and Publicly Guaranteed External Debt

Paris Club DebtOutstanding Stock as at End of June 2006

Post Cut-Off Date23%

May 1991(Third Stage)

77%

Figure 5-2

2003 2004 2005 2006

Kuwait 391.83 409.41 427.24 488.09China P. R. of 97.05 103.97 102.19 105.12United Arab Emirates 96.96 90.68 80.80 68.29Saudi Arabia 143.36 144.99 38.64 36.89Bahrain 300.00 420.00 111.10 5.50Jordan 0.00 0.00 1.20 1.20Germany Dem .Rep. of 0.03 0.03 0.03 0.03Taiwan 0.48 0.32 0.16 0.00Turkey 0.22 0.00 0.00 0.00Bulgaria 0.07 0.00 0.00 0.00

Grand Total 1,030.00 1,169.40 761.36 705.12{1} Using end of period exchange rate.

Country

- 39 -


Public & Publicly Guaranteed External DebtNon-Paris Club Debt



0

200

400

600

800

1,000

1,200

( US$

mn

)

2000 2001 2002 2003 2004 2005 2006


Non-Paris Club DebtOutstanding Stock as at End of June

Figure 6

2003 2004 2005 2006

European Investment Bank 986.26 1,072.10 1,103.71 1,591.02

IDA 1,358.50 1,409.88 1,375.12 1,340.03

Arab Fund for Economic and Social Development 901.42 969.96 996.33 961.75

Arab Monetary Fund 312.43 310.86 326.11 364.37

IBRD 541.76 469.80 397.24 353.90

African Development Bank 250.17 319.61 338.67 255.53

African Development Fund 160.72 172.63 182.32 178.94

International Fund for Agricultural Development 86.67 87.37 86.14 82.89

Islamic Development Bank 285.35 227.28 236.37 53.04

OPEC 0.00 0.00 0.00 20.00

Arab International Bank 16.74 11.96 7.18 2.39

Nordic Investment Bank 4.02 3.20 2.12 1.10

Arab Trade Financing Program 0.00 26.15 6.93 0.00


Creditor

- 40 -

Total Debt


Public & Publicly Guaranteed External DebtMultilateral Agencies


(US$ million){1}

0

1,000

2,000

3,000

4,000

5,000

6,000

( U

S$m

n )

2000 2001 2002 2003 2004 2005 2006


Multilateral AgenciesOutstanding Stock as at End of June

Figure 7-1

- 41 -


Multilateral AgenciesOutstanding Stock as at End of June 2006

Arab Monetary Fund7%

African Development Bank5%

AFESD18%

IDA26%

Others7%

IBRD7%

European Investment Bank

30%

Figure 7 - 2

2003 2004 2005 2006

Japan 0.00 0.00 50.00 50.00Int'l Organizations 65.00 55.00 45.00 35.00Austria 2.29 2.43 2.41 2.51Germany, Fed. Rep. of 53.93 2.50 0.17 0.94Italy 0.64 0.22 0.00 0.27United Arab Emirates 19.50 17.50 17.50 0.00United Kingdom 74.45 7.10 0.08 0.00United States 1.35 0.45 0.00 0.00Sudan 0.02 0.00 0.00 0.00

Grand Total 217.18 85.20 115.16 88.72{1} Using end of period exchange rate.

Country

- 42 -

Total Debt


Private Sector Non-Guaranteed External DebtOutstanding Stock as at End of June

(US$ million){1}

0.00

100.00

200.00

300.00

400.00

500.00

600.00

( US$

mn

)

2000 2001 2002 2003 2004 2005 2006

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


Figure 8

2003 2004 2005 2006

Short-Term Debt {2} 1,745.85 1,706.07 1,609.04 1,514.39

Non-Financial Public Sector 80.32 100.46 507.63 601.52 Financial Public Sector {2} 345.49 335.27 329.32 127.62 Private Sector Guaranteed 72.22 84.22 43.27 37.26 Private Sector Non-Guaranteed 747.82 686.12 728.82 747.99 Arab International Bank Deposit {3} 500.00 500.00 0.00 0.00

Short-Term Banking Facilities 118.65 261.38 245.80 118.62

Public Sector Banks 0.42 0.00 0.35 0.00Private Banks 118.23 261.38 245.45 118.62

Grand Total 1,864.50 1,967.45 1,854.84 1,633.01

{1} Using end of period exchange rate.(2) Excludes banking facilities .{3}As of December 2004, the deposit of the Arab International Bank was converted from a short- term debt to a long- term deposit .

- 43 -

Short-Term DebtTable ( 9 )



0

500

1,000

1,500

2,000

2,500

( US$

mn

)

2000 2001 2002 2003 2004 2005 2006

Short-Term DebtOutstanding Stock as at End of June

Figure 9

Contracted Cancelled Net Disbursed UnutilisedAmounts Amounts Commitment Amounts Amounts

1- Medium and Long-Term Public & Publicly Guaranteed Debt 58,256.23 1,740.72 56,515.51 53,039.27 3,476.24

A. Paris Club Bilateral Debt 37,247.98 127.97 37,120.01 36,463.79 656.22

1-May 1991 (Third Stage) 21,361.75 0.00 21,361.75 21,361.75 0.00 2-Non-Guaranteed Debt 2,182.36 30.88 2,151.48 2,151.48 0.00 3-Post Cut-Off Date 13,703.87 97.09 13,606.78 12,950.56 656.22

B. Non- Paris Club Bilateral Debt 3,858.28 91.48 3,766.80 3,455.09 311.71

C. Multilateral Agencies 17,149.97 1,521.27 15,628.70 13,120.39 2,508.31

2- Medium and Long-Term Private 1,254.80 28.83 1,225.97 1,225.97 0.00 Sector Non-Guaranteed Debt

Grand Total 59,511.03 1,769.55 57,741.48 54,265.24 3,476.24

{1} Using end of period exchange rate.

(US$ million){1}

- 44 -

as at End of June 2006Disbursed and Unutilised/Undisbursed Amounts of Contracted Loans

Table ( 10 )

0

10,000

20,000

30,000

40,000

50,000

60,000

( US$

mn

)

2000 2001 2002 2003 2004 2005 2006

Disbursed and Undisbursed Amounts of Contracted Loansas at End of December

Contracted Amounts Net Commitment Disbursed Amounts

Figure 10

0

10,000

20,000

30,000

40,000

50,000

60,000

( US$

mn

)

2000 2001 2002 2003 2004 2005 2006

Disbursed and Unutilised/Undisbursed Amounts of Contracted Loansas at End of June

Contracted Amounts Net Commitment Disbursed Amounts

Period Principal {2} Interest ( * ) Total Period Principal {2} Interest Total 2006/H2(**) 1232.22 306.79 1539.01 2028/H2 94.77 4.92 99.692007/H1(***) 1071.79 289.33 1361.12 2029/H1 74.32 3.49 77.812007/H2 781.83 301.32 1083.15 2029/H2 76.55 3.54 80.092008/H1 956.89 285.04 1241.93 2030/H1 59.60 2.72 62.322008/H2 1269.30 275.87 1545.17 2030/H2 61.90 2.64 64.542009/H1 837.62 253.30 1090.92 2031/H1 52.39 2.21 54.602009/H2 867.47 252.47 1119.94 2031/H2 45.52 1.98 47.502010/H1 870.99 244.46 1115.45 2032/H1 42.31 1.79 44.102010/H2 921.56 246.27 1167.83 2032/H2 40.89 1.64 42.532011/H1 893.94 261.00 1154.94 2033/H1 38.61 1.47 40.082011/H2(****) 1646.54 235.93 1882.47 2033/H2 33.56 1.32 34.882012/H1 871.08 212.16 1083.24 2034/H1 32.98 1.19 34.172012/H2 876.85 212.51 1089.36 2034/H2 26.77 1.06 27.832013/H1 884.61 192.84 1077.45 2035/H1 26.54 0.95 27.492013/H2 893.06 194.31 1087.37 2035/H2 25.91 0.85 26.762014/H1 877.06 173.74 1050.80 2036/H1 39.01 0.74 39.752014/H2 917.33 176.38 1093.71 2036/H2 22.06 0.66 22.722015/H1 903.85 157.74 1061.59 2037/H1 20.79 0.58 21.372015/H2(*****) 2297.76 158.40 2456.16 2037/H2 19.80 0.51 20.312016/H1 938.59 111.58 1050.17 2038/H1 18.58 0.43 19.012016/H2 1021.24 112.40 1133.64 2038/H2 15.99 0.36 16.352017/H1 541.71 93.65 635.36 2039/H1 11.66 0.30 11.962017/H2 566.92 95.76 662.68 2039/H2 10.61 0.26 10.872018/H1 547.53 80.34 627.87 2040/H1 9.37 0.22 9.592018/H2 568.51 81.46 649.97 2040/H2 8.94 0.19 9.132019/H1 519.36 66.94 586.30 2041/H1 7.56 0.15 7.712019/H2 551.51 67.84 619.35 2041/H2 7.22 0.13 7.352020/H1 503.90 54.51 558.41 2042/H1 5.46 0.10 5.562020/H2 554.99 55.00 609.99 2042/H2 3.26 0.08 3.342021/H1 476.11 42.90 519.01 2043/H1 3.26 0.06 3.322021/H2 455.51 42.91 498.42 2043/H2 2.92 0.04 2.962022/H1 278.67 32.51 311.18 2044/H1 2.12 0.03 2.152022/H2 301.87 34.19 336.06 2044/H2 1.91 0.02 1.932023/H1 274.81 26.74 301.55 2045/H1 0.99 0.02 1.012023/H2 296.76 28.07 324.83 2045/H2 0.99 0.02 1.012024/H1 273.34 21.33 294.67 2046/H1 0.99 0.02 1.012024/H2 291.64 22.12 313.76 2046/H2 0.91 0.01 0.922025/H1 269.59 16.00 285.59 2047/H1 0.42 0.01 0.432025/H2 290.61 16.13 306.74 2047/H2 0.42 0.01 0.432026/H1 268.82 10.74 279.56 2048/H1 0.42 0.00 0.422026/H2 281.75 10.07 291.82 2048/H2 0.42 0.00 0.422027/H1 200.25 5.46 205.71 2049/H1 0.30 0.00 0.302027/H2 104.97 6.54 111.51 2049/H2 0.30 0.00 0.302028/H1 80.35 4.45 84.80 2050/H1 0.28 0.00 0.28

2050/H2 0.28 0.00 0.28

Grand Total 31,280.92 5,606.22 36,887.14{1} The exchange rate of June 30, 2006 .{2} Includes assumptions on disbursement of unutilised/undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.(*) Includes projections for interest on US$ 611.9 million sovereign bonds up to 2011/2.(*) Includes projections for interest on US$1250 million guaranteed notes up to 2015/2 .(**) Includes US$ 500 million sovereign bonds.(***) Includes 300 millions US$ for the Arab International Bank Deposit. It has been agreed to consider it as medium -and long- term external debt.(****) Includes US$ 111.9 million sovereign bonds.(*****) Includes US$ 1250 million guaranteed notes.

(US$ million){1}

as of July 1, 2006

- 45 -Table ( 11 )

Medium and Long-Term Public & Publicly GuaranteedExternal Debt Service

- 46 -

Medium and Long-Term Public and Publicly Guaranteed External Debt Service as of July 1 , 2006

02004006008001,0001,2001,4001,6001,8002,0002,2002,4002,6002,8003,0003,2003,4003,6003,8004,0004,2004,4004,6004,8005,0005,2005,4005,600

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal {2} Interest ( * ) Total

US$ mn

Figure 11

Period Principal {2} Interest Total Period Principal {2} Interest Total2006/H2 517.54 178.56 696.10 2028/H2 46.16 2.95 49.112007/H1 515.24 171.73 686.97 2029/H1 29.88 1.87 31.752007/H2 549.79 195.32 745.11 2029/H2 39.36 2.24 41.602008/H1 673.33 172.12 845.45 2030/H1 29.64 1.66 31.302008/H2 990.48 178.76 1169.24 2030/H2 34.49 1.74 36.232009/H1 543.14 150.94 694.08 2031/H1 28.06 1.46 29.522009/H2 586.71 161.31 748.02 2031/H2 27.89 1.36 29.252010/H1 567.15 141.27 708.42 2032/H1 27.19 1.26 28.452010/H2 611.77 150.56 762.33 2032/H2 25.77 1.17 26.942011/H1 585.89 131.74 717.63 2033/H1 24.29 1.08 25.372011/H2 707.17 140.44 847.61 2033/H2 23.28 1.00 24.282012/H1 611.10 121.51 732.61 2034/H1 22.70 0.92 23.622012/H2 656.97 129.30 786.27 2034/H2 21.69 0.84 22.532013/H1 635.90 110.94 746.84 2035/H1 21.46 0.76 22.222013/H2 682.10 117.60 799.70 2035/H2 20.83 0.68 21.512014/H1 667.45 100.20 767.65 2036/H1 35.66 0.61 36.272014/H2 712.38 105.80 818.18 2036/H2 19.02 0.54 19.562015/H1 698.83 90.19 789.02 2037/H1 18.18 0.47 18.652015/H2 746.21 93.69 839.90 2037/H2 17.19 0.41 17.602016/H1 735.66 77.51 813.17 2038/H1 15.97 0.34 16.312016/H2 793.43 81.15 874.58 2038/H2 13.38 0.28 13.662017/H1 352.79 65.18 417.97 2039/H1 9.51 0.23 9.742017/H2 385.47 69.82 455.29 2039/H2 9.00 0.20 9.202018/H1 367.43 56.93 424.36 2040/H1 7.76 0.17 7.932018/H2 398.82 60.51 459.33 2040/H2 7.33 0.14 7.472019/H1 359.48 48.24 407.72 2041/H1 5.95 0.11 6.062019/H2 392.67 51.20 443.87 2041/H2 5.61 0.09 5.702020/H1 363.47 39.89 403.36 2042/H1 4.22 0.07 4.292020/H2 419.06 42.06 461.12 2042/H2 2.42 0.05 2.472021/H1 357.23 31.39 388.62 2043/H1 2.42 0.04 2.462021/H2 355.53 32.69 388.22 2043/H2 2.08 0.02 2.102022/H1 192.12 23.20 215.32 2044/H1 1.28 0.01 1.292022/H2 215.22 25.88 241.10 2044/H2 1.07 0.01 1.082023/H1 194.74 19.20 213.94 2045/H1 0.76 0.01 0.772023/H2 218.37 21.19 239.56 2045/H2 0.76 0.01 0.772024/H1 197.95 15.11 213.06 2046/H1 0.76 0.01 0.772024/H2 216.59 16.48 233.07 2046/H2 0.68 0.00 0.682025/H1 197.82 10.94 208.76 2047/H1 0.19 0.00 0.192025/H2 221.69 11.63 233.32 2047/H2 0.19 0.00 0.192026/H1 203.01 6.76 209.77 2048/H1 0.19 0.00 0.192026/H2 223.13 6.56 229.69 2048/H2 0.19 0.00 0.192027/H1 145.94 2.34 148.28 2049/H1 0.07 0.00 0.072027/H2 51.62 3.81 55.43 2049/H2 0.07 0.00 0.072028/H1 30.38 2.11 32.49 2050/H1 0.05 0.00 0.05

2050/H2 0.05 0.00 0.05Grand Total 20,453.47 3,488.57 23,942.04{1} The exchange rate of June 30, 2006.{2} Includes assumptions on disbursement of unutilised/undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

(US$ million){1}

- 47 -

as of July 1, 2006Paris Club Debt

External Debt Service Medium and Long-Term Public & Publicly Guaranteed

Table ( 12 )

Figure 12

- 48 -Medium and Long-Term Public and Publicly Guaranteed External Debt

Service as of July 1 , 2006

02004006008001,0001,2001,4001,6001,8002,0002,2002,4002,6002,8003,0003,2003,4003,600

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal Interest Total

US$ mn

Period Principal Interest Total Period Principal Interest Total

2006/H2 337.93 116.98 454.91 2016/H2 679.38 63.31 742.692007/H1 371.19 130.43 501.62 2017/H1 281.58 58.10 339.682007/H2 382.88 136.95 519.83 2017/H2 285.28 54.00 339.282008/H1 398.98 136.49 535.47 2018/H1 299.20 50.92 350.122008/H2 411.46 132.21 543.67 2018/H2 302.99 46.65 349.642009/H1 422.34 129.76 552.10 2019/H1 304.94 43.24 348.182009/H2 435.54 125.04 560.58 2019/H2 308.83 38.99 347.822010/H1 451.99 122.55 574.54 2020/H1 310.89 35.44 346.332010/H2 466.03 117.65 583.68 2020/H2 314.88 31.27 346.152011/H1 478.38 114.98 593.36 2021/H1 317.23 27.46 344.692011/H2 493.18 109.96 603.14 2021/H2 291.02 23.23 314.252012/H1 512.61 107.04 619.65 2022/H1 157.50 19.62 177.122012/H2 528.18 102.05 630.23 2022/H2 159.96 17.63 177.592013/H1 542.54 98.42 640.96 2023/H1 162.44 15.91 178.352013/H2 559.10 93.03 652.13 2023/H2 164.96 13.89 178.852014/H1 580.30 89.34 669.64 2024/H1 167.32 12.08 179.402014/H2 598.04 83.71 681.75 2024/H2 164.82 10.06 174.882015/H1 614.33 79.57 693.90 2025/H1 167.29 8.14 175.432015/H2 633.09 73.76 706.85 2025/H2 169.96 6.08 176.042016/H1 656.54 69.25 725.79 2026/H1 172.49 4.19 176.68

2026/H2 171.42 1.88 173.30

Grand Total 15,229.01 2,751.26 17,980.27{1} The exchange rate of June 30, 2006.

- 49 -

(US$ million){1}

Table ( 13 )Medium and Long-Term Public & Publicly Guaranteed

External Debt Service as of July 1, 2006Paris Club Debt

Third Stage of The Agreed Minute on May 25, 1991

Period Principal {2} Interest Total Period Principal {2} Interest Total2006/H2 179.61 61.58 241.19 2028/H2 46.16 2.95 49.112007/H1 144.05 41.30 185.35 2029/H1 29.88 1.87 31.752007/H2 166.91 58.37 225.28 2029/H2 39.36 2.24 41.602008/H1 274.35 35.63 309.98 2030/H1 29.64 1.66 31.302008/H2 579.02 46.55 625.57 2030/H2 34.49 1.74 36.232009/H1 120.80 21.18 141.98 2031/H1 28.06 1.46 29.522009/H2 151.17 36.27 187.44 2031/H2 27.89 1.36 29.252010/H1 115.16 18.72 133.88 2032/H1 27.19 1.26 28.452010/H2 145.74 32.91 178.65 2032/H2 25.77 1.17 26.942011/H1 107.51 16.76 124.27 2033/H1 24.29 1.08 25.372011/H2 213.99 30.48 244.47 2033/H2 23.28 1.00 24.282012/H1 98.49 14.47 112.96 2034/H1 22.70 0.92 23.622012/H2 128.79 27.25 156.04 2034/H2 21.69 0.84 22.532013/H1 93.36 12.52 105.88 2035/H1 21.46 0.76 22.222013/H2 123.00 24.57 147.57 2035/H2 20.83 0.68 21.512014/H1 87.15 10.86 98.01 2036/H1 35.66 0.61 36.272014/H2 114.34 22.09 136.43 2036/H2 19.02 0.54 19.562015/H1 84.50 10.62 95.12 2037/H1 18.18 0.47 18.652015/H2 113.12 19.93 133.05 2037/H2 17.19 0.41 17.602016/H1 79.12 8.26 87.38 2038/H1 15.97 0.34 16.312016/H2 114.05 17.84 131.89 2038/H2 13.38 0.28 13.662017/H1 71.21 7.08 78.29 2039/H1 9.51 0.23 9.742017/H2 100.19 15.82 116.01 2039/H2 9.00 0.20 9.202018/H1 68.23 6.01 74.24 2040/H1 7.76 0.17 7.932018/H2 95.83 13.86 109.69 2040/H2 7.33 0.14 7.472019/H1 54.54 5.00 59.54 2041/H1 5.95 0.11 6.062019/H2 83.84 12.21 96.05 2041/H2 5.61 0.09 5.702020/H1 52.58 4.45 57.03 2042/H1 4.22 0.07 4.292020/H2 104.18 10.79 114.97 2042/H2 2.42 0.05 2.472021/H1 40.00 3.93 43.93 2043/H1 2.42 0.04 2.462021/H2 64.51 9.46 73.97 2043/H2 2.08 0.02 2.102022/H1 34.62 3.58 38.20 2044/H1 1.28 0.01 1.292022/H2 55.26 8.25 63.51 2044/H2 1.07 0.01 1.082023/H1 32.30 3.29 35.59 2045/H1 0.76 0.01 0.772023/H2 53.41 7.30 60.71 2045/H2 0.76 0.01 0.772024/H1 30.63 3.03 33.66 2046/H1 0.76 0.01 0.772024/H2 51.77 6.42 58.19 2046/H2 0.68 0.00 0.682025/H1 30.53 2.80 33.33 2047/H1 0.19 0.00 0.192025/H2 51.73 5.55 57.28 2047/H2 0.19 0.00 0.192026/H1 30.52 2.57 33.09 2048/H1 0.19 0.00 0.192026/H2 51.71 4.68 56.39 2048/H2 0.19 0.00 0.192027/H1 145.94 2.34 148.28 2049/H1 0.07 0.00 0.072027/H2 51.62 3.81 55.43 2049/H2 0.07 0.00 0.072028/H1 30.38 2.11 32.49 2050/H1 0.05 0.00 0.05

2050/H2 0.05 0.00 0.05Grand Total 5,224.46 737.31 5,961.77{1} The exchange rate of June 30, 2006. {2} Includes assumptions on disbursement of unutilised/undisbursed portion of contracted loans - see Table (10) for disbursement assumpt

- 50 -

(US$ million){1}

Medium and Long-Term Public & Publicly GuaranteedExternal Debt Service as of July 1, 2006

Paris Club DebtContracted Post Cut-off Date (after October 31, 1986)

Table ( 14 )

Period Principal {2} Interest Total Period Principal {2} Interest Total2006/H2 25.80 9.15 34.95 2021/H1 17.23 2.46 19.692007/H1 33.12 8.79 41.91 2021/H2 16.44 2.20 18.642007/H2 22.79 8.38 31.17 2022/H1 15.22 1.95 17.172008/H1 29.33 8.04 37.37 2022/H2 15.31 1.72 17.032008/H2 23.70 7.78 31.48 2023/H1 10.82 1.48 12.302009/H1 29.41 8.34 37.75 2023/H2 10.82 1.32 12.142009/H2 23.78 10.38 34.16 2024/H1 10.82 1.15 11.972010/H1 32.66 10.86 43.52 2024/H2 10.82 0.99 11.812010/H2 29.84 10.85 40.69 2025/H1 9.61 0.83 10.442011/H1 35.47 10.38 45.85 2025/H2 9.61 0.69 10.302011/H2 29.84 9.91 39.75 2026/H1 6.49 0.55 7.042012/H1 33.80 9.44 43.24 2026/H2 3.69 0.46 4.152012/H2 27.53 9.00 36.53 2027/H1 3.69 0.43 4.122013/H1 32.41 8.56 40.97 2027/H2 3.69 0.39 4.082013/H2 27.53 8.13 35.66 2028/H1 2.39 0.35 2.742014/H1 32.41 7.70 40.11 2028/H2 2.39 0.33 2.722014/H2 27.53 7.27 34.80 2029/H1 2.39 0.31 2.702015/H1 30.21 6.83 37.04 2029/H2 2.39 0.28 2.672015/H2 25.33 6.43 31.76 2030/H1 2.39 0.26 2.652016/H1 31.94 6.03 37.97 2030/H2 2.39 0.23 2.622016/H2 27.21 5.61 32.82 2031/H1 2.39 0.21 2.602017/H1 29.41 5.20 34.61 2031/H2 2.49 0.19 2.682017/H2 24.51 4.81 29.32 2032/H1 2.49 0.16 2.652018/H1 24.51 4.42 28.93 2032/H2 2.49 0.14 2.632018/H2 24.51 4.03 28.54 2033/H1 2.49 0.11 2.602019/H1 20.62 3.65 24.27 2033/H2 1.73 0.09 1.822019/H2 20.62 3.32 23.94 2034/H1 1.73 0.07 1.802020/H1 17.23 2.99 20.22 2034/H2 1.73 0.05 1.782020/H2 17.23 2.73 19.96 2035/H1 1.73 0.03 1.76

2035/H2 1.73 0.03 1.76Grand Total 969.88 228.47 1,198.35{1} The exchange rate of June 30, 2006.{2} Includes assumptions on disbursement of unutilised/undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

- 51 -

(US$ million){1}

Non-Paris Club DebtExternal Debt Service as of July 1, 2006

Medium and Long-Term Public & Publicly GuaranteedTable ( 15 )

Period Principal {2} Interest Total Period Principal {2} Interest Total

2006/H2 188.88 67.31 256.19 2028/H2 46.22 1.64 47.862007/H1 223.43 76.10 299.53 2029/H1 42.05 1.31 43.362007/H2 209.25 64.91 274.16 2029/H2 34.80 1.02 35.822008/H1 254.23 72.17 326.40 2030/H1 27.57 0.80 28.372008/H2 255.12 56.62 311.74 2030/H2 25.02 0.67 25.692009/H1 265.07 61.31 326.38 2031/H1 21.94 0.54 22.482009/H2 256.98 48.01 304.99 2031/H2 15.14 0.43 15.572010/H1 271.18 59.62 330.80 2032/H1 12.63 0.37 13.002010/H2 279.95 52.15 332.10 2032/H2 12.63 0.33 12.962011H1 272.58 86.17 358.75 2033/H1 11.83 0.28 12.112011/H2 797.63 52.87 850.50 2033/H2 8.55 0.23 8.782012/H1 226.18 53.40 279.58 2034/H1 8.55 0.20 8.752012/H2 192.35 46.40 238.75 2034/H2 3.35 0.17 3.522013/H1 216.30 45.53 261.83 2035/H1 3.35 0.16 3.512013/H2 183.43 40.77 224.20 2035/H2 3.35 0.14 3.492014/H1 177.20 38.03 215.23 2036/H1 3.35 0.13 3.482014/H2 177.42 35.50 212.92 2036/H2 3.04 0.12 3.162015/H1 174.81 32.91 207.72 2037/H1 2.61 0.11 2.722015/H2 276.22 30.47 306.69 2037/H2 2.61 0.10 2.712016/H1 170.99 28.04 199.03 2038/H1 2.61 0.09 2.702016/H2 200.60 25.64 226.24 2038/H2 2.61 0.08 2.692017/H1 159.51 23.27 182.78 2039/H1 2.15 0.07 2.222017/H2 156.94 21.13 178.07 2039/H2 1.61 0.06 1.672018/H1 155.59 18.99 174.58 2040/H1 1.61 0.05 1.662018/H2 145.18 16.92 162.10 2040/H2 1.61 0.05 1.662019/H1 139.26 15.05 154.31 2041/H1 1.61 0.04 1.652019/H2 138.22 13.32 151.54 2041/H2 0.61 0.04 0.652020/H1 123.20 11.63 134.83 2042/H1 1.24 0.03 1.272020/H2 118.70 10.21 128.91 2042/H2 0.84 0.03 0.872021/H1 101.65 9.05 110.70 2043/H1 0.84 0.02 0.862021/H2 83.54 8.02 91.56 2043/H2 0.84 0.02 0.862022/H1 71.33 7.36 78.69 2044/H1 0.84 0.02 0.862022/H2 71.34 6.59 77.93 2044/H2 0.84 0.01 0.852023/H1 69.25 6.06 75.31 2045/H1 0.23 0.01 0.242023/H2 67.57 5.56 73.13 2045/H2 0.23 0.01 0.242024/H1 64.57 5.07 69.64 2046/H1 0.23 0.01 0.242024/H2 64.23 4.65 68.88 2046/H2 0.23 0.01 0.242025/H1 62.16 4.23 66.39 2047/H1 0.23 0.01 0.242025/H2 59.31 3.81 63.12 2047/H2 0.23 0.01 0.242026/H1 59.32 3.43 62.75 2048/H1 0.23 0.00 0.232026/H2 54.93 3.05 57.98 2048/H2 0.23 0.00 0.232027/H1 50.62 2.69 53.31 2049/H1 0.23 0.00 0.232027/H2 49.66 2.34 52.00 2049/H2 0.23 0.00 0.232028/H1 47.58 1.99 49.57 2050/H1 0.23 0.00 0.23

2050/H2 0.23 0.00 0.23Grand Total 7,694.67 1,287.77 8,982.44{1} The exchange rate of June 30, 2006. {2} Includes assumptions on disbursement of unutilised/undisbursed portion of contracted loans - see Table (10) for disbursement assumptions.

(US$ million){1}

- 52 -

Multilateral AgenciesExternal Debt Service as of July 1, 2006

Medium and Long-Term Public & Publicly GuaranteedTable ( 16 )

- 53 -

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

as of July 1, 2006

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,6001,7001,800

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Principal Interest Total

US$ mn

Figure 16

(US$ million){1}

Period Principal Interest Total

2006/H1 5.51 0.37 5.88

2006/H2 5.39 0.34 5.73

2007/H1 55.31 0.31 55.62

2007/H2 5.00 0.12 5.12

2008/H1 5.00 0.09 5.09

2008/H2 5.00 0.06 5.06

2009/H1 5.00 0.03 5.03

Grand Total 86.21 1.32 87.53{1} The exchange rate of June 30, 2006.

Private Sector Non-GuaranteedExternal Debt Service as of July 1, 2006

- 54 -Table ( 17 )

Medium and Long-Term

Table ( 18 )Exchange Rates of the Currencies of External Debt Versus US Dollar

as at End of June

Country Currency 2003 2004 2005 2006

United States USD 1.00 1.00 1.00 1.00

Switzerland CHF 1.36 1.26 1.28 1.25

Denmark DKK 6.51 6.13 6.18 5.95

Sweden SEK 0.00 7.53 7.81 7.34

Japan JPY 119.92 108.85 110.61 116.53

India INR 46.48 45.98 43.53 46.34

United Kingdom GBP 0.61 0.55 0.56 0.55

Canada CAD 1.35 1.35 1.23 1.12

Australia AUD 1.50 1.45 1.32 1.37

Norway NOK 7.24 6.92 6.55 6.29

Euro EURO 0.88 0.83 0.83 0.80

Special Drawing Rights SDR 0.71 0.68 0.69 0.68

Kuwait KWD 0.30 0.29 0.29 0.29

Libya LYD 0.70 0.76 0.76 0.77

United Arab Emirates AED 3.67 3.67 3.67 3.67

Saudi Arabia SAR 3.75 3.75 3.75 3.75

- 55 -

external position of the egyptian economy · the external position of the egyptian economy report...

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